HCMC tries to boost exports, reduce trade deficit

HCMC Department of Industry and Trade has synchronously implemented solutions to boost cargo export to major markets and reduce trade deficit.
Electronic component assembly at a domestic firm (Photo: SGGP)
Electronic component assembly at a domestic firm (Photo: SGGP)

The department is expected to submit to the city People’s Committee an export development project in the phase of 2017-2020 in February next year.

The project will determine city's export dominance in every specific market and apply suitable export promotion policies.

In addition, the department has also focused on raising trade promotion efficiency toward major markets with the turnover of over US$1 billion such as China, Singapore, Taiwan, Thailand and South Korea.

Moreover, the city will closely work with the southern provinces in logistics service development to reduce costs and improve Vietnamese goods’ competitive ability in domestic and export markets.

The agency has attempted to lessen dependence on import materials and develop brand names for key industrial products of the city.

According to the Department, HCMC saw a trade deficit of US$6.02 billion during the first ten months this year, accounting for 20.7 percent of total export import turnover.

Major import items have been computers, electronic items and components, machines and equipment, tools and accessories and cloth to serve production of businesses in the city.

HCMC is also the export import gateway of southern provinces and cities. So goods have been imported and transported to neighboring provinces such as Dong Nai, Binh Duong and Long An to serve production there.