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In 2015, 8 free trade agreements will take effect with strong tax cut; exporters are ready to catch the golden chance for oversea market expansion.
Export turnover up
According to DOIT 2014 report, exports are the bright point in the province’s economy with high growth rate. The provincial export turnover is estimated over USD16 billion, 6.78% higher than the plan and 13.96 per cent higher than previous year. The export growth rate went up because the traditional markets were well focused, and the price of several merchandises increased. Especially, mechanic products increased dramatically thanks to great value of ship exporting to Singapore. However, the products with high growth rate are mainly manufactured by foreign invested enterprises and they are labor intensive products rather than value added ones.
Last year saw a strong shift in the exporting market from Asia to America and Australia. In 2014 export turnover in American reached over USD 171 million, 2.5 times up; in Australia over USD 59 million, 35 percent higher than 2013. Even though the turnover from the markets is not very high, it is a strong example proving the quality of products in the province satisfied many well-known markets. Mrs. Dong Thi Hue, General Director of Thuan Hue Trade Service and Manufacturing JSC, said her company keeps looking for new markets besides its traditional markets such as Korea, Japan, and Europe. Last year, the company reached USD6.5 million turnovers at the volume of 1,000 tons. In 2015, it is estimated to increase the exports volume to 1,200 tons and the turnover will be approximately USD 7.5 million.
Exports in full swing in 2015
In 2015, export activity is expected to be more advantageous due to Vietnam’s intensive integration. Many FTAs will be signed, which opens a new door for products from nay industries such as agriculture, fishery, textile, footwear, especially textile and clothing when tax in many overseas markets will be 0%. Tax preference in TPP will help the provincial business expanding their market to the US when textile and clothing tax will fall to 0% from the current rate at 17-18%.
DOIT is suggested to strongly implement more trade promotion activities to support business community in new markets. Mr. Truong Van Thoi, Director of BRVT Trade Promotion Center, said that in Viet-Laos Trade Fair 2014, many enterprises from BRVT exhibited products such as wine, beverage, pre-engineered steel structure, ready-made clothes, processed sea food, surimi, etc. This was a good chance for enterprises to look for partners, expand manufacturing and increase the export turnover.
BRVT province has given supporting enterprises in expanding market top priority in 2015. Besides the periodical activities such as trade promotion delegations, attending international exhibitions, the province will hold forums with business community in order to find solutions for the business problems. However, it is the business community that find their own way to success in the process of the global integration.- Vietnam, EU officially conclude FTA talks - 08/12/2015
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