Trade Invigorating Dak Nong Province

In recent years, trade and services in Dak Nong province have maintained high growth rates while supplying sufficient essential commodities to the locals, contributing to the economic development of the province. The contribution of the trade sector to GDP increases each year. Total retail sales and service turnover in 2006 was VND1,571 billion. Exports have been expanding, with turnover of US$87.3 million in 2005, up 76 per cent from 2004, and of US$132 million in 2006. The main exports are coffee bean, cashew nut, pepper, tea, and wood-based products, exported primarily to Singapore, Australia, Italy, France, Germany, Switzerland, China, and the Philippines. Border trade with Cambodia has also increased to an annual total of some VND5 billion, via Dak Po and Bu Prang border gates.

 

During recent years, Dak Nong has developed commercial networks and economic sectors. Most regions in the province have developed retail shops, even in remote and border areas. The market network has also been upgraded, especially in districts and communes. It helps distribute subsidized commodities to ethnic minorities and essential commodities at low prices to farmers, such as fertilizer, insecticide, and petrol. It also encourages farmers to sell agricultural products at market prices and gives them access to new commodities and high quality services.

 

In its development strategy to 2010, Dak Nong considers trade and services the most important sectors for socio-economic development. In coming years, the province will continue to develop trade and services in favour of industry, construction, agriculture-forestry and local consumption, aiming for a 14-15 per cent growth rate in retail sales and services turnover in 2006-2010. Trade activities will be integrated with domestic and international markets, with exports as a spearhead of economic development. The trade sector will also increase market surveys, gathering information on prices and demand to effectively direct production and supply, organizing local markets in accordance with the plan by 2010, developing rural markets and a multi-purpose trade-service commercial centre at Gia Nghia.

 

At the same time, commercial links will be expanded with other provinces in the Central Highlands, Northern and Southeastern provinces and Ho Chi Minh City. The development of the Trade Promotion Centre will be expedited encouraging businesses find new markets and develop trademarks, serving as a turning point for the Dak Nong commercial sector.