WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Hanoi determined to ensure export growth target of 6% in 2023
Ngoc Mai 15:25, 2023/05/04
Hanoi recorded exports of US$5.3 billion in the first four months of 2023.

Hanoi is committed to supporting local businesses and ensuring exports reach the targeted 6% annual growth, said Tran Thi Phuong Lan, deputy director of the city's Department of Industry and Trade.

 Electronics production at Katolec Vietnam in Quang Minh Industrial Cluster, Hanoi. Photo: Pham Hung/The Hanoi Times

Lan said this is part of Hanoi's export-import strategy until 2030. The city's export turnover is estimated to have reached US$1.518 billion in April, up 3.6% month-on-month and 2.3% year-on-year.

Hanoi's exports in the first four months totaled about US$5.3 billion, down 1.3% year-on-year. The domestic economic sector contributed $2.9 billion, up 0.8%, while the FDI recorded $2.4 billion, down 3.8%.

In the first four months of the year, several commodity groups experienced a decline in export turnover, including textiles and garments, means of transport and spare parts, wood and wood products, footwear, and leather products.

Lan attributed the slight decline in Hanoi's export turnover in the four months to the downward trend in exports that began in the last months of 2022 and is expected to continue in the early period of 2023.

Despite a trade surplus in the first two months of the year, most major export products saw a decline in turnover, with many falling by double digits compared to the same period last year, she noted.

In response, Hanoi has advised exporters to prioritize products with a competitive advantage, such as agricultural and aquatic products, and speed up the export process for the Chinese market.

"Hanoi has updated new guidelines for importing Chinese goods through border gates to businesses in the city," Lan said.

In addition, the Hanoi Department of Industry and Trade has also taken various measures to help businesses boost their export activities. Among the key events is the 2023 Business Connection Conference for Hanoi and Singapore businesses to connect and find partners in textiles, electronics, logistics, food and beverage, and goods distribution.

The department also organized trade promotion activities and business delegations to craft villages in Laos, aiming to support Hanoi's enterprises in connecting with their Lao peers, developing material areas for production, and promoting trade.

Meanwhile, Lan called on businesses to expand their markets and diversify their industries to reduce their dependence on conventional markets and industries, especially taking advantage of free trade agreements Vietnam is a party to by providing training and updating regulations on the origin of goods for key markets such as the EU, ASEAN, and South Korea.

According to an annual report on imports and exports published by the Ministry of Industry and Trade, Hanoi ranked among the top 10 localities in Vietnam in terms of exports in 2022, with an export turnover of US$17.1 billion.

RELATED NEWS
TAG: Hanoi news Vietnam news hanoi export growth Hanoi trade
Other news
06:23, 2024/09/27
Hanoi unveils 2024 rural industrial plans
Hanoi is expected to organize 60 major trade promotion events this year, including one-sixth abroad.
06:17, 2024/09/27
Hanoi advances supporting industries for hi-tech services
The global commercial aviation market is expected to grow at an annual rate of about 5%, with Vietnam ranking 5th globally and 1st in Southeast Asia in aviation market growth.
19:40, 2024/09/25
Vietnam’s economy remains resilient amid global uncertainties: ADB
The industrial sector continues to be a primary driver of growth, with external demand for major electronics fueling production.
16:12, 2024/09/21
Vietnam’s 9-month fruit and veggie exports match last year's sales
Thanks to growth in major markets like China, the US, and South Korea, Vietnam’s fruit and vegetable exports are expected to set a new record this year.
17:11, 2024/09/20
Growing interest from Chinese investors in Vietnam’s market
Chinese investment has primarily flowed into advanced manufacturing, technology, and professional services sectors.
17:14, 2024/09/19
Hanoi Supporting Industry Fair 2024 draws big business
Big multinationals from Vietnam, Japan, China, Thailand, and Malaysia will gather at the event, which opened on September 18.