Hanoi targets 7.5-8 percent export growth in 2018 hinh anh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – Hanoi has set a target of 7.5-8 percent in export growth in 2018 as compared to last year, which requires stronger efforts from both the industry-trade sector and businesses.

The capital city raked in 1.04 billion USD from exports in January, up 24 percent from the same period last year. 

The revenue included 139 million USD contributed by the State sector (up 9.8 percent), 352 million USD from the non-State sector (up 16.6 percent), and 556 million USD from FDI firms (up 33.6 percent), according to the municipal Department of Industry and Trade.

All key groups of commodities posted strong year-on-year export growth in January such as agricultural products (13.6 percent), computer components and peripheral devices (68.1 percent), transport vehicles and spare parts (12.7 percent), machinery and spare parts (21.8 percent), glass and glass products (25 percent).

However, the sale of agricultural products to China is facing obstacles since this market is tightening plant quarantine. It has also encountered strict quality and food safety requirements from the US, the EU and Japan.

Meanwhile, Hanoi’s export still depends on FDI companies which dominate the production of processed and manufactured products with high added value.

Nguyen Gia Phuong, Director of the Hanoi Investment, Trade and Tourism Promotion Agency, said to help businesses expand the export market and advertise their products, the agency has continually organised overseas promotion campaigns, especially the countries that Vietnam has inked free trade agreements with.

It has also worked to receive foreign business delegations so as to help local craft villages and companies to seek partners, he added.

Nguyen Thanh Hai, Deputy Director of the municipal Department of Industry and Trade, noted the department and the Hanoi People’s Committee will support enterprises in terms of access to loans and markets, increase trade promotion in such markets as Japan, China, Hong Kong (China), and Germany, help local companies to diversify export markets.

The department also plans to push ahead with administrative reforms, abolish unnecessary business conditions, and improve online public services, Hai said, adding that Hanoi will pay attention to promoting products’ competitiveness, investment effectiveness, and businesses’ engagement in global value chains.-VNA