10:08 | 26/10/2015 Trade
(VEN) - Together with export turnover of around US$11 billion and import turnover of US$9.9 billion, Dong Nai Province recorded a trade surplus of about US$1 billion in the first nine months of the year, an increase of 69 percent compared to a year ago.
Dong Nai Province has made greater efforts to increase trade surplus
According to the Dong Nai Department of Industry and Trade, the province could reach export turnover of US$15 billion this year with the main exports being footwear, wood and wood products, garments and textiles, computers and electronic equipment. In particular, footwear ranked first in terms of export turnover in the first nine months of the year and could reach an estimated US$2.7 billion in export turnover in the whole year.
In addition to maintaining and increasing export turnover in traditional markets, provincial businesses have focused on expanding markets. The industry and trade sector has also organized many trade promotion activities and strengthened links with large foreign groups to promote exports and avoid the dependence on traditional markets.
Businesses currently accelerate the progress of export orders. Therefore, the export turnover target of US$15 billion this year could be possible, while trade surplus could be higher.
Double benefits thanks to trade surplus
In the context where the country has faced trade deficit with high numbers, Dong Nai Province has made greater efforts to increase trade surplus. It achieved a record high trade surplus of about US$1 billion in the first nine months of the year.
According to the Dong Nai Department of Industry and Trade, export businesses have paid special attention to seeking material resources in the country and reducing imports to enjoy tax incentives via free trade agreements.
Domestic material supplies for garments and textiles, footwear, wood and wood products have made significant improvements.
Dong Nai Wood and Handicrafts Association Deputy Chairman Nguyen Van Quy said that businesses from the wood sector previously imported around 80 percent of materials serving furniture production. However the figure reduced to 20 percent in order to enjoy tax incentives. Businesses have actively sought domestic supplies, reduced imports, bought new machinery and equipment and organized training courses for human resources to improve productivity and quality.
Seeking domestic material supplies is seen as a top priority, contributing to bringing double benefits for export businesses. In addition, this is also a big opportunity for calling for foreign investment in this sector.