South-eastern provinces enjoy high growth, trade surplus
Vietnam’s south-eastern provinces have reported not only high economic growth in 2018 but also a trade surplus.
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The Phu Tai wood processing plant at the Tam Phuoc Industrial Park in Bien Hoa city, Dong Nai province |
Twenty-seven industrial parks in the province contributed significantly to this achievement. They had total revenues of US$28.5 billion and attracted foreign investment of nearly US$1.4 billion and domestic investment of VND5.2 trillion (US$224 million) this year.
Binh Duong’s major exports include wood and wooden products, footwear, rubber, and lacquerware.
Dien Quang Hiep, chairman of the Binh Duong Furniture Association (BIFA), said wood and furniture businesses in Binh Duong have benefited greatly from integration into the global community and the province’s skilled labour. They have also been supported by the policies issued by authorities, he said.
Prime Minister Nguyen Xuan Phuc has set a target of over US$10 billion for the country’s wood exports in 2019, he added.
This year, Ba Ria – Vung Tau province’s economy is expected to grow by 6.43% to over VND76.7 trillion (US$3.3 billion).
Provincial authorities have identified industry, ports, logistics, tourism, and agriculture as the spearheads of Ba Ria – Vung Tau’s economic development.
Their development is expected to help the economy become less dependent on the oil and gas sector.
Dong Nai province is estimated to achieve exports of US$18.6 billion, an 11.7% increase over last year, and a trade surplus of over US$2.6 billion in 2018.
During the year the province had licensed 106 foreign projects with a total registered capital of US$980 million, taking the FDI to date to more than US$1.8 billion.
According to local authorities, from having a trade deficit until 2013, the province turned its balance of trade into a surplus of US$625 million in 2014.
Tran Van Vinh, Vice Chairman of the provincial People’s Committee, said with sufficient supply of raw materials, Dong Nai’s exports and trade surplus would further increase in the coming years.
Dong Nai will continue to support and prioritise efforts to promote the use of local inputs and meet the criteria set by the free trade agreements, he added.