Mr. Bui Ta Hoang Vu, Director of the HCMC Department of Industry and Trade, announced that HCMC is gearing up to host a Handicrafts and Gift Trade Show aimed at assisting small and medium-sized enterprises in designing and producing gifts for tourism and business partners.
On February 22, the HCMC Department of Industry and Trade held a press conference to provide updates for the first quarter of 2024. According to Mr. Bui Ta Hoang Vu, after the Lunar New Year, many businesses have swiftly resumed operations, with some even securing orders to fill their schedules through the end of the year.
In January 2024, the index industrial production (IIP) in HCMC surged by 26.9 percent, while domestic trade saw an increase of 15.5 percent, and export turnover rose by 23.3 percent.
The forecast for the first quarter of 2024 anticipates positive outcomes in industrial production and commercial activities, with expected growth rates of at least 5 percent for the industrial sector, 10 percent for commerce, and 7 percent for exports.
Moreover, since the beginning of the year, the HCMC Department of Industry and Trade has been guiding enterprises to develop their production and business activities sustainably, focusing on green growth, utilizing renewable energy sources, and implementing digital transformation initiatives.
In 2024, the HCMC Department of Industry and Trade plans to host 17 promotional events to support businesses. A notable example is the inaugural Handicrafts and Gift Trade Show, aimed at assisting small and medium-sized enterprises in supplying products to domestic and international tourists, thus fostering business activities.
During the discussion, Ms. Le Thi Giau, Chairwoman of the Board of Directors of Binh Tay Food Joint Stock Company (Binh Tay Food), mentioned that her company had secured orders for both domestic and export markets for the entire year. In 2024, the company’s revenue is expected to increase by 3-4 times compared to the same period, although there will not be a significant increase in profit.
Over 80 percent of Binh Tay Food's products, including instant noodles, instant pho, rice paper, and soy sauce, are exported to markets such as South Korea, the United States, Canada, and Australia, while the remaining 20 percent serves the domestic market.
Similarly, Ms. Kieu Thi Tam Anh, a representative of Catlongs leather shoe company, shared that the company noticed positive signals from the market at the beginning of the year. The company is now focusing on strengthening their marketing efforts and promoting their products to a wider audience.
Mr. Bui Ta Hoang Vu commented that although it is too early to make a full assessment, the economic indicators in the first two months of 2024 are promising. He expressed hope that the growth in the first quarter of 2024 will be at least 5 percent.
Mr. Vu also noted that, thanks to the relentless efforts of HCMC's industry and trade sector, the target of achieving a 7.5 percent economic growth rate in 2024 is within reach. Prioritizing and implementing specific development strategies for the three economic pillars—export manufacturing activities, domestic consumption, and public investment—are crucial steps in this regard.
