Hanoi's Department of Industry and Trade will increase support for local businesses to make the most of free trade agreements (FTAs) and explore new export markets, a meeting heard on January 10.

Lighting equipment is manufactured at Rang Dong Light Source & Vacuum Flask JSC in Hanoi. Photo: Hoai Nam/The Hanoi Times

Tran Thi Phuong Lan, acting director of Hanoi's Department of Industry and Trade, said the authorities would help businesses boost exports to China, keep track of updates from Chinese regulators and guide Vietnamese exporters through the changes.

"Measures will be taken to ensure that local handicraft products are sold directly to international markets without intermediaries and to increase domestic suppliers' competence in global value chains," Lan said.

Other solutions include building more industrial clusters as planned and ensuring power supply for businesses and people, Lan added.

Ha Thi Vinh, vice chairwoman of the Vietnam Association of Craft Villages, suggested that Hanoi authorities set up a science and technology center in 2024. The center will help local handicraft villages improve their product design and quality to meet the demands of export markets.

Deputy Chairman of the Hanoi People's Committee Nguyen Manh Quyen urged the Hanoi Department of Industry and Trade to work with local producers and exporters to remove their bottlenecks. He said the city should attract large-scale industrial investors to set up their projects in Hanoi and develop new industrial hubs so that Hanoi businesses can benefit from international resources.

"Additional efforts and solutions are needed to expand international markets and increase export turnover," the deputy chairman said.

"Both authorities and businesses should pay attention to making the best use of e-commerce platforms to explore opportunities in the digital economy and bring Vietnamese goods to overseas consumers," he said.

Priorities should now be to rebuild and renovate 79 markets and ensure that people enjoy a good Tet (Lunar New Year) in 2024, Vice Chairman Quyen urged.

In 2023, Hanoi recorded a total import and export value of US$54.4 billion. Industrial activities expanded by 4.57% over the year, contributing 0.64 percentage points to the city's GRDP growth of 6.27%.

Total retail sales of goods and services in 2023 increased by 10.4% year-on-year to VND776 trillion ($31.7 billion). The value of goods sold increased by 10.6% year-on-year to VND489 trillion ($20 billion), accounting for 63% of the total.

The acting director of the department said the city aims to expand industrial activities by 7-7.5% in 2024 and increase export-import turnover by 4-5% year-on-year.

"Total retail sales of goods and services are expected to increase by 10-11% in 2024, while the consumer price index (CPI) will be kept below 4%," she said.