Effectively Exploiting the Recovery of the Export Market

By seizing the signals of global market recovery and with the efforts of the business community, as well as the support, sharing, and resolution of difficulties in the production and business processes from various levels and sectors, a significant boost has been provided to the province’s export sector. This has led to a stable growth rate in the first six months of this year.

Currently, the province has over 290 businesses engaged in import and export activities. Most major markets and trade partners have shown a good recovery and achieved high growth rates in the first six months of the year. The total import and export value of the province in the first half of the year accounts for about 3.8% of the national total, ranking third out of 15 provinces in the Northern Midlands and Mountain Region. The export value is estimated to exceed 6.5 billion USD, an increase of 28.2% compared to the same period last year. Major export items include electronic components, garments, tarpaulins, PP and PE packaging, tea, etc. The import value is estimated to be over 6.3 billion USD, up 69.7% compared to the same period last year.

After a period of adaptation, the province’s businesses have better grasped the requirements and regulations of the export market. They have focused on increasing growth in key and traditional markets while also boosting the development of niche and potential markets. Notably, the capabilities of the province’s export businesses have been increasingly enhanced, improving their resilience against unusual market conditions and developments. Additionally, the province has seen significant investment attraction results, with many new projects starting, expanding production, and bringing new industrial production projects into operation, thus increasing production capacity and export goods supply.

Hanyang Digitech Vina Co., Ltd. (Phu Ha Industrial Park, Phu Tho Town) specializes in producing electronic components. In the first half of this year, the company’s export value reached over 4 billion USD. Mr. Choi Dong Hyeon, the company’s director, stated: “A promising sign for 2024 is that we have negotiated orders and started producing new products with major global partners such as IBM, HP, and Dell. The company also successfully maintains the AEO certification – a priority enterprise status in customs from the General Department of Customs. In the future, we will continue to develop our export goods, meet quality requirements, enhance added value, and ensure employment and income for more than 1,500 workers.”

Additionally, businesses are also taking advantage of the opportunities that Free Trade Agreements (FTAs) bring, participating in new value chains and production in the region, boosting exports of agricultural, forestry, processed industrial, and garment products to the markets of FTA member countries. The export and import procedures have been simplified, reducing time and costs...

As a result, businesses have more opportunities to participate in the supply chain, meet the requirements of global production chains in corporate governance; self-assess their capabilities to restructure production, choose appropriate investment plans, and production strategies to meet the demands of import markets.

Nguyen Hue