Binh Duong economy after 8 years of WTO admission

At a dairy production line at Vinamilk plant in VSIP 1 in Thuan An town.

Final part: Strong development of domestic enterprises

 Of this, many enterprises increase competition capacity and affirm their position and contribute to heighten Vietnamese trademarks’ value.

Heightening Vietnamese trademarks’ value

Over the past 8 years, domestic enterprises in the province develop strongly. Until now, the entire province has 17,138 domestic businesses with the total registered capital of nearly VND130,000bil. By constant efforts in production and business, many Vietnamese companies reap many achievements. In Binh Duong, there are many prestigious companies with famous trademarks. They include Minh Long Porcelain, Cuong Phat Porcelain, Ton Dong A, Lotus Steel, Dai Thien Loc, Vinamit, Thai Binh Shoes, Kinh Do and more.

In order to control the domestic market, local enterprises focus on competition capacity. Specifically, Casumina JSC in the early 2014 opened tyre plant with the total capital of VND3,380bil in Tan Uyen town. This plant has a capacity of 350,000 tyres per year and will reach a capacity of one million tyres per year by 2017.

Also in Binh Duong, Vinamilk inaugurated 2 plants with the total investment capital of more than US$200mil in the past year. This is one of the world’s most modern dairy plants in service for local and foreign markets. Birth of the 2 modern plants improved Vinamilk’s position in Vietnam dairy industry.

Meanwhile, to supply material for apparel industry, Thien Nam Company invested 4 fiber plants with the capacity of nearly 150,000 fiber piles in Binh Duong. Annually, the company supplies about 25,000 tons of fiber with the turnover of about US$75mil. With the big investment, Thien Nam Company contributes importantly to decrease material import for Vietnamese apparel industry and create a Vietnamese trademark in the local and foreign markets.

Besides, there are many other companies under effective operation including Thai Binh Shoes Company, Binh Duong Apparel Company and more that contribute to increase domestic products’ competition and take Vietnamese trademarks to the world.

Confidence in integration

After 8 years of WTO admission, many enterprises said that if taking advantage of opportunities of WTO admission, Vietnamese enterprises will affirm their position and stand firmly on the market.

Sharing opportunities and challenges after WTO admission, leaders of many enterprises affirm that WTO both is a competitive pressure and opens many opportunities for Vietnamese enterprises. Nguyen Thanh Phong, general director of Oseven Vietnam JSC confidently said “Oseven supplies paint for timber industry right from the early days of its inception and the company is ready for a long-term competition. I think that both WTO or TPP are big opportunities for Oseven and other domestic enterprises. If taking advantage of chances and promoting advantages, Vietnamese companies will reap many good chances”.

As a successful enterprise with competitive products in domestic and foreign markers, Vu Thi Ngoc Trinh, chairwoman of management council of Minh Dung Veterinary - Aquaculture Medicine Company shared “WTO is a good opportunity for enterprises to affirm their position. Participating in the big playground, there are advantages and challenges. The most important thing is that well preparation will help companies stand firmly”.

As such, WTO admission really brings many opportunities for companies.

Reported by T.MINH – Translated by A.C