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Import and export turnover to APEC economies to reach 12 billion USD

​Enterprises in the province are currently trading with the majority of APEC economies. The four biggest import-export markets of Dong Nai come from APEC economies, including the United States, Japan, China and Korea.


​According to the Department of Industry and Trade, export-import turnover of Dong Nai companies to those four countries for the first 10 months of 2017 reached about 12 billion USD, accounting for more than 40% of the total export turnover of the province; especially, export to the above markets have increased steadily for the past years.

 

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Textiles is the most popular export products to the United States, South Korea, and Japan. In the picture: Clothing production at Dong Tien Joint Stock Company (Bien Hoa City).
 

 * Rapid increase in export
The major export products from Dong Nai to the aforementioned economies include: footwear, garment, iron and steel, textile fiber, machinery and accessories, wood products, computers, electronic components and agricultural products. In particular, the United States is the largest export market of Dong Nai with the turnover accounting for 37% of the total export turnover of the province. Every year, the export turnover to the US market grows quite sustainably.

Ms. Pham Thi Ngoc Bich, Head of Export-Import Department of Posco VST Co., Ltd (Nhon Trach Industrial Zone 1, Nhon Trach District), said: "Every month, the company exports over 19,000 tons of stainless steel products to overseas countries, but the main market is still the United States, which accounts for 70-80% of the output. Over the past years, the growth rate of export of goods to the US and the Europe has maintained quite steady.

Currently, the US is a big export market for various items of many domestic and foreign companies in Dong Nai. "The company's footwear products are mainly exported to the US market and in recent years the annual growth rate is over 10%. The company is still recruiting more workers, expanding production to increase exports to the US and other countries, "- said Mr. Nguyen Thanh Phuong, Head of Foreign Relations of Changshin Vietnam Co., Ltd. (Thanh Phu Industrial Zone, Vinh Cuu District). This is one of the 4 largest footwear manufacturing enterprises in the province.

According to Mr. Nguyen Cao Nhon, Deputy General Director of Tin Nghia Corporation, the US is a major export market for coffee in Dong Nai. Each year the corporation exports tens of thousands of tons of coffee to this market.

The second largest export market of the province is Japan with the turnover for the first 10 months accounting for nearly 1.42 billion USD. According to the Trade Office (Department of Industry and Trade), Dong Nai enterprises export dozens of items to Japan, but the most major proportion comes from textile and garment, computers, electronic products and components, machinery and equipment, footwear and wood products. Export markets of Japan and the United States are very demanding, so meeting the requirements of those two markets means it is easy to meet the standard of other markets. Since the beginning of the year, exports to China and Korea have also grown 13-16% over the same period last year.

* Mainly import raw materials

Businesses in the province mainly import raw materials from APEC economies to serve industrial production, such as: fabrics, yarns, leather for shoes, chemicals, cotton, steel for machinery and equipment, corn for animal food production.

The largest import market of enterprises in the province is China with the turnover of 2.34 billion USD for 10 months of the year; followed by Korea with about $ 2 billion, the United States, and Japan with $ 50-80 million a month. In addition, Dong Nai also imported many materials from Thailand and Taiwanese territory...

Mr. Pham The Linh, General Director of The Linh Co., Ltd (Bien Hoa City), said: "To ensure quality of blankets, bed sheets and pillows, more than 80% of fabric production companies decide to import from Korea ". In recent years, many textile, footwear and electronics companies in the province have switched to importing materials from Korea. In addition to the guaranteed quality of products, according to the roadmap of free trade agreement between Vietnam and Korea, many tariff lines have been reduced to 0%. From 2016 until now, import turnover of Dong Nai from the Korean market increased rapidly, for the first 10 months of 2017 increased more than 12% over the same period last year.
"Vietnam is the most major cotton buyer of the United States with 30% of the market share, equivalent to $ 1 billion a year," said Vo Manh Hung, chief representative of the American Cotton Association in Vietnam. Beside, about 60% of Vietnam's cotton imports come from the United States. Dong Nai province has many businesses importing cotton from the United States to produce yarns. "
Some economists assess that importing raw materials for production is a good sign for domestic industry. However, to increase the added value for export products, Dong Nai as well as other provinces and cities need to attract more domestic and foreign investment in supporting industries.


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