Binh Duong’s trade surplus reaches over US$1bln

In the first half of 2015, Binh Duong’s export industry continued growing up with trade surplus reaching more than US$1bln. This result is an important premise for the province to successfully realize 2015’s export plan, contributing to fulfilling the local economic development targets of five-year plan from 2011 to 2015.

Production activities at Binh Duong Garment One-Member Co.Ltd.

Main export products on rise

The province’s export turnover in the first half of 2015 was estimated at more than US$8.51mln, a year-on-year increase of 16.6%. Of these, the foreign investment sector grew by 16.4% and it also accounted for 82.4% of the province’s total export value during the period.

The province’s main export products with great increase in turnover were garment-textile (up 11.2%), footwear (up 16.4%), woodwork (up 15.4%), telephones and their components (up 1%), electronics (up 17.6%)…

Leaders of provincial Department of Industry and Trade said that the province’s export industry in the first half of the year enjoyed a lot of advantages because the foreign investment sector further maintained its growth speed during the period. Moreover, the province’s traditional export markets like U.S, Europe, Japan, ASEAN… continued being developed while the prices of materials imported and goods for export remained stable. Some main export products like wooden ones are also enjoying many advantages from export contacts and domestic materials.

Other advantage was that Vietnam officially imposed a zero percent tariff on more than 3,000 commodities imported from Japan from April 1, 2015…

Further removing businesses’ difficulties

Pham Van Xo, Chairman of provincial Exporters Association said that since early this year, members of the association have obtained a stable growth because there has been a move on orders from China to Vietnam.

Besides, they have restructured their organization and investment; simultaneously focused on spearheading industries, waited in front of investment waves, taken initiatives in materials supply…Stability of the State’s policies plus agreements signed in 2015 have contributed to promoting the province’s export turnover.

According to Nguyen Quang Vu, Chairman of provincial Leather and Shoes Association, the sector’s prospect in 2015 is very favorable as its big orders are still valid, even there is an increase in the number of new orders. As of now, many companies in the domain have had orders till year-end while the prices of products exported into big markets like U.S, Japan, Australia…remain stable.

Upon advantages together results done in the first half of the year, the province’s export turnover for the remaining 6 months of the year will continue being stable, according to Mr.Xo.

The province’s footwear sector will also gain a growth by 20%-30% in export turnover for the remaining 6 months of the year. In addition, the signing of free trade agreements in 2015 will help Vietnam’s footwear sector absorb new investment projects. They will create a considerable growth in export turnover of the sector in the following years. And next reduction for tax barriers will also assist Vietnamese commodities to be easily to penetrate into great markets.

According to provincial People’s Committee, the province will further concentrate on drastically taking measures to remove businesses’ obstacles to foster their production and business activities in the remaining 6 months of the year, contributing to promoting the local export value growth.

Reported by Phuong Le-Translated by K.T