Exports from Ho Chi Minh City, the country's largest economic hub, rose dramatically by 34.1 percent to 8.07 billion USD in the January-October period, signalling the prospect that the city would fulfil its export target earlier than initially projected.
HCM City, Nov. 6 (VNA) - Exports from Ho Chi Minh City, the country's largest economic hub, rose dramatically by 34.1 percent to 8.07 billion USD in the January-October period, signalling the prospect that the city would fulfil its export target earlier than initially projected.
Located at a position that gives the city easy access to land, waterway, and air transportation, HCM City has thus far played the role of a commodity export centre for the whole southern region. Its export value has since 2001 registered an annual growth rate of 4.4 percent and accounted for 38 percent of the country's total export value.
Those achievements were attributed mainly to changes in ideas about global economic integration of the State-owned enterprises and businessmen in the city.
Those new ideas have prompted businesses to focus primarily on accelerating trade promotion activities, building trademarks for their products, as well as capitalising on the benefits brought by international accords, especially the Viet Nam-US Bilateral Trade Agreement, so that they can sharpen their competitive edge and expand the foreign outlet network for higher export earnings.
Along with these moves, the businesses have worked together to form strong groups of export goods, including computer software, hi-tech products, textiles and garments, footwear, plastic products, furniture and fine arts handicraft items. This has to some extent also helped the municipal authority map out its export development strategy for the future.
To date, municipal businesses have restored links with traditional markets, such as Russia and former Eastern European countries while establishing business ties with new markets in North America, the US, and South Africa. They have also worked hard to strengthen their current niche in Northeast Asian and European markets.
In the first ten months of this year, textile and garments posted the highest export value among other products with 657.7 million USD, up by 7.1 percent compared with the same period last year. It was followed by rice with 220 million USD, up 45.5percent; footwear, 180.5 million USD, up 8.7 percent; seafood, 148.7 million USD; and coffee, 53.5 million USD, up 19.4 percent.
Crude oil alone marked year-on-year increases of 14.5 percent and 49.3 percent in volume and value thanks to the price hike of crude oil in the world market.
Meanwhile, exports of rubber and dairy products decreased sharply. Rubber brought home 37.8 million USD, a drop of 35.1 percent, and dairy products, 30 million USD, down 26.8 percent.
Generally, HCM City's exports have grown significantly year-on-year and focused more on competitive products and markets, which have helped businesses clearly orientate their investment and raise their competitiveness in the process of integrating into the global economy.
HCM City has begun to take several strategic measures to support its export activities. The annual hosting of the Export Goods Fair in the city is designed to help its enterprises expand their export outlets.
In addition, the city has sent many trade delegations to Asian, European and Northern American countries to advertise goods and set up distribution networks. The city has exported its commodities to the US through the distribution network of the Albertson and Costco groups, and to European countries through France's Casino and Germany's OBI networks.
Additionally, the city has actively taken part in the high-quality Vietnamese goods fair in the country and in other fairs in Kunming (China), Vientiane (Laos), Udon (Thailand) and Phnom Penh (Cambodia).
In the future, HCM City will provide international market information to exporting enterprises, help them take part in domestic and foreign exhibitions and fairs, sponsor the advertising of outstanding products and set up a network of sales agents in the US, Russia, France and Germany.
The city will also collaborate with representative offices and large foreign trade companies to research the mode of exports and conduct in-depth surveys on its export outlets such as the US, Eastern European nations and China.
Furthermore, the city will focus on a scheme to build an international trade and exhibition centre and establish a raw material transaction centre. It will cooperate with the Viet Nam Textiles and Garment Association to carry out a project to turn the Tan Binh market into a textile and garment material centre.-Enditem
VNA - (06/11/2004)