Ba Ria - Vung Tau's exports raises 10.5% in two months
The southern province of Ba Ria – Vung Tau shipped over 1.25 billion USD worth of products abroad in the first two months of this year, a year-on-year increase of 10.5%, according to the provincial Department of Industry and Trade.
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| Ba Ria – Vung Tau province shipped over 1.25 billion USD worth of products abroad in the first two months of this year. (Source: VNA) |
Asia remained the province's largest export market with nearly 807 million USD, followed by the EU (over 280 million USD) and the Americas (nearly 94 million USD).
Local firms attributed the robust rebound in exports to the global demand’s recovery and falling inflation.
This year, the province eyes over 6.97 billion USD in export revenue, up 3.05% from the previous year, with crude oil export turnover expected to rise 3.28% to 5.56 billion USD.
The Department of Industry and Trade said the world's slow economic growth, weak consumption demand and rising protectionism will make 2024 a challenging year for local trade activities.
Besides, large importers such as the US and the EU are tightening their belts, resulting a fall in the volume of orders, while domestic industrial production like garments and textiles, leather shoes and electronic products hinge on exports, with only 10% for domestic consumption and the remaining 90% for foreign markets.
Against this backdrop, the provincial People’s Committee has directed competent sectors and localities to focus on improving the local business climate to support enterprises in developing production and ensuring sustainable supply for exports.
Deputy Director of the Department of Industry and Trade Vu Bich Hao said the department will keep a close watch on the local production to remove roadblocks in a timely manner, and accelerate the implementation of three strategic breakthroughs, namely human resource training, improvement of institutions and infrastructure development.
Furthermore, the department will help businesses capitalise on existing free trade agreements, enhance trade promotion, and provide them with market information and that related to policies and technical standards of foreign countries.
(Source: VNA)
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