South-eastern provinces see growth

Saturday, Jan 05, 2019 08:45

The Phu Tai wood processing plant at the Tam Phuoc Industrial Park in Bien Hoa city, Dong Nai Province.— VNS File Photo

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 Binh Duong 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 $1.4 billion and domestic investment of VND5.2 trillion (US$ ) this year.

Binh Duong’s major exports include wood and wooden products, footwear, rubber, and lacquerware.

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

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 $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 per cent to over VND76.7 trillion (US$3.35 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 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.

Tran Van Vinh, deputy chairman of the province 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 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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