Binh Duong to hit $4b surplus

Binh Duong to hit $4b surplus

This southern province is likely to record a trade surplus of more than US$4 billion by year-end, according to the provincial people's committee.

Figures from the provincial statistics office showed that provincial export revenues were expected to reach more than $18 billion, a 17.5-per cent year-on-year increase, with the foreign-invested sector contributing 82 per cent of total export value. Among the province's major exports, footwear, textiles and garments and wood products are expected to reach an export turnover exceeding $1 billion.

Meanwhile, provincial import expenses were estimated at about $4 billion, an 18-per cent year-on-year increase, with raw materials for production as well as machinery and equipment adding to the increase. The foreign-invested sector made up the largest share of imports at 78 per cent.

Vo Van Cu, director of the provincial industry and trade department, said export markets such as ASEAN countries, the United States and European Union were stable and would continue to grow.

Most provincial exporters had inked contracts with foreign partners for the entire year, with some even winning export deals until May next year, Cu revealed, predicting that the provincial trade surplus might surpass expectations.

Provincial figures showed that Binh Duong achieved a trade surplus of more than $2.3 billion in the past 10 months. Exports earned more than $12.7 billion, a 15.2-per cent year-on-year increase, with foreign investors providing more than $10.5 billion, a 16.2-per cent year-on-year increase.

Footwear, garments, and timber were the key export earners, bringing in more than $1 billion to the province, while computers, electronics and textiles likewise recorded rapid growth.

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