Business

Binh Duong, Dong Nai expect higher growth in wood exports with CPTPP

The southern provinces of Binh Duong and Dong Nai, which have the highest export growth rate and number of businesses in the wooden products sector, are poised to take advantage of the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Binh Duong, Dong Nai expect higher growth in wood exports with CPTPP ảnh 1Illustrative image (Source: VNA)

BinhDuong (VNA) – The southern provinces of Binh Duong and Dong Nai,which have the highest export growth rate and number of businesses in thewooden products sector, are poised to take advantage of the benefits ofthe Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP).

The province has around 1,215 wood processingbusinesses, with 905 of them domestic firms with 10.8 trillion VND (469.6million USD) of registered capital, and 310 foreign companies with a total of 2.3billion USD, according to Binh Duong’s Department of Industry and Trade.

More than 250,000 employees work in theindustry, and of that number, 40-45 percent of them are seasonal.

Last year, total export turnover from forestryand wood products in Vietnam was over 9.3 billion USD. The industry had thehighest surplus export value in Binh Duong province.

Phan Van Binh, Chairman of the Dong Nai Wood andCraft Association, said the province’s wood exports at the beginning of 2019were 10 percent higher than the same period last year.

Exports for this year are expected to be 12-15 percenthigher than 2018, which was nearly 1.4 billion USD.

Many businesses in the industry have beensuccessful in finding partners and forming contracts for the year, he added.

Dien Quang Hiep, Chairman of the Binh DuongFurniture Association, said the CPTPP has opened up new markets and opportunitiesfor Vietnam’s wood industry.

The partnership can reduce the industry’sreliance on markets such as the US and Europe, and help businesses furtherpenetrate markets such as Japan and Canada.

However, experts have said that businesses needto work on improving their workforce, and thus productivity and productquality.

More high quality materials (rubber wood andacacia wood) are needed for production as well as raw material exports. Tradefacilitation also needs to be improved.

Vietnam’s forestry exports in the first fourmonths of the year totalled 3.28 billion USD, 17.8 percent higher than in 2018.

The industry’s main markets are the US, Japan,the EU, China and the Republic of Korea.-VNA
VNA
#Binh Duong #Dong Nai #southern provinces #export growth rate #wood processing businesses #wooden products sector #Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) #foreign markets #Vietnamplus #Vietnam News Agency Dong Nai
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