Hanoi determined to ensure export growth target of 6% in 2023

Hanoi is committed to supporting local businesses and ensuring exports reach the targeted 6% annual growth, said Tran Thi Phuong Lan, deputy director of the city's Department of Industry and Trade.

Electronics production at Katolec Vietnam in Quang Minh Industrial Cluster, Hanoi. Photo: Pham Hung/The Hanoi Times

Lan said this is part of Hanoi's export-import strategy until 2030. The city's export turnover is estimated to have reached US$1.518 billion in April, up 3.6% month-on-month and 2.3% year-on-year.

Hanoi's exports in the first four months totaled about US$5.3 billion, down 1.3% year-on-year. The domestic economic sector contributed $2.9 billion, up 0.8%, while the FDI recorded $2.4 billion, down 3.8%.

In the first four months of the year, several commodity groups experienced a decline in export turnover, including textiles and garments, means of transport and spare parts, wood and wood products, footwear, and leather products.

Lan attributed the slight decline in Hanoi's export turnover in the four months to the downward trend in exports that began in the last months of 2022 and is expected to continue in the early period of 2023.

Despite a trade surplus in the first two months of the year, most major export products saw a decline in turnover, with many falling by double digits compared to the same period last year, she noted.

In response, Hanoi has advised exporters to prioritize products with a competitive advantage, such as agricultural and aquatic products, and speed up the export process for the Chinese market.

"Hanoi has updated new guidelines for importing Chinese goods through border gates to businesses in the city," Lan said.

In addition, the Hanoi Department of Industry and Trade has also taken various measures to help businesses boost their export activities. Among the key events is the 2023 Business Connection Conference for Hanoi and Singapore businesses to connect and find partners in textiles, electronics, logistics, food and beverage, and goods distribution.

The department also organized trade promotion activities and business delegations to craft villages in Laos, aiming to support Hanoi's enterprises in connecting with their Lao peers, developing material areas for production, and promoting trade.

Meanwhile, Lan called on businesses to expand their markets and diversify their industries to reduce their dependence on conventional markets and industries, especially taking advantage of free trade agreements Vietnam is a party to by providing training and updating regulations on the origin of goods for key markets such as the EU, ASEAN, and South Korea.

According to an annual report on imports and exports published by the Ministry of Industry and Trade, Hanoi ranked among the top 10 localities in Vietnam in terms of exports in 2022, with an export turnover of US$17.1 billion.