Since the beginning of the year, Dong Nai’s import and export has faced many difficulties and challenges, but the province's trade surplus has still reached more than 1.1 billion USD, increased by more than 400 million USD over the same period last year and equal to nearly 40% of the country's trade surplus. Thus, earlier this year, Dong Nai recorded a new record of trade surplus.
According to the Department of Industry and Trade, in the first 3 months of this year, Dong Nai exported nearly 4.58 billion USD and imported 3.47 billion USD. Enterprises in the province mainly import materials, machinery and equipment for production. The main export goods are footwear, textiles, wood products, textile fibers, machinery and equipment, spare parts, computers, electronics and components.
Producing export wooden products at Asy Vietnam Co., Ltd.
in Bien Hoa 2 Industrial Zone (Bien Hoa City)
5 commodity groups with large trade surplus
In the first quarter of 2020, Dong Nai has 5 items with large trade surplus, including shoes, wood products, textiles, fiber and coffee. The above items saw a trade surplus of about 1.82 billion USD. Leading footwear is 886.5 million USD; followed by wooden products with 286 million USD; textile and garment nearly 262 million USD; textile fiber 246.2 million USD and coffee nearly 159 million USD. Dong Nai goods are now exported to more than 170 countries and territories; However, the main export markets of Vietnam are the US, Japan, Korea, China, etc.
The enterprises that contribute the most to the province's trade surplus are Hyosung Vietnam Co., Ltd., Formosa Taffeta Vietnam Co., Ltd., Chang Shin Vietnam Co., Ltd., Taekwang Vina Industrial JSC, Hwaseung Vina Co., Ltd.
Open markets for Vietnamese businesses
Due to the COVID-19 epidemic, the supply of raw materials from the three major markets of China and South Korea was limited, businesses returned to find domestic raw materials to compensate. Therefore, input production enterprises in the province easily find more partners to sell. This is also the reason for the increase in Dong Nai's trade surplus in the first 3 months compared to the same period in 2019 and previous years.
According to Wu Minh Ying, Chairman of Taiwanese Business Association in Dong Nai, foreign enterprises investing in Dong Nai want to find local raw materials to proactively produce and ensure regulations on localization of products. Thus, products exported to Vietnam which have signed free trade agreements can enjoy preferential treatment on tariffs, increasing their competitiveness with similar products from other countries.
Through research about businesses in Dong Nai produce input materials, there were more orders in May 2,3-2020. However, some businesses have to refuse to reduce orders due to the partner's request is short time, quality assurance, so it has not met many of these issues.
Chairman Cao Tien Dung said: “The province will continue to implement simple procedures, promptly remove difficulties, create connections so that businesses in the province are more convenient in production and business. Enterprises will have stable and sustainable development conditions, which contribute greatly to the state budget.”
By Vi Quan
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