Southeast key economic region’s exports grow strongly

Export container of goods at Binh Duong province's port. (Photo: VNA)

The region includes Ho Chi Minh City and the five provinces of Dong Nai, Binh Duong, Ba Ria - Vung Tau, Binh Phuoc, and Tay Ninh, making it the country’s largest economic hub and a major contributor to economic growth, exports, Government revenue collections, and jobs.

According to the Binh Duong Department of Industry and Trade, in the first five months of the year the province's exports valued nearly 13.8 billion USD, up 13.9% year-on-year.

Vice Chairman of the province’s Wood Processing Association Luu Phuoc Loc said the wood products sector has always been one of Binh Duong's bright spots in terms of exports.

With its effective business support policies, Vietnam's wood and wood products exports have achieved great success in the international market, he said.

Businesses are trying to secure more orders by organising fairs and exhibitions at home and abroad and making inroads into new markets in the Middle East, he added.

According to Dong Nai province's Statistics Department, in the first five months of the year, the trade surplus topped 2.8 billion USD, with local businesses exporting nearly 9.3 billion USD worth of goods.

Of Dong Nai's exports, more than 60% are from industries such as electronics, textiles, footwear, and machinery components and equipment.

The province exports to more than 170 countries and territories, but the US, Japan, China, the Republic of Korea, and Europe remain the main markets.

According to businesses, the export market shows signs of improvement with more orders coming in.

Dong Nai expects a trade surplus of 6.8 billion USD this year.

Nguyen Ngoc Hoa, Chairman of the HCM City Business Association (HUBA), said since the beginning of the year, local businesses have had large orders that would take until the end of the third quarter to complete.

Though businesses are still under pressure to reduce prices and face high technical barriers, they are striving not to lose orders, accepting reduced profits and finding ways to reduce costs.

Thanks to this, the city's exports continue to recover after being affected by fluctuations in the world market, with shipments increasing across the board by product and market.

Its Department of Industry and Trade said exports in the first four months of the year were quite high at 12.5 billion USD, a 69% increase year-on-year.

Textile and garment exports topped 1.2 billion USD, an increase of 40%, wood and wood product exports rose by more than 80% to 175.6 million USD, and machinery, equipment, tools, and parts exports reached 912.8 million USD, an increase of 41%.

The city has created mechanisms and policies to support businesses in converting production models towards increasing the application of modern, environmentally friendly technology and improving the competitiveness of Vietnamese exports.

It has also encouraged businesses to find partners in and expand markets outside of China and the US.

Diversifying export markets will help reduce cyclicality and volatility in exports./.

VNA

Source: https://en.vietnamplus.vn/southeast-key-economic-regions-exports-grow-strongly-post288907.vnp