Export turnover expected to reach US$970 mln this year

According to Director of Binh Dinh Industry and Trade Department Ngo Van Tong, the province’s export turnover is forecast to gain 970 million USD in 2020, as Vietnam is able to take advantages from Free Trade Agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the newly-signed European-Vietnam Free Trade Agreement (EVFTA), which may boost the export turnover to the European Union by 20 percent.

Workers are working at a factory of Dai Thanh Company.

Tong stressed that FTAs would be a driving force for export, particularly in the fields of textile, leather, timber and wooden products, which likely have a breakthrough. While the EU’s “yellow card” for Vietnam’s aquatic products has not been removed, some companies are actively seeking new markets, such as the US, Japan, South Korea and Hong Kong.

A good sign for Binh Dinh in the first two months of 2020 is the export turnover of 152 million USD, accounting for 15.6 percent of the yearly target, Tong said.

However, the epidemic Covid-19 will have, more or less, impacts on various sectors in Vietnam and the province, forcing many companies lower their targets and slow down the operation.

The province’s Industry and Trade Department, thus, will continue supporting entrepreneurs by simplifying the administrative procedures, organising trade fairs and expanding markets, according to Tong.

The department will also warn of trade and technical barriers, promptly propose solutions to boost their production.

The companies are required to improve their operation, invest more in technology and enhance their competitiveness, aiming to boost the quality and meet the demands of consumers.

N.HAN

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