South-eastern provinces enjoy high growth, trade surplus

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-eastern provinces have reported not only high economic growth in 2018 but also a trade surplus.

According to figures released by the provincial Binh Duong People’s Committee, the province had a trade surplus of over 4.8 billion USD this year, 100 million USD higher than the number last year.

Twenty-seven industrial parks in the province contributed significantly to this achievement. They had total revenues of 28.5 billion USD and attracted foreign investment of nearly 1.4 billion USD and domestic investment of 5.2 trillion VND (224 million USD) this year.

Binh Duong’s major exports include wood and wooden products, footwear, rubber, and lacquerware.

Dien Quang Hiep, chairman of the Binh Duong Furniture Association (BIFA), said wood and furniture businesses in Binh Duong have benefited greatly from integration into the global community and the province’s skilled labour. They have also been supported by the policies issued by authorities, he said.

Prime Minister Nguyen Xuan Phuc has set a target of over 10 billion USD for the country’s wood exports in 2019, he added.

This year, Ba Ria – Vung Tau province’s economy is expected 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’s economic development.

Their development is expected to help the economy become less dependent on the oil and gas sector.

Dong Nai province is estimated to achieve exports of 18.6 billion USD, an 11.7 percent increase over last year, and a trade surplus of over 2.6 billion USD in 2018.

During the year the province had licensed 106 foreign projects with a total registered capital of 980 million USD, taking the FDI to date to more than 1.8 billion USD.

According to local authorities, from having a trade deficit until 2013, the province turned its balance of trade into a surplus of 625 million USD in 2014.

Tran Van Vinh, Vice Chairman of the provincial People’s Committee, said with sufficient supply of raw materials, Dong Nai’s exports and trade surplus would further increase in the coming years.

Dong Nai will continue to support and prioritise efforts to promote the use of local inputs and meet the criteria set by the free trade agreements, he added.-VNA