The Phu Tai wood processing plant at the Tam Phuoc Industrial Park in Bien Hoa city, Dong Nai province (Photo: VNA)
Binh Duong (VNA) – Vietnam’s south-easternprovinces have reported not only high economic growth in 2018 but also a tradesurplus.
According to figures released by the provincialBinh Duong People’s Committee, the province had a trade surplus of over 4.8 billionUSD this year, 100 million USD higher than the number last year.
Twenty-seven industrial parks in the provincecontributed significantly to this achievement. They had total revenues of 28.5billion USD and attracted foreign investment of nearly 1.4 billion USD anddomestic investment of 5.2 trillion VND (224 million USD) this year.
Binh Duong’s major exports include wood and woodenproducts, footwear, rubber, and lacquerware.
Dien Quang Hiep, chairman of the Binh DuongFurniture Association (BIFA), said wood and furniture businesses in Binh Duonghave benefited greatly from integration into the global community and the province’sskilled labour. They have also been supported by the policies issued byauthorities, he said.
Prime Minister Nguyen Xuan Phuc has set a targetof over 10 billion USD for the country’s wood exports in 2019, he added.
This year, Ba Ria – Vung Tau province’s economy isexpected to grow by 6.43 per cent to over 76.7 trillion VND (3.3 billion USD).
Provincial authorities have identified industry,ports, logistics, tourism, and agriculture as the spearheads of Ba Ria – Vung Tau’seconomic development.
Their development is expected to help the economybecome less dependent on the oil and gas sector.
Dong Nai province is estimated to achieve exportsof 18.6 billion USD, an 11.7 percent increase over last year, and a tradesurplus of over 2.6 billion USD in 2018.
During the year the province had licensed 106foreign projects with a total registered capital of 980 million USD, taking theFDI to date to more than 1.8 billion USD.
According to local authorities, from having atrade deficit until 2013, the province turned its balance of trade into asurplus of 625 million USD in 2014.
Tran Van Vinh, Vice Chairman of the provincialPeople’s Committee, said with sufficient supply of raw materials, Dong Nai’sexports and trade surplus would further increase in the coming years.
Dong Nai will continue to support and prioritiseefforts to promote the use of local inputs and meet the criteria set by thefree trade agreements, he added.-VNA
