Binh Duong: Many key export products see high growth

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Wood exports, one of the key products of Binh Duong. Bifa's photo

Breakout at the beginning of the year

According to data from Binh Duong Statistical Office, in the first two months of 2021, the balance of trade in goods was tilted towards a surplus of US$1,522 million. Specifically, Binh Duong's merchandise export turnover in the first two months of the year was estimated at over US$4.8 billion, up 29.6% over the same period last year. In which, the domestic economic sector increased by 16.7% and foreign direct investment economic sector increased 32.8% compared to 2020.

Many key export products sawa breakthrough at the beginning of the year. For example, the wood production industry is making good use of the signed free trade agreements (FTAs) to expand international trade and new export markets, to avoid being too dependent on any market in the world. Export turnover of this item in the two months of 2021 is estimated atUS$918.8 million, up 38.12% over the same period last year, accounting for 19.05% of the total export turnover of Binh Duong province. The main export markets are the US accounting for 66.28%; Hong Kong accounting for 7.47%; Taiwan accounting for 5.58%; Japan accounting for 4.15%; and Singapore accounting for 2.17% of the total exports.

As an enterprise with a35% wood export volume to the US market, Mr. Nguyen Liem, Chairman of Lam Viet Joint Stock Company, said that the number of orders has reached the same level compared to previous years. The company also reserves about 15-20% more capacity to ensure that production progress is met in case of further Covid-19 outbreaks.

According to Mr. Liem, the Covid-19 pandemic did not impact the growth of the wood industry, especially kitchen cabinets and bathroom cabinets. During the Covid-19 pandemic, people in many countries, including the United States, were spending more time indoors and they had to renovate their houses, buy new itemsto replace their indoor furniture. The good news is that in recent years, Vietnam's wood brand in the US market has significantly improved and has a certain foothold in this market. Americans are willing to buy Vietnamese wooden furniture, even more expensive than similar products in other markets. This is a great opportunity for the Vietnamese wood industry.

However, according to experts, this is one of the big and very strict markets in tax and trade fraud. Although the business has invested in the United States and the product has been exported to this market a lot, but it is only once checked with any problem the door to this market will be closed.

There are many positive signs

In addition, the other main product of Binh Duong, the electronics manufacturing industry, also continued to grow in the first months of the year with a total export turnover of US$139.5 million, up 38.54% over the same period last year. Large enterprises such as Estec Vietnam Co., Ltd, Mega Step Electronics (Vietnam) Co., Ltd, Han Viet Electronics Co., Ltd with production projects with modern technology and high value will increase in the following months.

It is notable thatthe recovery of export turnover of textiles and footwear brought positive signs in production and export activities for the business community in the province. With the opportunities brought by Free Trade Agreements and many other advantages, Binh Duong's garment and footwear industry in particular and the whole country in general are expected to continue to witnessmany large orders. Export turnover continued to achieve positive growth in the first months of 2021. Specifically, the export turnover of the textile and garment industry in the first two months reached US$442.94 million, up 6.2% over the same period and the footwear industry reached US$378.8 million, increasing24.4% over the same period last year.

Talking with areporter fromCustoms News, Mr. Phan Minh Cu, Head of Import and Export Department of Long Yi Industrial Vietnam Co., Ltd., said that the export of shoes is improving compared to the previousyear. At the beginning of 2021, many shipments were successfully exported to major markets such as America and Europe. The company's orders are guaranteed until the end of the third quarter of this year.

Mr. Nguyen Hong Thuy, Head of Import and Export Department of VinhNghia Shoes Company, said that the export situation of the enterprise has made progress this year. With the support of Binh Duong Customs Department, in the first months of 2021, the enterprise has exported orders to major markets around the world.

In addition, many large-scale enterprises such as Thai Binh Investment Joint Stock Company, Dong Hung Industry Joint Stock Company, Sao Viet Joint Stock Company, Lien Phat Company Limited are also actively completing export orders to the end of the first quarter of 2021./.