Binh Duong Province’s exports grow by 3.6 per cent in Q1

14-Apr-2020 Intellasia | VNS | 6:02 AM Print This Post

Despite the difficulties caused by the COVID-19 pandemic, Binh Duong Province managed to expand exports by 3.6 per cent in the first quarter of the year to $5.8 billion, according to its Department of Industry and Trade.

Key export items like textiles, footwear, wood products, and computers and electronic products saw increases of between 3 per cent and 4 per cent year-on-year, lower than last year but impressive amid the pandemic.

The province’s imports were estimated at $4.2 billion, a year-on-year increase of 4.3 per cent, giving it a trade surplus of $1.6 billion.

The department said the pandemic has been negatively affecting industrial production and trade around the country, including Binh Duong.

The drastic support measures implemented by the government and the province enabled trade to remain robust.

Ho Van Binh, the department’s deputy director, said a survey done by his department found that most enterprises in the province have faced difficulties in production and trading due to the pandemic, including 110 import-export firms.

In the case of some other enterprises, trade was not affected in the first quarter, but with the pandemic spreading to most major markets such as the US, EU, South Korea, and Japan, it is likely to be affected in the second quarter, he warned.

According to business groups, leather and footwear and garment and textile enterprises are facing difficulties with export orders falling by 50 60 per cent.

To retain their workers and sustaining cash flows, they are shifting production to target the domestic market.

Trade activities would face new difficulties in the second quarter from the global COVID-19 outbreak, and the province has taken many measures to enable businesses to access funds and markets and eased tax payment deadlines, the department said.

The chair of the province People’s Committee, Tran Thanh Liem, said with the government and province’s efforts to support enterprises and address their difficulties, especially with regard to finance, banking, tax, and administrative procedure reform, he expects the business community to overcome the difficulties and enjoy good growth this year.

http://bizhub.vn/news/binh-duong-provinces-exports-grow-by-36-per-cent-in-q1_314743.html

 


Category: Economy, Vietnam

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