Wednesday, January 23 2019

VietNamNews

South-eastern provinces see growth

Update: January, 05/2019 - 09:00
The Phu Tai wood processing plant at the Tam Phuoc Industrial Park in Bien Hoa city, Dong Nai Province. VNS File Photo.
Viet Nam News

HCM CITY  — Provinces in the country’s south-eastern region have reported not only high economic growth in 2018 but also a trade surplus.

According to figures released by the Bình Dương People’s Committee, the province had a trade surplus of over US$4.8 billion this year, $100 million more than last year.

The 27 industrial parks in the province contributed significantly to this achievement. They had total revenues of $28.5 billion and attracted foreign investment of nearly $1.4 billion and domestic investment of VNĐ5.2 trillion (US$ ) this year.

Bình Dương’s major exports include wood and wooden products, footwear, rubber, and lacquerware.

In the first eleven months of 2018, for instance Bình Dương attained exports of $4.48 billion, up by 8.5 per cent and accounting for well over half of the country’s wood exports.

Điền Quang Hiệp, chairman of the Bình Dương Furniture Association (BIFA), said wood and furniture businesses in Bình Dương 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 Nguyễn Xuân Phúc has set a target of over $10 billion for the country’s wood exports in 2019, he added.

This year Bà Rịa – Vũng Tàu Province’s economy is expected to grow by 6.43 per cent to over VNĐ76.7 trillion (US$3.35 billion).

Provincial authorities have identified industry, ports, logistics, tourism, and agriculture as the spearheads of Bà Rịa – Vũng Tàu’s economic development.

Their development is expected to help the economy become less dependent on the oil and gas sector.

Đồng Nai Province is expected to achieve exports of $18.6 billion, an 11.7 per cent increase over last year, and a trade surplus of over $2.6 billion in 2018.

During the year the province had licensed 106 foreign projects with a total registered capital of $980 million, taking the FDI to date to more than $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 $625 million in 2014.

Trần Văn Vĩnh, deputy chairman of the province People’s Committee, said with sufficient supply of raw materials, Đồng Nai’s exports and trade surplus would further increase in the coming years.

Dồng Nai would 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. — VNS

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