Hanoi strives to increase exports

08:42 | 29/05/2018 Trade

(VEN) - The Hanoi People’s Committee recently issued an export promotion plan aiming to raise the 2018 export value to US$12.7 billion, up 7.5-8 percent compared with 2017. 

hanoi strives to increase exports

In 2017, Hanoi’s export value reached an estimated US$11.78 billion, up 10.3 percent compared with 2016. Specifically, the export value of foreign-invested companies reached an estimated US$6.03 billion, accounting for 51.2 percent of the total and up 15.4 percent compared with 2016. The export value of non-state businesses reached an estimated US$3.61 billion, accounting for 30.7 percent of the total and up 7.4 percent compared with 2016; state-owned businesses created export value of more than US$2.13 billion, accounting for 18.7 percent of the total and up two percent compared with 2016.

Hanoi has sent business delegations to major international fairs and organized meetings to welcome foreign companies, in an effort to help local businesses showcase their products and promote exports, especially to markets that have signed free trade agreements with Vietnam.

Hanoi encourages local businesses to change their growth models to increase productivity, improve product quality and enhance their competitiveness to contribute more effectively to the capital’s socioeconomic development.

However, the competitiveness of local businesses remains relatively low compared with foreign companies, while the technical requirements of their partners keep growing. Given the challenges of achieving its export growth target, Hanoi is promoting a knowledge-based economy and the application of high technologies to increase productivity. According to Hanoi People’s Committee Vice Chairman Nguyen Doan Toan, Plan 89/KH-UBND proposes nine measures to promote exports. These include: - Further boosting administrative reforms and focusing on the application of information technology; - Creating policies and mechanisms to promote production and exports; - Effectively implementing monetary policies under the guidance of the government and state authorities; - Enhancing the competitiveness of businesses and manufacturers; - Ensuring sufficient supply of skilled human resources for export product manufacturers; - Attracting investment for the development of infrastructure and services catering for manufacturing export products; - Improving the effectiveness of trade and investment promotion programs; - Helping businesses overcome difficulties; - Building brands and improving product quality.

The leadership of the Hanoi People’s Committee has assigned the municipal Department of Industry and Trade to coordinate with relevant organizations to promote the development of support industries in the 2017-2022 period. Its tasks include managing and developing logistics activities until 2025, providing support for 10 craft villages and local businesses to build and develop brands, and dealing with difficulties facing industrial park infrastructure investors.

According to Hanoi Industry and Trade Department Deputy Director Nguyen Thanh Hai, the department and the Hanoi People’s Committee will continue assisting business access to loans and the market. At the same time, further efforts will be made to accelerate administrative reforms, simplify investment and business procedures, and improve the quality of online public services.

Thanh Tam