Seven-month industrial production index increases compared to the same period

Among many macroeconomic indexes in the past 7 months, the industrial production index is one of the indicators with remarkable growth. According to recent data released by the General Statistics Office, industrial production in July continued to increase. On average, over the first 7 months of 2024, the industrial production index of the entire industry is estimated to increase by 8.5% over the same period last year, of which the processing and manufacturing industry increased by 9.5% and continued to be the growth driver of the entire industry.

The processing and manufacturing industry has always been considered one of the key economic sectors, playing the role of a driving force for economic growth, promoting export trade, especially some key processing and manufacturing industries such as: textiles, footwear, mechanics, electronics, supporting industries...

To support localities, business associations and enterprises in trade promotion and developing the market for processed and manufactured industrial products, the Ministry of Industry and Trade has synchronously implemented many measures to diversify supply sources, partners, develop markets for processed and manufactured industrial products, strengthen trade promotion, continue to maintain and consolidate positions in markets with free trade agreements, and coordinate with relevant ministries and branches to assist enterprises in responding to barriers and trade defense measures.

Wood export industry gains high growth over 7 months of 2024

The sector of processed and manufactured industrial products continues to account for the majority of export revenue. The total export turnover of goods nationwide over the first 7 months is estimated at nearly US$227 billion, up 15.7% over the same period last year.

Accordingly, the processed industrial goods is estimated to reach nearly US$200 billion, accounting for 88.1% of the total revenue of processed industrial goods, in which the textile, footwear, and wooden furniture sectors are all growing well compared to the same period.

According to the Trade Promotion Agency (Ministry of Industry and Trade), the group of processed and manufactured industrial products diversified its markets well in the context of declining exports to major markets, increasing export turnover to African countries, Eastern Europe, Northern Europe, and West Asia, and the decline in exports to some key markets continues to narrow. The increase in exports of processed and manufactured industrial products has contributed to creating conditions for Vietnamese goods to participate more deeply in the global production and supply chain.

In Binh Duong, the export turnover of goods in 7 months reached nearly US$18.9 billion, up 8.6% over the same period in 2023, the import turnover reached US$13.5 billion, up 10.6%; the trade surplus reached US$5.4 billion. Notably, many key export items of Binh Duong in the first 7 months of 2014 regained growth momentum and impressive growth rates compared to the same period in 2023, for example, the wood industry had an export turnover of more than US$3.5 billion, up 21.8% over the same period, accounting for 18.7% of the province's total export turnover; export turnover of leather footwear industry reached more than US$1 billion, up 9.4% year-on-year, accounting for 5.5% of the province's total export turnover; export turnover of computers, electronic products and components reached more than US$908 million, also up over the same period last year.

The national economy in general and in Binh Duong province in particular continue to show signs of recovery. However, according to businesses, the process of resuming production, business, import and export activities still faces many challenges. The global economic situation is still unstable, geopolitics, military conflicts are escalating in some countries and regions, the US dollar exchange rate and gold prices, crude oil prices, basic goods, and freight rates have not decreased, continuing to greatly affect the production, business and export activities of businesses.

Binh Duong Vietnam-Singapore Industrial Park

In order to maintain business production activities of enterprises, the job of promptly advising the Provincial People's Committee and competent authorities on how to solve difficulties is the top concern of Binh Duong provincial Department of Industry and Trade.

The Provincial Department of Industry and Trade said that, based on the results achieved over the first 7 months of 2024 and assessment of the impact factors from the international and domestic context, it is estimated that the province's export turnover in 2024 would be likely to reach 100% of the plan, of which exports are estimated at US$33.9 billion, up 9.5% year-on-year; imports are estimated at US$24.1 billion, up 9% year-on-year; trade balance achieved a trade surplus of US$9.8 billion.

To achieve this goal in the remaining months of 2024, the industry and trade branch will continue to focus on implementing some key solutions to support export enterprises, consolidate key export markets, as well as expand markets in countries with advantages from commitments to free trade agreements (FTAs).

In addition, the Provincial Department of Industry and Trade will continue to recommend the Ministry of Industry and Trade to coordinate with departments and branches to carry out economic diplomacy activities, invite large corporations and enterprises to Binh Duong province to see infrastructure, call for investment, trade cooperation, increase investment attraction for logistics service projects, serve industrial development, import and export, planning for the development of supporting industries, develop brands, improve production capacity, increase the competitiveness of enterprises, gradually increase the localization rate, increase the technology content and added value of export goods towards sustainable production and export.

Reported by Cong Danh - Office of Provincial Department of Industry and Trade

Translated by Ngoc Huynh