Hung Yen Province Records Trade Growth of 20.3 per cent

3:26:38 PM | 8/7/2005

Hung Yen Province Records Trade Growth of 20.3 per cent

In the period from 2001-2005, Hung Yen province has obtained an annual import and export growth of 20.3 per cent thanks to the province's great efforts in creating a healthy environment for investors in the field of producing goods for export. With such high growth, Hung Yen's internal trade in recent years has also paid an important contribution to transforming its economic structure, increasing budget revenues, and better servimg production demands and living standards of the local people.

Ms. Tran Thi Thanh Mai, Director of Hung Yen Trade and Tourism Department, said the province's total social retails per capita is estimated to reach VND3.18 million in 2005 from VND1.6 million in 2001. This remarkable rise reflects the strong development of the trade and service sector and an increasing living standard. At present, Hung Yen's export values in recent years are higher than that of other provinces in the Northern Key Economic Area, only lagging behind Hanoi and Hai Phong City.

Import and export activities between 2001-2005 have seen good achievements and progress. The export value was US$47.14 million in 2001, US$170 million in 2004 and is forecasted to peak at US$210 in 2005, realising an annual average growth of 41 per cent. In the past, the province's export items were mainly agricultural products, however key exports now are light industrial products such as garments, electronics, leather and footwear. Export products have seen a diversification in terms of style and quality, meeting increasing but difficult requirements of foreign customers.

The growth rate of the service sector is still small compared with the province's economic growth because services have not been kept up with a booming of the industrial sector. However, the values of services have steadily been on the rise and recorded an annual growth of 16.05 per cent that will be the foundation for the province to map out the development plan of the sector from 2006-2010. Ms. Mai also added that Hung Yen has offered many incentives to lure more trade and service development projects, particularly in the fields of services and tourism to call for local and foreign capital sources to the province. In the coming time, solutions on management, capital source, policies, and science and technology will draw special attention. The department and the province have been carrying out a training strategy in human resource development in a bid to create momentum for a better improvement of the trade and service sector.

Despite being located in close proximity to Hanoi and having a good transport network, Hung Yen's trade and service sector has not lived up to its potential. Therefore, the province needs to inject more investment in projects on developing infrastructure that will actively facilitate the trade and service development in the coming years.     

  • Kim Hiep