|Vietnamese tra fish has become more popular in India, resulting in increasing export turnover of the country's product to the market.— Photo baohaiquan
BINH DUONG (VNS) — The southern province of Binh Duong saw a US$2.2 billion trade surplus in the first nine months of this year, up 15.6 per cent year-on-year, and the figure is expected to rise further.
According to Vo Van Cu, director of the provincial Department of Industry and Trade, recent harsh years have pushed forward businesses' production restructuring, leading to increasing export value and an inevitable export surplus.
Local businesses have taken steps towards more stable and sustainable development thanks to a steady exchange rate and inflation, declining interest rates and falling costs for imported materials, the department said.
Cu said businesses and craft associations in the province have taken the initiative in having their export contracts and maintaining their production. It was positive signal for the province's economic development this year.
The recovery of major importers such as the US, EU, Japan, Australia, Brazil, Argentina and the Middle East, along with the positive impacts from the Trans-Pacific Partnership Agreement (TPP) negotiations, have raised their export orders by 10-15 per cent compared with the same period last year.
However, the decisive factor behind the surplus is the efforts of businesses to reduce expenditure, said Phan Van Xo, President of the Binh Duong Association for Exporters.
Le Thanh Cung, chairman of the People's Committee of Binh Duong Province said local and foreign businesses contributed to his province's economic growth.
Despite the economic difficulty, Binh Duong's economic development remains high. Its industrial value exceeded VND108 trillion ($5.1 million ), an increase of 12.8 per cent this year, he said. — VNS