Business

Hanoi moves to tackle widening trade deficit

The capital city of Hanoi has carried out trade promotion plans targeting both traditional and new foreign markets in order to tackle its widening trade deficit, which exceeded the national average in the first five months of this year.
Hanoi moves to tackle widening trade deficit ảnh 1Hanoi's trade deficit in the first five months stood at nearly 7 billion USD, compared with the national average of 2.7 billion USD (Source: VNA)
Hanoi (VNA) – The capital city of Hanoi has carried out trade promotion plans targetingboth traditional and new foreign markets in order to tackle its widening tradedeficit, which exceeded the national average in the first five months of thisyear.

Statistics showthat during the January-May period, Hanoi’s export turnover reached 4.73billion USD, up 12.2 percent over the same period last year, mainly driven bylocal enterprises.

Meanwhile, itsimport value stood at 11.67 billion USD, resulting in a trade deficit of nearly7 billion USD, compared with the national average of 2.7 billion USD. More thanhalf of the figure was contributed by Hanoi-based centrally-run businesses.

The city’s majorimports include equipment, machines and materials for projects or productionchain installation. In many cases, import items were declared by firms based inHanoi but transported to other localities. 

To reduce thetrade deficit, Hanoi will cut exports of raw materials and increase exports of highvalue-added products while developing the supporting industry to join the globalvalue chain.

Trade promotionwill focus on handicrafts, agricultural products and garments-textiles.

Meanwhile, thecity will create favourable conditions for foreign importers and support localbusinesses in international integration through workshops that provide themwith information about markets, preferential policies and benefits generated byVietnam’s free trade agreements, said Nguyen Thanh Hai, Deputy Director of themunicipal Department of Industry and Trade.

Hanoi is alsoworking on several large and modern logistics centres to serve exporters.

Economists have alsosuggested establishing technical barriers regarding product quality and safety tocurb imports of low quality products.-VNA
VNA
#Hanoi #trade promotion plans #trade deficit #export turnover #local enterprises #centrally-run businesses #Vietnam #VietnamPLus #Vietnam News Ha Noi
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