Enhancing Export Performance

Currently, the key exports of Vinh Long province are rice, frozen seafood, handicraft products, leather, terracotta pottery and agricultural products. With the effort of the government and the dynamism of the business community, exports increase both in volume and value, thus playing a more important part in the local economy. In 2012, Vinh Long province’s exports grossed US$396 million, an excess of US$3 million over the full-year plan. Most key exports surpassed full-year targets and outdid the performance in the year earlier. Although rice export fulfilled just 96 percent of the full-year target, this was also considered a success amid falling rice export.

 

Mr Nguyen Minh Tho, Director of the Department of Industry and Trade, said the outstanding export success in Vinh Long province is attributed to the right shift of export items, with industrial and handicraft products contributing a greater proportion to overall export turnover and agricultural and aquatic products seeing a declining proportion. Exports increased in both quantity and value. Although raw materials continue making up an overwhelming proportion of export turnover, the proportion is also declining. The province’s exports have reached many markets like ASEAN, the EU, Japan and African nations. Fine-art handicrafts, terracotta pottery and seafood have been exported to the US market. Highly-focused trade promotion also plays an important role in boosting exports and seeking new markets.

 

In 2013, rice continues to be a major export of Vinh Long with export value, which is expected to account for 48 percent of total export turnover of the province. Since the beginning of the year, local exporters like Vinh Long Food Company, Food - Foodstuff Joint Stock Company and Vinh Long Import Export Joint Stock Company have actively sought and expanded markets. As for rice, they have proactively signed new contracts with China and African markets, while continued to boost shipments to traditional markets like the Philippines and Indonesia. With their active approach, in the first quarter of 2013, Vinh Long exported nearly 79,000 tonnes of rice worth US$31.6 million, up more than 58 percent in volume and 33.99 percent in value over the same period of 2012. The robust growth in rice export raised the province’s export turnover to US$72.69 million in the quarter, up 14.95 percent year on year. To achieve the export goal of US$410 million in 2013, an increase of more than 5 percent over 2012, Vinh Long will continue to boost trade promotion and support businesses to attend domestic and foreign trade fairs in the remaining months of the year to seek more trade orders. The province also encourages product diversification to boost exports and focuses on locally strong commodities like processed food, footwear, apparel, processed seafood, fertiliser, handicrafts, pharmaceuticals, canned agricultural products, and fine-art pottery.

 

While facilitating local businesses to access centrally funded capital sources, the province will also strengthen its market information, analyse and forecast market trends, price movements, inform technical barriers and trade remedies in target markets in order to help local enterprises to make changes to fit their requirements, thus enhancing product quality, competitiveness on both domestic and export markets.