Econ
Hanoi to apply different measures to expand export markets
The Hanoi People’s Committee has recently approved an important project aiming to accelerate the city’s exports in the period of 2017-2020, with orientation up to 2025.
The project has put forwards an array of measures to develop products, expand markets and facilitate exports, including shifting the product structure, improving the product quality, diversifying export product patterns, organizing sources of products for exports, enhancing the application of science and technology, developing infrastructure in service of exports and strengthening the competitiveness of exporters across the city.
It also seeks to boost administrative procedure reform; create a favorable business climate; facilitate investment, trade and tourism promotion; raise awareness of trade preferences from free trade agreements; develop human resources and develop supporting industries to boost the exports of Hanoi’s industrial commodity groups.
It also seeks to boost administrative procedure reform; create a favorable business climate; facilitate investment, trade and tourism promotion; raise awareness of trade preferences from free trade agreements; develop human resources and develop supporting industries to boost the exports of Hanoi’s industrial commodity groups.
Among these solutions, the strategies to develop export markets and items of comparative advantages have also been specified. Accordingly, as for the Chinese market, Hanoi will learn about new policies and regulations on imports from the Chinese side in order to work out relevant response measures to minimize risks.
As for the United States market, the city will direct local businesses to implement big export contracts in accordance with the deadline, to improve price competitiveness for products and to foster links to use foreign firms’ low-price product trademarks to satisfy the middle class market in the US.
As for the Japanese and Republic of Korea markets, Hanoi will strengthen links with the commercial Japanese and ROK companies, which have invested in the Vietnamese market, in order to create a connection bridge to bring commodities to these two markets.
The city will also focus on the European Union (EU) and ASEAN markets, while strategies have already been devised to facilitate access to the Russian, African and Latin American markets to boost the exports of key commodities suited to each of these market.
Hanoi will assign its departments, sectors, units and associations to outline annual detailed plans and to estimate the funding for the implementation from the municipal budget, the central budget’s assistance and non-State sources.
These plans will then be submitted to Hanoi People’s Committee for approval and implementation, towards boosting export growth and contributing to realizing the city’s 2016-2020 goals of 8.5%-9% gross regional domestic product (GRDP) growth and VND140-145 million in average income per capital per annum.
