The municipal Department of Industry and Trade says HMC City targets export revenues of 34 billion USD this year, a year-on-year increase of 13.5 percent.

Excluding crude oil, export revenues are expected to reach 24.2 billion USD, up by more than 12 percent over previous year.

A Thoi Bao Kinh Te Viet Nam (Vietnam Economic Times) report on April 23 also cited the department as saying that State owned companies would account for around 70 percent of the city’s export revenue, and foreign invested companies for most of the remaining 30 percent.

To reach the target, the city will develop key product with high potential including garments and textiles, wood products and hi-tech products.

It is encouraging domestic and foreign firms to invest in trading materials used in footwear and garment industries, the majority of which are imported now.

The HCM City Garment, Textile, Embroidery and Knitting Association has been asked to help companies develop their production and design capacities in order to create high quality products.

The city is facilitating faster work on several projects in its hi-tech park, especially those that can go operational this year, so as to boost the export of hi-tech products.

Toward this, the IT sector has been asked to organise fairs and exhibitions and undertake other activities that will help local firms widen their export markets.

Steady progress has been made in the export of electronic, mechanical and hi-tech products, and effort will be made to improve on this.

In the wood industry, the city is urging companies to cooperate with each other and create an efficient production chain. It is encouraging the production of interior decoration productions made of wood and wants to establish an exhibition centre to showcase them.

In recent years, many of the city’s agricultural exports including rice, coffee, rubber and seafood have developed well, the department said.

HCM City ’s products are exported to 228 nations and territories. The city’s exports to neighbouring countries including Cambodia and China have strongly increased in recent years, the department said.-VNA