However, the total export revenue for the first two months of 2009 is likely to reach only US$8 billion, down 5 percent as compared with the same period last year. Foreign-invested enterprises fetched just US$2.8 billion from exports, a 13.8 percent drop over the same period in 2008.
The export revenue reduction stems from a price slump for Vietnam’s staples in the world market as well as shrinking markets due to the global economic crunch. For example, major markets such as the US, EU, ASEAN, and Japan reduced orders by more than 20 percent.
Meanwhile, the import turnover is projected to hit US$4.4 billion, up 32.2 percent against January. Foreign-invested enterprises imported US$2.8 billion, a decrease of 29.8 percent.
Vietnam is expected to enjoy a trade surplus of about US$295 million in the first two months of 2009 - equal to 3.7 percent of the country’s total export revenue. However, a dramatic decline in imports critical to domestic production may cause huge difficulties for the Vietnamese economy.