Factories report surge in orders

By Thi Ha   February 24, 2024 | 01:15 am PT
Factories report surge in orders
Workers make instant noodles at a factory of Binh Tay Food. Photo courtesy of the company
Consumer goods and wood products companies have seen a surge in orders this year, with some even having enough for the entire second quarter.

Binh Tay Food in Hanoi, a producer of instant noodles and soy sauce, is running at full capacity and will expand soon to meet the growing demand.

"We have been receiving a lot of orders domestically while exports are expected to grow in double-digits," chairwoman Le Thi Giau told VnExpress.

The company’s instant noodles are favored by customers in the U.S. and Canada, she said.

Footwear maker Catlongs has received orders for until the end of August and expects exports to jump by 35% year-on-year in the first quarter, though admittedly from a low base.

Last year exports had shrunk in the first quarter.

A company spokesperson said: "We are now seeing a surge in demand from Germany and Brazil. Buyers have ordered a large number of sports shoes."

Wood and wood products exports rose by 72% in January to $1.5 billion.

The U.S. remained the top buyer while India’s purchases rose by 200%, Nguyen Chanh Phuong, deputy chairman of the HCMC Handicraft and Wood Industry Association, said.

Phuong, who is also CEO of wood company Danh Moc, expects revenues to rise by 10% in the first quarter.

Other members of his association expect 15% growth on average.

The HCMC Department of Industry and Trade said 90% of companies it surveyed had received export orders after the Lunar New Year holidays ended mid-month.

Its director, Bui Ta Hoang Vu, said at a press conference Thursday that the period without orders had ended.

Some garment companies have received orders for the first half and even the whole year, he added.

HCMC is set to run 17 promotions this year to foster economic recovery. It targets economic growth of 7.5%, up from 5.8% last year.

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