Export accelerated at the end of the year

Export of goods shows positive signals in the fourth quarter of 2023. Enterprises are implementing solutions to accelerate exports in the last months of the year.

Import and export goods are gathered at Binh Duong General Port.

Positive signal

In October 2023, Binh Duong's export turnover is estimated to increase by 20% month-on-month and by 10.1% year-on-year. This is a high growth rate following the upward trend since the middle of the third quarter. Recently, Provincial Statistics Department said that a survey of 409 enterprises in the processing and manufacturing industry showed that 18.3% of enterprises assessed the production and business situation in the third quarter of 2023 as better than in the second quarter, 35.4% of businesses said that their production and business situation was stable. Businesses also try their best to find ways to overcome difficulties in order to maintain orders.

According to Nguyen Liem, Chairman of Binh Duong Furniture Association, the reopening of the US and European markets is an opportunity for the wood industry to expand its market after a difficult time. However, the challenge for businesses today is to explain the legal origin of wood and forest products according to EU regulations on carbon border adjustment mechanism, Law on Anti-Deforestation...

“To help businesses stimulate the export of forest products to the European market, there is a need for industries and authority levels to support the legal basis for tracing the origin of forest products, developing legal raw material sources and promoting trade.  Binh Duong Furniture Association regularly updates information on the latest legal regulations for member businesses to facilitate production and market development," said Liem.

For many businesses, the most important thing is to look forward to 2024 with confidence. Pham Thi Mai Lan, Vice Director of Kettle Interiors Asia Company (Tan Uyen City), said that the number of orders is gradually increasing. “The US and European markets are gradually recovering, shopping demand is increasing at the end of the year, we are making every effort to secure orders. In 2023, our revenue has reached 70% of 2022. We expect the market to be brighter in 2024."

To accompany businesses, in the fourth quarter of 2023, Provincial People's Committee directed functional departments and branches to focus on resolving remaining difficulties in production and business for businesses. Besides, to remove legal obstacles in investment projects, clear the market, reform administrative procedures, attract large-capital FDI projects combined with the process of modern technology transfer.

“Along with the efforts and initiative of businesses in production expansion and seeking export markets, to stimulate export activities, Provincial Department of Industry and Trade closely monitors market developments to have flexible, timely policies, strengthen trade connections to seek new markets, domestically and internationally," said Phan Thi Khanh Duyen, Deputy Director of Department of Industry and Trade.

Consider the long distance

According to Pham Van Xo, Chairman of Provincial Import-Export Association, during this period, businesses wish that the province have a plan to support sustainable export development in the direction of international linkage and cooperation. The province needs to create maximum conditions for import-export companies to strengthen cooperation and form a large global supply chain.

Gathering goods for export at Binh Duong Garment Joint Stock Company.

In early October 2023, Provincial People's Committee issued Action Plan No. 5094/KH-UBND on implementing the import-export strategy of goods and encouraging Vietnamese enterprises to directly participate in foreign distribution networks in Binh Duong until 2030. The plan ensures compliance with the province's planning and orientation for industrial, urban, trade and service development in the 2021-2030 period, with an orientation to 2050, and the conditions and situation of production, business and import-export in the province.

Accordingly, Binh Duong aims to maintain the province's sustainable import-export growth rate and value with a balanced and harmonious structure, promote competitive advantages, comparative advantages, and brand development for Vietnamese goods. Exploit new and potential markets and fields, enhance position in the global supply chain and value chain. Gradually increase direct export turnover into foreign distribution systems, proactively integrate into the world economy.

According to leaders of Department of Industry and Trade, to achieve the above goal, the plan provides key tasks and solutions. Develop production, create sustainable supply sources for exports, develop export and import markets, and ensure long-term sustainable growth. Improve competitiveness for export enterprises, organize connection and trade activities with foreign distribution networks, and support enterprises in building capacity to join the cross-border e-commerce. Mobilize and effectively use resources for export development, upgrade logistics infrastructure, reduce logistics costs, manage and control imports to meet the needs of domestic production and aim to healthy and reasonable trade balance. Enhance the role of industry associations and businesses, promote the formation of large-scale export value chains...

The action plan sets the goal of an average export growth rate of 8 - 9%/year in the period 2021-2030, of which the period 2021-2025 has an average export growth rate of 9 - 10%/year; In the period 2026-2030, average growth will be 7 - 8%/year. The average import growth rate of goods is 7 - 8%/year in the period 2021-2030, of which the average import growth rate in the period 2021-2025 is 8 - 9%/year; In the period 2026-2030, average growth will be 5 - 6%/year. By 2030, some of the province's exported products will be available in traditional and online distribution chains in all countries that have Free Trade Agreements (FTA) with Vietnam.

Reported by Tieu My - Translated by Ngoc Huynh