Vietnam’s Industrial Hub Achieves Unprecedented Trade Surplus

Binh Duong, Vietnam’s leading industrial hub, has achieved a remarkable milestone, recording a trade surplus of $10 billion in 2024. With export turnover estimated at $34.5 billion, a 13% increase compared to the previous year, the province contributes over 10% of the nation’s total export value. Key industries, including wood products, textiles, footwear, steel, and electronics, contributed over $19 billion, accounting for 56% of the province’s total export turnover. Notably, the wood industry remained a standout sector, earning nearly $5 billion, a 27.7% increase, representing 18.8% of the province’s export revenue.

Binh Duong’s major export markets include the United States, the EU, Canada, Japan, South Korea, and China. The United States is the largest trading partner, accounting for approximately one-third of the province’s total export turnover. On the import side, the province’s turnover is estimated at $24.5 billion, a 12% increase year-on-year. Imported goods primarily consist of production materials and machinery, with China being the largest supplier.

Chairman of the Binh Duong Provincial People’s Committee, Mr. Vo Van Minh, emphasized that the province will continue investing in industrial infrastructure, accelerating digital transformation, and implementing favorable policies to sustain its growth momentum. These strategies aim to uphold Binh Duong’s position as one of the country’s most robust manufacturing centers. At the same time, efforts are being made to enhance workforce skills, streamline production processes, and improve product quality to meet the high standards of demanding markets like the United States and Europe.

Statistics show that as of November 2024, Binh Duong’s gross regional domestic product (GRDP) increased by an estimated 8.01% compared to the same period last year. The GRDP per capita reached VND 182.6 million, reflecting stable local economic development. The province’s economic structure continues to prioritize industrial production, which accounts for 64.83%; services at 25.06%; agriculture at 2.73%; and product tax minus subsidies at 7.38%. Industrial production posted strong growth, with the industrial production index (IIP) estimated to rise by 7.6% compared to 2023.

In addition, Binh Duong’s total retail sales of goods and service revenue are estimated at VND 352 trillion, a 13.3% increase. This underscores strong domestic purchasing power and the recovery of service industries. The province’s total state budget revenue for the first 11 months of the year is estimated at VND 49.277 trillion, exceeding the annual target by 2.5% and growing 19.5% year-on-year. These figures highlight the province’s solid financial foundation, supporting its long-term development objectives.

Looking ahead to 2025, Binh Duong aims for GRDP growth of 8-8.5%, with GRDP per capita expected to reach VND 195 million. Future plans focus on green industrial development, the application of advanced technology, and increased investment in transportation infrastructure to create favorable conditions for both domestic and foreign enterprises.

Binh Duong’s impressive achievements serve as a testament to the relentless efforts of its government and businesses to adapt and thrive in a volatile global economic environment. With strategic vision and determination, the province not only consolidates its status as Vietnam’s leading industrial hub but also asserts its significant role in the global supply chain.

Source: Market Times