Bright prospects in exports

In 2024, Binh Duong's export turnover is expected to exceed the plan by over 2.7%. The province will further support the business community in seizing new opportunities from key export markets, upholding advantages from free trade agreements that Vietnam has signed and implemented.

Exceeding the set target

According to provincial Department of Industry and Trade, in 2024, the province's export turnover is estimated at reaching US$ 34.5 billion, a 12.7% increase compared to 2023, exceeding the plan by 2.73%. The province is also expected to record a trade surplus of around US$10 billion. There are six product categories with export turnover exceeding US$ 1 billion, with a total export value of US$ 19.31 billion, accounting for 56.17% of the province's total export turnover. Among these, four products have shown high growth rates, including steel products reaching US$2.2 billion, up 32.4%; wood and wood products reaching US$ 6.5 billion, up 17.6%; textiles and garments reaching US$ 3.2 billion, up 15.1% and footwear reaching US$ 1.8 billion, up 13.8%.

Production line at Rolchdate Spears Co., Ltd.

Nguyen Quang Vu, Chairman of Binh Duong provincial Leather and Footwear Association stated that many footwear businesses in Binh Duong currently have export orders secured until the first quarter of 2025. Additionally, due to stable domestic production conditions, orders in the final months of the year have shifted from several Asian countries to Vietnam, opening up promising prospects for the leather and footwear industry in the coming time. The largest export market for the leather and footwear sector is the European Union, accounting for 34.1%, followed by the United States (27.7%), and Japan (7.4%) among others.

Hoang Yen, Director of Rolchdate Spears Co., Ltd. in Thuan An city, which specializes in producing high-end furniture shared that the company is on track to achieve its growth targets in 2024. In the coming period, the company plans to continue expanding production and provide stable jobs for approximately 4,000 workers. One of the company's advantages is that it has built a stable customer base in the United States and Europe. The company continues making efforts to expand its market while maintaining stable production.

This year, the United States market accounts for more than one-third of the province's total export turnover, with an estimated value of around US$ 10 billion. The business community has assessed the U.S. market as having a high consumption demand and stringent product quality requirements, making it a strategic destination for many of Binh Duong's industries. The efforts by the province's and businesses to expand exports to this market have helped them to expand production, creating more jobs and increasing the added value of their products.

Proactively seizing market opportunities

In 2025, Binh Duong aims at reaching a 9-10% increase in both total export and import turnover. To achieve socio-economic development targets set for 2025, Vo Van Minh, Vice Secretary of provincial Party Committee and Chairman of provincial People's Committee has called for all-level authorities and sectors to strengthen investment, consumption and exports while emphasizing the need to restructure the economy towards a new growth model, enhance competitiveness and ensure sustainable development. This includes forming up high-quality services based on 4.0 technology and developing high-tech service products. Provincial People's Committee Chairman has also directed relevant agencies to make the restructuring of the trade sector towards the application of technology, digitalization and innovation; strengthen the connection of supply chains and global and regional ecosystems while also promoting the export of the province's key products; enhancing the quality of information, making market forecasting and diversifying export and import markets.

Phan Thi Khanh Duyen, Vice Director of provincial Department of Industry and Trade stated that businesses need to recognize that most of Binh Duong's export products have not established strong brands in international markets yet. For example, Binh Duong's wood products have accounted for 41% of the total national wood export value, but there are no prominent brands for wooden furniture or interior products making a significant mark in the international market. Most businesses have to "borrow" the brand names of foreign companies when exporting to other countries. They have primarily engaged in contract manufacturing based on orders, designs and specifications from foreign customers and have not proactively introduced designs yet that reflect Vietnamese cultural values.

In the coming time, provincial departments and sectors will further focus on implementing key solutions to support enterprises in consolidating their core export markets and expanding markets in countries that have signed and implemented free trade agreements with Vietnam. In addition, relevant departments will actively implement trade defense measures to protect goods and export markets, implement regulations on technical barriers, food safety standards, environmental protection, intellectual property and carbon emission commitments in export markets to the business community", added Mrs. Duyen.

Reported by Tieu My-Cam Tu-Translated by Kim Tin