Dong Nai among leading localities in trade surplus

(ĐN)- In Jan-April, Dong Nai reported a trade surplus of more than US$700 million, up some US$200 million from the same period last year. The province is now among the country's top leading localities in export revenue and trade surplus.

According to the provincial Statistics Department, Dong Nai’s export turnover reached over US$5.8 billion in the first four months of this year, while imports were valued at more than US$5.1 billion. The province’s products are exported to 170 countries and territories, with the US, Japan, Republic of Korea, Europe, and China being the main markets.

Although fluctuations in global markets, the province’s export turnover has maintained a high growth rate of 13 percent since the beginning of this year.

In this period, decreases have been also reported in traditional markets such as the US due to impacts of anti-dumping duties; however, the provincial trade promotion programs helped local export companies to enter new markets of significant potential and expand exports to major markets, giving an overall increase in export revenue.

In 2017, Vietnam had 29 groups of items whose export revenue exceeded US$1 billion. Accordingly, Dong Nai had 5 export groups with an annual turnover of over US$1 billion each, including footwear, textile and garment, yarn and wooden products. Currently, the province is among the largest exporters of coffee and cashew nuts in the country.

Mr Nguyen Van Thu, Director of GC Food Limited Company located in Trang Bom district’s Ho Nai industrial park, said that his company’s export volume increased more than 20 percent in the first four months of this year. Exports to traditional markets such as the US reduced, but exports to Japan, South Korea and China increased significantly in recent years.

According to General Director Lee Sung Jae of DongJin Vietnam JSC in Bien Hoa city’s Long Binh IP, the company’s products are exported mainly to the UK and it saw a year-on-year increase of some 10 percent in export in Jan-April.

Local enterprises have recently made many efforts to push their exports to new markets. Free trade agreements (FTAs) that Vietnam has signed and is going to sign have helped local firms diversity their export markets.

According to some economic experts, Viet Nam in general and Dong Nai in particular is expected to establish new records in exports in the coming time. Accordingly, Dong Nai is still among the country's top five leading localities in export revenue.

The province’s main export products still maintained a stable growth rate in the first four months. Particularly, garment and textile showed a year-on-year increase of 15 percent; yarn, up 18 percent; footwear, up 10 percent; computers and electronic products, up 20 percent; and cashew nuts, up 150 percent.

General Director Bui The Kich of Dong Nai Garment Corp (Donagamex) said that the company's garment exports to the US, South Korea and Japan increased some 15 percent in Jan-April. Donagamex is recognized for having high-quality products, which shows its continuing efforts to improve its competitiveness in the world market.

Luc Van Thuy, Head of Dong Nai Department of Industry and Trade’s Commerce Division, identified that the province’s exports are expected to increase by 12 percent this year. He believed that the Vietnam-EU free trade agreement, which is expected to become effective at the end of 2018, will open the door wider for local goods to enter foreign markets, creating a breakthrough for local exports.

Reported by K.M