Local industrial sector obtains stable growth

The province’s industrial production continued reaching stable growth over the past nine months. But, some disadvantaged factors have influenced production and export activities of province-based domestic enterprises, especially small and medium-sized ones.

Main export products getting high growth

The province’s index of industrial production over the past nine months surged 9.12%. The number of province-based enterprises’ orders increased by 5%-10% compared to the same period last year.

Production of Primacy Company in Ben Cat town

Woodwork sector is one of the province’s main export sectors. Over the past nine months, the sector’s export turnover was estimated at US$2.4billion, up 15% against the corresponding period last year or 11.2% of the province’s total export value. Its main markets are still the US, Europe, Japan, South Korea, Taiwan…

Whilst, the province’s garment-textile sector reached US$2.15billion in export value, up 13.2% over the same period last year. The number of orders of enterprises in this field rose by 5% compared to the corresponding period last year. The province’s footwear sector also secured US$2.36billion in export value, up 13.7% against the same period last year or 11.3% of the province’s total export turnover.

According to provincial Ceramic Association, the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have created favorable conditions for the local pottery and handicraft items to expand their export market. The number of orders of enterprises in this field has reached a 10%-15% growth compared to the same period last year.

Implicit risks

According to woodwork enterprises, the yuan’s devaluation from the ongoing U.S.-Sino trade dispute has negatively affected domestic enterprises’ export activities for woodwork products in particular and others in general.

Nguyen Phuoc Viet Dung, Head of provincial Customs Department said that his unit is very careful in defining the origin of export products into the US in the current period. The unit has also strengthened inspection, control over products imported into the province to prevent risks that may occur.

In a bid to restrict risks, provincial Department of Industry and Trade has actively disseminated integration information among enterprises, improving their competitiveness. For long-term development, domestic enterprises need to make investment in hi-tech industries with competitive capacity in terms of value. Relevant ministries and sectors also need to pay more attention to fostering materials for production, facilitating domestic enterprises’ production…

Reported by Tieu My-Translated by K.T