The Trade Situation in Ha Tinh Province: Challenges and Strategies for Growth
Ha Tinh’s export and import situation for August and the cumulative eight-month period of 2024 faces significant challenges, with no signs of improvement yet. The total trade turnover for August 2024 is estimated at 455.5 million USD, a decrease of 6.0% from the previous month and 6.37% from the same period last year. For the first eight months of 2024, the province’s total trade turnover reached 4,013.01 million USD, a 5.92% decline compared to the previous year (a decrease of 252.55 million USD).
The province’s export turnover for August 2024 is estimated at 174.7 million USD, an 11.63% drop from the previous month and a 5.85% decrease from the same period last year.
One of the reasons for these results is the export of steel and steel billets, which is estimated at 152.3 million USD, accounting for 87.18% of the province’s total exports. This represents a 15.15% decrease from the previous month and a 6.68% decline from the same period last year. Although there has been growth in the export of wood chips, fibers, and garments in recent months, their contribution to the overall results is minimal due to their small export value compared to steel. Therefore, the export turnover, heavily reliant on steel, still shows a significant decline compared to the previous year.
For the first eight months of 2024, export turnover is estimated at 1,469.89 million USD, a 19.48% decrease (a reduction of 355.65 million USD) from the previous year. This is due to the negative impact of global inflation and rising interest rates on the world’s consumption demand for steel products. As a result, Ha Tinh’s Formosa has struggled to find export markets for its steel and steel billets, with an 8-month export reduction of 21.9% compared to the same period last year.
Import turnover for August is estimated at 280.8 million USD, a 2.12% decrease from the previous month and a 6.71% decline from the same period last year. This is attributed to Formosa’s reduced import of raw materials for production and decreased imports of consumer goods. However, for the first eight months of 2024, import turnover is estimated at 2,543.12 million USD, still showing a 4.23% increase compared to the previous year. Formosa’s import value is estimated at 1,851.43 million USD, accounting for 72.80% of the province’s total imports and a slight increase of 0.68% from the previous year.
For 2024, Ha Tinh province has set an export turnover target of 2.4 billion USD. With only 1.4 billion USD achieved in the first eight months, the province is far from reaching this goal. Given the lack of significant market improvements, more aggressive solutions are necessary to attain the export target for the year.
To boost export growth, the Provincial People’s Council has issued a resolution on policies to support the development of logistics and export activities in Ha Tinh province for the period of 2024 – 2025. These policies include attractive incentives such as supporting sea container transport through Vung Ang port, funding participation in trade promotion activities and export market surveys, and subsidizing the construction of online storefronts for local businesses on e-commerce platforms. Ha Tinh expects these initiatives to bring positive changes to its export landscape in the remaining months of the year.
Unlocking Construction: The Prime Minister’s Directive to Fast-Track Solutions, Boost Production and Stimulate Demand for Building Materials
The Deputy Prime Minister, Tran Hong Ha, has issued Directive No. 28/CT-TTg, dated August 26, 2024, on behalf of the Prime Minister. This directive outlines a series of measures aimed at addressing challenges and promoting the production and consumption of cement, steel, and construction materials.
The Export Revenue of Bac Ninh Ranks Second in the Nation
In the first seven months of 2024, Bac Ninh province emerged as a powerhouse in Vietnam’s export landscape, boasting an impressive trade surplus. With a total export value of 22.5 billion USD, a 5.2% increase compared to the same period last year, Bac Ninh secured the second spot among all provinces and cities nationwide. This remarkable performance was driven by a range of key products, most notably telephones, tablets, and other electronic devices, as well as electronic parts and components, which collectively accounted for a significant portion of the province’s export value during this period.
The Billionaire’s Iron Fist: Tran Dinh Long’s $3.6 Billion Steel Punch
The Hoa Phat Dung Quat 2 Integrated Steel Complex is a behemoth of an operation, spanning 280 hectares of land and boasting a staggering investment of 85,000 billion VND. With a design capacity of 5.6 million tons of high-quality hot-rolled steel coils annually, this complex is a testament to the scale and ambition of Hoa Phat’s operations.
