Binh Duong enjoys trade surplus of 6.6 billion USD in seven months

The southern province of Binh Duong posted a trade surplus of 6.6 billion USD in the first seven months of this year, the provincial People’s Committee reported at a meeting on August 9.
Binh Duong enjoys trade surplus of 6.6 billion USD in seven months
Binh Duong enjoys a trade surplus of 6.6 billion USD in seven months. (Photo: VNA)

Between January and July, the locality’s export value reached 21.8 billion USD, a rise of 7.1% year-on-year. Meanwhile, its import revenue was nearly 15.2 billion USD, down 5.7 percent year-on-year.

Pham Van Xo, Chairman of the provincial Export-Import Association, told Vietnam News Agency (VNA) that businesses had been able to purchase materials at low prices during the COVID-19 pandemic, but only started exports after the pandemic was under control.

Moreover, China’s border closure has forced orders to come through Vietnam, leading to higher purchasing power, he added.

Xo, however, noted that surging material prices and logistics costs, along with the lack of containers and ships, a limited workforce and increasing labour costs, have affected the supply chain.

According to Chairman of the provincial People’s Committee Vo Van Minh, Binh Duong’s index of industrial production in July also rose about 4.7% month-on-month and 22.3% year-on-year.

In the seven months, the index grew 8.4% as compared with the same period last year.

Minh asked departments and agencies to keep a close watch on the market in the remaining months of this year to ensure supply-demand balance, and hold working sessions with relevant associations to deal with obstacles to businesses.

FDI attraction exceeds 15.54 billion USD in first 7 months
Garment-textile exports expected to hit 45.7 billion USD in 2022
Five items with export value of over 10 billion USD
Vietnam posts two-fold growth in agricultural trade surplus in 7 months
Textile-garment exports hoped to reach 43 billion USD this year: VITAS