Workers at R Technical Research Vietnam Co. Ltd. in Hoa Binh city operates production line of high quality optical lens for export.

Regarding opportunities for the province on the path of reaching the target, Pham Tien Dung, Director of the provincial Department of Industry and Trade, said that expanded markets thanks to new generation free trade agreements have helped improve the local investment and business environment.

Particularly, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), which took effect in 2019, have encouraged the inflows of foreign direct investment and helped businesses improve production capacity, he said.

Local firms in Hoa Binh have grasped the chances by investing more in enhancing their products’ quality, paving the way for sustainable growth in export.

Major imported products of Hoa Binh include materials, machines and equipment for production. The supporting industry of the province has also enjoyed expansion, said Dung.

Currently, Hoa Binh has 49 businesses engaging in import-export activities, 26 of which are foreign-invested companies and the remainders are joint ventures and domestic enterprises.

Asian countries, including China, Japan, the Republic of Korea, Singapore and Malaysia, are major export markets of the province, accounting for35.15 percent of its total export revenue, followed by the EU market with 15.47 percent, North America with 15 percent, Eastern Europe, 1.53 percent.

The province’s average export growth is 31 percent, pushing Hoa Binh to the fifth position among northern midland and mountainous provinces in export revenue and sixth in per capita export turnover, said Dung.

He said that in order to realize the goals set in the 16^th provincial Party Congress’s Resolution, the province will continue applying measures to promote export activities, including attracting moreinvestment; building, developing and protecting national brands and major products, and implementing international integration commitments of the country effectively.

At the same time, the province will work to connect local agro-aquatic production firms with exporters, while popularising the CPTPP and optimising signed free trade agreements.

Hoa Binh will also review production projects for export and remove obstacles facing them, thus ensuring goods for export, while developing the supporting industry to increase the localisation ratio in export products, added Dung./.

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