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So as to relay the recovery momentum by the end of 2023, Binh Duong provincial industrial production and exportation continued to get back in shape and grew in the last 7 months of 2024, contributing significantly to the general growth of local economy.

Loading and unloading of cargoes are seen at An Son Port

A USD-5.4-billion trade surplus

7-month exportation revenue in 2024 of the province has reached nearly USD 18.9 billion, increasing by 8.6% from 2023 with a trade surplus of USD 5.4 billion.

Le Duc Nghia, BOD Chairman of An Cuong Furniture Corporation informed of ther 124% surge of profits from 2023 at the figure of VND 81 billion as the corporation has promoted cargoes of beneficial profit margines while omptimizing production operations in terms of greater capacity and lower costs. Up to date, the corportation could maintain exportation orders until November from the recovering US market. It is predicted that the corporation’s exporting activities will be brightly set for 2025 and 2026. “Currently, our factories are operation at their 110% capacity will additional outsources,” Nghia added.

Despite the brighter picture of exportation, the corporations are in tremendous hardship. Textile enterprises, for example, are novelly challenged as their customers are diverting their demands to lower quantity of lower prices and shorter delivery terms. They are also tending to purchase through electronic channels with more diverse demands.

Before the general drawbacks, Vo Van Minh, Deputy Secretary of Binh Duong province and Chairman of local People’s Committee, demanded the related departments and sectors to pay more attention to the assistance and implementation of troubleshooters to promote business and production operations along with boosted commercial promotion, and exportation market expansion. Moreover, Binh Duong province, so as to expand the available exportation markets, has resumed with solution groups which include the commercial promotion to support enterprises.

The elevation of competitiveness

In recent trade commission assignments, Do Ngoc Hung as the Head of Vietnamese Trade Affairs in the US signaled the heading back to growth in US markets. The stockpiling and preservation in preparation for possible disturbance in the face of an on-going election in 2025 and the demands of US for Vietnamese products in winter when the shopping habits are getting back to track. The tradditionally stronghold exports of Vietnam like textiles, footwears, furniture, electronic equipment, and machines of innovated models and bargaining prices would continually contribute to the general recovery momentum of exportation sector. “We predict that exportation of goods from Vietnam to the US would grow for the time to come with high hop that we can sustain the third consecutive year of exportation revenue of over USD 100 billion this year, which far exceeds the projection in the beginning of the annum,” said Hung.

According to Mrs. Nguyen Thanh Ha, Deputy Director of Binh Duong provincial Department of Industry and Trade, the recovery of production and exportation activities of enterprises has, in the face of major regains in economic fields and sectors, nevertheless, been challenging, which will eventually and severely affect the provincial economy where production, business, and exportation activities of enterprises are the integral components.

In the coming time, the industry and trade sector of the province will continue to implement some key solutions to support export enterprises in consolidating major export markets; enhance trade promotion activities to expand markets in countries with advantages from commitments of free trade agreements (FTA). Specifically, the department will actively support the promotion of exports; each year with supports for businesses participating in 3 foreign trade promotion programs and 10 domestic trade promotion programs. In addition, the Department of Industry and Trade will continue to coordinate with the Ministry of Industry and Trade and relevant departments and agencies to implement economic diplomacy activities, such as inviting corporations and businesses to visit the infrastructure in Binh Duong province, and inviting investment and trade cooperation.

The province also focuses on attracting investment in logistics service projects, planning the development of supporting industries, developing brands to enhance production capacity and competitiveness of enterprises, aiming for sustainable exports. Chairman of Binh Duong Logistics Association, Mrs. Huynh Dinh Thai Linh, affirmed that logistics plays an important role in the regional connectivity strategy in the new phase. Logistics enterprises in Binh Duong will focus on developing infrastructure and providing professional, high-quality services for industrial zones. In addition, the association emphasizes enhancing capacity and dual transformation (digital and green transformation) for its members in order to reduce costs for businesses.

Reported by Tieu My – Translated by Vi Bao