Exports rebound in fine fashion

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Báo Đầu Tư English - 53 month(s) ago 9 readings

Exports rebound in fine fashion

“The above figures showed that the foreign-invested sector is playing a decisive role in terms of export earnings in Bac Ninh”

VSIP is proving to be a sound business hub in the province

Thanks to the global economy’s strong recovery, northern Bac Ninh province exports rebounded in the first nine months of 2010.

A provincial Department of Industry and Trade (DoIT) report showed the province obtained total export revenues of $1.24 billion in the nine-month period, a 2.2-fold increase on-year, representing 99 per cent of the whole year’s target. September alone accounted for $137.7 million, doubling the figure of the same month last year.

Of the total export earnings in the three quarters, the foreign-invested sector held the largest stake of $1.19 billion, surpassing the sector’s annual export target set by the local government in the beginning of this year by 1.56 per cent.

“The figure showed that the foreign-invested sector is playing a decisive role in terms of export earnings in Bac Ninh, accounting for up to 95.8 per cent of the province’s total export turnover between January and September this year,” the DoIT report said.

According to Hoang Huy Tap, vice director of the department, Canon Vietnam Co., Ltd and Samsung Electronics Vietnam Co., Ltd represent the majority in the province’s total export revenues.

During the first nine months of this year, the output of mobile phones made by Samsung saw a three-fold increase and the output of printers made by Canon witnessed 1.68-fold rise compared with the same period last year. These were important factors to boost the province’s export turnover.

“The stability and positive growth of the two enterprises carry a vital significance towards fulfilling and surpassing the provincial targets in industrial production and export turnover,” Tap said,

He predicted that until the end of 2010, production and export activities of both companies would continue to be stable with high growth, making a greater contribution to the province’s total export earnings.

In addition to electronic products like mobile phones and printers, many other key exports of Bac Ninh province increased sharply in the first three quarters of this year, including agricultural products, fine arts and handicrafts, and garments.

“Bac Ninh witnessed good export performance in the first nine months of 2010. The surge in export value of many industrial products of Bac Ninh is showing a propitious sign and also a basis of predicting that the province’s export will be very positive this year,” Tap said.

Bac Ninh, 30 kilometres northeast of Hanoi, is forecast to fetch aggregate export revenues of $1.45-1.5 billion this year, surpassing the initial target by 20 per cent.

According to the latest figures released by the DoIT, as of late June this year, there were 80 businesses in the province involving in direct export activities, comprising 33 domestic businesses and 47 foreign-invested enterprises while the total number of local exporters in the same period last year was 43.

The DoIT report also showed in the nine-month span, Bac Ninh’s total import spendings surged to roughly $1.32 billion, a 2.38-fold increase against the corresponding period of last year, exceeding the whole year’s target by 14 per cent.

Of the total value, the province’s foreign-invested enterprises accounted for up to $1.16 billion while the state-run businesses made up $152 million.

Several key imports jumped as compared with the same period of last year, comprising of electronic parts (mostly imported by Canon Vietnam and Samsung Electronics Vietnam), plastics, garment materials and accessories, cattle feed materials, iron and steel, and machinery and equipment.

Between January and September, trade activities across the province were also bustling thanks to the positive economic recovery.

Like many other localities nationwide, Bac Ninh has boosted trade promotion activities and organised programmes such as “The Vietnamese prioritise to use Vietnam-made goods” or “Transporting goods to rural areas”.

As a result, the province reached total retail sales and services of approximately VND11.96 trillion ($629.42 million) in the nine-month span, up 38.22 per cent on-year, fulfilling 91.9 per cent of the whole year’s target. Of the total figure, the state-run sector accounted for VND133.9 billion while the non-state sector VND11.82 trillion.

September’s consumer price index (CPI) in Bac Ninh province increased by 0.75 per cent on-month, making the province’s CPI in the first nine months of this year rose 10.29 per cent on-year and up 7.16 per cent compared with December, last year

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