The FDI sector maintained its role as an export pillar of Vietnam’s economy in the first two months of this year, rising 14.7 per cent to record revenue of $43.2 billion and account for 72.8 per cent of the country’s total export value, the Dau tu (Investment) newspaper has reported.

Exports of phones, computers, machinery, equipment, and garments and textiles experienced strong growth, ranging from 4.1 per cent to 33.9 per cent.

Electronic products and garments, textiles and footwear, among others, boosted imports of materials in service of production, which saw a year-on-year rise of 18 per cent.

Vietnam posted a trade surplus of $4.72 billion in the opening two months, with the FDI sector, including crude oil, recording a trade surplus of $8.25 billion.

The US imported $17.4 billion worth of goods from Vietnam in the period, a year-on-year increase of 33.7 per cent. Vietnam’s trade surplus with the US was $15.2 billion, up 36.3 per cent against the same period last year.

Most popular items were provided by FDI firms, including computers, phones, electronics and components, machinery, equipment and spare parts, garments and textiles, and footwear.

Once fully tapped, the US market could offer over $100 billion in export revenue to Vietnam in 2025, Trade Counsellor and Head of the Vietnam Trade Office in the US Do Ngoc Hung was quoted by the newspaper as saying.

However, he added, more trade barriers have been set up by the US to protect domestic production. He advised that Vietnamese management agencies, businesses, and localities stay updated on changes in politics and policies in the US to make timely responses.

In January and February, Vietnam also shipped $7.7 billion worth of goods to the EU, up 14.2 per cent year-on-year, which is expected to continue in the time ahead thanks to the EU-Vietnam Free Trade Agreement (EUVFTA).

Two-way trade has experienced double-digit growth since the EUVFTA came into force in August 2020, compared to a 5-7 per cent and 3-5 per cent rise in Vietnam’s exports to and imports from the EU, respectively, in the previous period.