Business

HCM City posts 7.8-percent growth in overseas shipments

Businesses based in Ho Chi Minh City recorded a year-on-year increase of 7.8 percent in their export revenue this year to reach 38.32 billion USD, according to the municipal Department of Industry and Trade.
HCM City posts 7.8-percent growth in overseas shipments ảnh 1Businesses based in Ho Chi Minh City exported 38.32 billion USD worth of goods in 2018 (Photo: VNA)

HCM City (VNA) – Businesses based in Ho ChiMinh City recorded a year-on-year increase of 7.8 percent in their exportrevenue this year to reach 38.32 billion USD, according to the municipalDepartment of Industry and Trade.

Excluding crude oil, the figure stands at around 36.1billion USD, up 11.1 percent, the department said at a meeting on December 27.

Meanwhile, about 47.33 billion USD worth of commodities wereimported by local firms in 2018, up 9.3 percent.

Huynh Van Hanh, Vice Chairman of the Handicraft and WoodIndustry Association of HCM City, said some opportunities and challenges haveappeared in 2018 as a result of free trade agreements (FTAs) and the US-China tradewar.

He urged ministries and sectors to coordinate closely incontrolling product origin, especially the goods temporarily imported forre-export, making market forecasts, providing information for businesses in atimely manner, and ensuring the market transparency so that other countriescannot take advantage of Vietnam to falsify their products’ origin.

Meanwhile, business associations in HCM City asked theIndustry and Trade Department to further assist local companies to promotetrade and seek partners in markets in Asia, Europe and the US.

In the context of Vietnam’s intensive economic integration, itis important to capitalise on incentives under FTAs, they said, calling on authoritiesand business associations to provide more training and information to helpfirms fully aware of opportunities and challenges created by FTAs. –VNA
VNA
#businesses based in Ho Chi Minh City #HCM City's export revenue in 2018 #HCM City's imports in 2018 #Vietnam’s economic integration #HCM City's trade turnover #updated Vietnam news #Vietnamplus #Vietnam News Agency Ho Chi Minh City
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