Binh Phuoc (VNA) – The southern province ofBinh Phuoc ran a trade surplus of nearly 1 billion USD this year, according toits economic growth report 2018.
The locality earned over 2.24 billion USD from exports, upnearly 6 percent year-on-year while spending 1.4 billion USD on imports, up 2percent.
Chairman of the provincial People’s Committee Nguyen VanTram said exports already met targets with rubber export volume of over 300,000tonnes, up 4.4 percent annually. Together with cashew nuts and peppercorn,rubber is one of its key farm produce.
Despite climate change, insects and reliance on importedmaterials, its cashew sector exported 89,000 tonnes, up 11.08 percent, creatingjobs to over 50,000 regular workers.
In industrial production, wood and wooden furniture exportrevenue hit 109 million USD, up 13.54 percent while earnings from garment wentup 12.63 percent to 164 million USD. Footwear earned 289 million USD, up 14.68percent; iron and steel with 6 million USD, up 25 percent; computers,electronics and spare parts with 35.5 million USD, up 19.53 percent.
Imports were mostly machinery, production lines and raw materialsby foreign-invested firms.
The provincial Department of Planning and Investmentattributed the surplus to growth of key currency earners such as rubber, peppercornand cashew nuts, and increasing foreign direct investment inflow.-VNA
PM lauds Binh Phuoc’s efforts to foster economic growth
Prime Minister Nguyen Xuan Phuc on August 20 hailed Binh Phuoc province’s efforts to seek new markets as a crucial step towards expanding production and fostering growth, affirming this way would help attract potential investors.