Binh Duong: Many key export products see high growth

VCN- The Covid-19 pandemic hashada huge impact on all countries aroundthe world, causing international trade to be interrupted. However, Binh Duong's export activities saw high growthfromthe beginning of 2021.
Binh Duong: Import turnover achieves high growth right at the beginning of 2021 Binh Duong: Import turnover achieves high growth right at the beginning of 2021
ADB, BIWASE sign deal to provide sustianable water services in Vietnam ADB, BIWASE sign deal to provide sustianable water services in Vietnam
5942-1155-gy-2-1
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./.

By Thu Diu/ Quynh Lan

Related News

The corporate bond market will be more vibrant in the second half of the year

The corporate bond market will be more vibrant in the second half of the year

VCN - In the first half of 2024, with bond maturity pressure continuing to increase, corporate bond issuance has shown many positive signs compared to the previous year. According to forecasts, businesses' need to borrow and issue corporate bonds will accelerate in the second half of 2024.
Highest determination to remove IUU "yellow card".

Highest determination to remove IUU "yellow card".

VCN - The 5th inspection of the European Commission (EC) is expected in October 2024, which is the decisive time for Vietnam to remove the "Yellow Card" warning in 2024. This is considered an important and urgent and important task because the EU is in the top 5 largest export markets of Vietnamese seafood, after the US and China.

Latest News

Technology increases competitiveness in the logistics race

Technology increases competitiveness in the logistics race

VCN - In the context that the logistics industry in Vietnam is forecast to continue to grow strongly, many businesses are actively applying technology and expanding service chains to take advantage of opportunities and keep pace with the general trend.
MoIT proposes key solutions to cope with rising sea freight prices

MoIT proposes key solutions to cope with rising sea freight prices

The Ministry of Industry and Trade (MoIT) has requested local associations and businesses to coordinate implementing key solutions to promote imports and exports as sea freight rates rise.
Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnam's seaport cargo throughput is set to reach 1.2-1.4 billion tonnes by 2030, with container cargo expected to range from 46.3 to 54.34 million TEUs, according to a detailed plan for the development of seaport groups, wharfs, jetties, buoy berths, and water areas in 2021-2030, with a vision to 2050.
Binh Dinh seeks investment opportunities from Germany, France

Binh Dinh seeks investment opportunities from Germany, France

A delegation from the south central province of Binh Dinh led by Permanent Vice Secretary of the provincial Party Committee Le Kim Toan paid a working trip to Germany and France to explore investment opportunities from July 17-22, reported the provincial Department of Planning and Investment.

More News

Warnings as HRC steel imports continue to increase rapidly

Warnings as HRC steel imports continue to increase rapidly

The amount of imported hot-rolled coil steel in the first six months of this year increased sharply to an alarming level, 1.7 times higher than domestic production.
MoIT warns about international trade fraud

MoIT warns about international trade fraud

Trade experts said that the number of cases was increasing and taking place in all markets from Africa, the Middle East, India to developed countries such as the US, the Netherlands, and Italy.
Enterprises self- renovate to promote exports to the Central region

Enterprises self- renovate to promote exports to the Central region

VCN - Opportunities to cooperate and promote the export of products of Central region enterprises directly into foreign distribution networks and effectively participate in the global production value chain... are assessed to have a lot of potential.
Corporate culture "lighting the way" for sustainable development

Corporate culture "lighting the way" for sustainable development

VCN - The government aims to cultivate and develop numerous business leaders capable of heading strong economic conglomerates by 2030, leveraging their roles to lead and pave the way. To achieve this goal, financial strength alone is not enough; a robust foundation in business culture is essential.
The fast-moving consumer goods industry aims for green and sustainable development

The fast-moving consumer goods industry aims for green and sustainable development

VCN - Vietnam's consumer goods industry currently has the fastest growth rate in the ASEAN region. However, for sustainable development in the future, businesses in the fast-moving consumer goods industry need to aim for green consumption.
Stronger “medicine” needed to help businesses overcome difficulties

Stronger “medicine” needed to help businesses overcome difficulties

Businesses have suggested the Government maintain its support to help them overcome difficulties, recover production and business activities, and promote growth, given the fact that many of them still face difficulties despite the country’s GDP growth rate of 6.42% in the first half of this year.
Insiders optimistic about durian export to China

Insiders optimistic about durian export to China

Insiders believe in a bright prospect for durian export to China though the world’s largest durian consumer is expanding the cultivation of this fruit.
Vietnam

Vietnam's cashew industry facing fluctuations in raw material prices

VCN - Although exports recorded double-digit growth in the first half of 2024, Vietnam's cashew industry is facing fluctuations in raw material prices.
Many seafood enterprises focus on developing the domestic market

Many seafood enterprises focus on developing the domestic market

VCN - In addition to promoting exports, many seafood businesses are expanding their market share in the domestic market to complete their plans.
Read More

Your care

Latest Most read
Technology increases competitiveness in the logistics race

Technology increases competitiveness in the logistics race

VCN - Logistics plays an important role in the entire process from social production, import and export, circulation and distribution to consumption, creating added value, making an increasingly greater contribution to promoting the growth of the country'
MoIT proposes key solutions to cope with rising sea freight prices

MoIT proposes key solutions to cope with rising sea freight prices

The Ministry of Industry and Trade (MoIT) has requested local associations and businesses to coordinate implementing key solutions to promote imports and exports as sea freight rates rise.
Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnamese seaports to handle 1.2-1.4 billion tonnes of cargo by 2030

Vietnam's seaport cargo throughput is set to reach 1.2-1.4 billion tonnes by 2030, with container cargo expected to range from 46.3 to 54.34 million TEUs, according to a detailed plan for the development of seaport groups, wharfs, jetties, buoy berths, and water areas in 2021-2030, with a vision to 2050.
Binh Dinh seeks investment opportunities from Germany, France

Binh Dinh seeks investment opportunities from Germany, France

A delegation from the south central province of Binh Dinh led by Permanent Vice Secretary of the provincial Party Committee Le Kim Toan paid a working trip to Germany and France to explore investment opportunities from July 17-22, reported the provincial Department of Planning and Investment.
Warnings as HRC steel imports continue to increase rapidly

Warnings as HRC steel imports continue to increase rapidly

The amount of imported hot-rolled coil steel in the first six months of this year increased sharply to an alarming level, 1.7 times higher than domestic production.
Mobile Version