The province’s export value in the first three months of 2018 was estimated at more than US$16.5billion, up 16.1% compared to the corresponding period last year. Opportunities from free trade agreements between Vietnam and partners plus the efforts by sectors, authorities at all levels and the business community are creating a new rebound for the local export sector.
Export turnover on high growth
The province’s main export industries of woodwork, garment, footwear and electrics in Q1, 2018 continued maintaining high growth.
.jpg)
Production of Chutex International Co.Ltd. at Di An town-based Song Than 2 Industrial Park
Particularly, the province’s woodwork industry reached US$921.2million in export turnover, up 12.5% against the corresponding period last year. With the result, it continued leading the province’s industries in export turnover. Its main export markets like the U.S, Europe, South Korea, China…reached growth with abundant orders.
The province’s garment-textile export turnover was also estimated at US$781.2million, up 12.4% against the same period last year. Whilst, the province’s pottery items gained US$43.4million in export value, up 9.4% compared to the same period last year.
Dien Quang Hiep, Director of Minh Phat Co.Ltd. said that the company’s export activities in Q1, 2018 continued reaching stability. So far, the company has signed orders with partners till June, 2018. Vuong Sien Tin, Director of Phuoc Du Long Porcelain Co. also said that over the past three months, the company’s export value reached more than US$1million. The result will be the premise for the company to well fulfill its plan this year.
Making full use of opportunities
The event of 11 nations signing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in early March is expected to create a breakthrough in comprehensive development, bringing Vietnam economic benefits.
Representative of provincial Department of Industry-Trade said that before the above situation, the number of orders for garment-textile industry is expected to be higher than 2017, due to positive impacts from commitments in terms of tariff. However, domestic businesses need to map out appropriate business-production strategies, especially be proactive to enhance their localization rate or seek material suppliers from member nations of the CPTPP in accordance with commitments of the CPTPP.
Leather, footwear industries will also enjoy competitive advantages when the EU-Vietnam Free Trade Agreement (EVFTA) officially comes into effect in 2018. In recent years, Binh Duong’s pottery industry has constantly improved production technologies, products’ quality and design. Many products were present at international expos and were highly appreciated by foreign distributors. It is predicted that the province’s main export products will continue gaining high growth, due to free trade agreements between Vietnam and partners coming into effect.
According to Nguyen Ngoc Son, Vice-Chairman of Binh Duong Leather-Footwear Association, the export tariffs of Vietnam’s leather-footwear products will be reduced to zero. Together with this, when being signed, the CPTPP will actively contribute to the growth of Vietnam’s leather, footwear and handbag export this year. But, small and medium-sized businesses have still faced obstacles because they have not met standards to enjoy tax exemption from the CPTPP yet. Mr.Tin added that Vietnam’s main pottery export markets will be recovered, due to competitive capacity of Chinese made pottery items plunging.
With the above mentioned advantageous factors plus the efforts by sectors, authorities at all levels and the business community, export activities of Vietnam in general and Binh Duong in particular are expected to accelerate in the coming time.
Reported by Phuong Le-Translated by K.T
