Export - A bright spot in Binh Duong’s economic picture
17:42 | 03/09/2019

VGP - Binh Duong is now one of the country’s leading provinces in terms of export revenue growth, with the locality having reported a trade surplus for many consecutive years.

Binh Duong is now one of the country’s leading localities in terms of export revenue growth

In 2018, Binh Duong exported US$25.28 billion worth of products, up 15.6% year on year and accounting for 10.4% of Viet Nam’s total export revenues.

The province’s export turnover reached over US$3.4 billion in August and more than US$17.5 billion in the first 8 months of 2019, up 13% compared to the same period last year, with an eight-month trade surplus of roughly US$4.5 billion.

The domestic economic sector reported US$3.2 billion in export revenue, up 6.5% year on year, while the foreign-invested sector exported over US$14.3 billion worth of goods during the period, a year-on-year increase of 14.7%. 

According to Director of the provincial Department of Industry and Trade Nguyen Van Danh, in the economic picture of Binh Duong, export growth emerged as a bright spot in the first eight months of 2019. Many of the locality’s key export products continued to achieve good growth compared to the same period last year, including garment and textile (up 13.5%), footwear (up 13.5%), wood items (up 15.1%) and electronic components (up 14.6%).

In particular, among the key industries, the wood industry still took the lead in terms of export revenue with more than US$2 billion, up 15% year on year and representing 11.5% of Binh Duong’s total export turnover. The result shows domestic enterprises have effectively implemented the diversification of export markets and the utilization of opportunities in integration.

This year Binh Duong has set an export growth target of 15.5% compared to 2018

EVFTA opens up numerous export opportunities

The signing of the Viet Nam-European Union Free Trade Agreement (EVFTA) and the EU-Viet Nam Investment Protection Agreement (EVIPA) is expected to open up numerous opportunities for Binh Duong’s businesses to export agricultural products (rice, coffee, honey, livestock, fruits and fishery products), garment and textiles, footwear and wood items in the time ahead, when the EU eliminates most of the import tariff lines.

Some major export markets of Binh Duong’s wood industry currently maintain good growth, including the United States, Europe, Japan, and the Republic of Korea. In particular, the wood industry has recorded a consumption surge in the new markets, such as Canada and the Eurasian Economic Union (EAEU).

According to the provincial Department of Industry and Trade, this year Binh Duong has set an export growth goal of 15.5% compared to 2018. In order to achieve the goal, the department has been implementing many solutions, including accelerating investment and trade promotion programs to expand export markets, and facilitating businesses to register their product brands in the export markets.

 By Vien Nhu

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