In 2024, Binh Duong's trade surplus reached a record of US$ 10 billion, with steady growth in key export items of wood, textile-garment, footwear, steel and electronics. This sets the foundation for further optimistic expectations of the province's export sector to continue thriving in the near future.
Trade Surplus reaches US$ 10 billion
According to provincial Department of Industry and Trade, the province's import-export activities in 2024 was expected to benefit from favorable conditions, with most key export-import items maintaining stable growth compared to 2023. The province's export turnover for 2024 was estimated at US$ 34.5 billion, an increase of 12.7% (with a target of 9-10% growth). Meanwhile, the province’s import value reached US$ 24.5 billion, up 12.7% (with a target of 9-10% growth) compared to 2023, exceeding the set targets. The province’s trade surplus was estimated at US$ 10 billion.
2025 is expected to bring enterprises great success in the export sector. In picture: Production activities at IGB Automotive Vietnam Co., Ltd. in Song Thần III Industrial Park
Among the province's key export industries, the wood industry has seen the most positive recovery, with export turnover for 2024 estimated at reaching US$ 6.5 billion, an increase of 17.6% compared to 2023, accounting for 19% of the province's total export value. The province’s main export market was the United States, which made up 83.8% of the province's total wood export value, a 25% increase from 2023. At this time, many wood enterprises have secured export orders through the first quarter of 2025. These companies are actively enhancing their trade promotion efforts to boost orders from both traditional and new markets. Nguyen Thanh Lam, Director of Lam Viet Co., Ltd. stated that the wood market is recovering, with many optimistic signs in wood exports since early this year. The company is expanding its workshops and hiring more workers to meet export orders right from the first quarter of 2025.
According to Nguyen Liem, Chairman of Binh Duong Furniture Association (BIFA), the wood export market has seen positive signs since early 2024. Traditionally, the fourth quarter is the strongest for exports and some companies have already had orders through the first quarter of 2025. However, exports still heavily depend on foreign-invested enterprises. Additionally, customers’ demands are becoming more stringent, with constantly changing standards and designs, and prices must be more competitive. To increase export opportunities, domestic companies need to make greater use of cross-border e-commerce platforms, trade fairs and exhibitions to help their wood products reach more customers, thereby boosting their revenue.
According to provincial Department of Industry and Trade, the province currently has approximately 4,000 companies regularly engaged in import-export activities, ranking third in the country. In 2024, most of the province's key export saw growth compared to 2023. Companies have effectively seized opportunities to export to markets of countries that have signed and implemented Free Trade Agreements (FTAs) with Vietnam. Notably, the Vietnam-European Union Free Trade Agreement (EVFTA) has officially come into effect, creating numerous opportunities for export companies. Currently, enterprises are focusing on improving productivity and product quality to meet the demands of international customers.
Paying way for exports
To support businesses in their continued recovery and stable growth, the province’s relevant departments are focusing on assisting associations and companies in effectively upholding FTAs that Vietnam has signed and implemented. This will help expand and diversify export markets, broaden supply chains and increase the range of export products.
Pham Van Xo, Chairman of Binh Duong provincial Import-Export Association noted that in 2024, exports of the province's key sectors all showed positive growth. Adaptation was something enterprises implemented and brought business results in the last months of 2024 that were higher than the same period last year. However, exports still face several challenges such as rising transportation costs and a shortage of containers for shipping goods, which affect the competitiveness of enteprises
Mr. Xo emphasized that export enterprises must proactively diversify markets, build sustainable and flexible supply chains that can adapt to market fluctuations and effectively grasp global trade trends, investment patterns and key partnerships. To succeed in new markets while retaining existing customers amid current competition, enterprises must improve product quality, enhance competitiveness, ensure transparency in production processes and implement ESG (Environmental, Social, and Governance) standards as this is an unchangeable trend.
The province’s relevant agencies are implementing a range of measures to facilitate exports by streamlining processes, modernizing systems and reducing both time and costs involved in customs procedures. They are also supporting enterprises in boosting e-commerce, accessing export information channels and exploring new markets. Additionally, they are closely monitoring each market to review and identify the types of goods that are in demand, allowing enterprises to tap opportunities. Notably, the development of logistics infrastructure has become a key priority for the province's investment plans.
Nguyen Thanh Toan, Director of provincial Department of Industry and Trade stated that in order to drive export growth in the coming period, the department will further strengthen export promotion activities for key markets, make full use of the benefits from FTAs and diversify markets and supply chains. Binh Duong is "doubling down" on efforts to boost exports and implement more effective solutions for 2025, including simplifying administrative procedures, providing financial support for enterprises, investing in infrastructure and reducing transportation costs. The province also encourages enterprises to participate in trade promotion activities and supports small and medium-sized enterprises (SMEs) in making digital transformation and improving product quality.
Reported by Ngoc Thanh-Thanh Tuyen-Translated by Kim Tin
