Ho Chi Minh City’s trade, investment promotion: A success story

09:07 | 07/08/2017 Investment

(VEN) - Trade and investment promotion activities have made positive contributions to Ho Chi Minh City’s economic growth.  

Proving efficiency

Ho Chi Minh City recorded local gross domestic product (GDP) growth of 7.76 percent in the first half of the year, while total retail sales of goods and services reached an estimated VND451 trillion, an increase of 10.3 percent compared to a year ago.

In addition, exports (excluding crude oil) stood at US$14.23 billion, a year-on-year increase of 20.3 percent. Ho Chi Minh City attracted investment capital of US$2.15 billion in the first half of the year through new and additional registration, capital contribution and share purchasing, a two-fold increase compared to the same period last year.

The city’s trade and investment promotion activities have made significant contributions to local economic growth. These activities have gradually met demands for understanding market expansion, establishing distribution channels and seeking new investors. Pham Thiet Hoa, director of the Ho Chi Minh City Investment and Trade Promotion Center, says trade and investment promotion activities and programs have contributed to the development of some key industrial sectors, such as support industries.

Ho Chi Minh City’s trade and investment promotion programs have also attracted investors. For example, the Ho Chi Minh City Investment Promotion Fair in Hong Kong, China in early 2017 welcomed more than 100 guests from the US, Ireland, Hong Kong, Luxembourg, Thailand, China, Australia, France and Germany to learn about the investment environment. The fair also provided information on projects in the city, such as finance and banking, services and logistics.

Within the framework of the visit of Ho Chi Minh City’s senior leaders to Japan, the Ho Chi Minh City Investment and Trade Promotion Center organized conferences to introduce the city and call for investment, such as the economic stimulus conference between Hyogo and Ho Chi Minh City, and the tourism and investment promotion conference in Osaka. Ho Chi Minh City’s leaders stressed that the city always welcomes and creates favorable conditions for Japanese enterprises to continue to expand cooperation.

Many trade and investment promotion activities between Ho Chi Minh City and the Republic of Korea have also been organized, resulting in the signing of a series of cooperation agreements.

Increasing regional connectivity

As the largest economic center in the country, Ho Chi Minh City and southern provinces have strengthened cooperation in organizing many trade promotion activities and programs at home and abroad.

Ho Chi Minh City has created favorable conditions to invite large distributors and buyers in the city to participate in the demand-supply connection program with enterprises in some southern localities such as Vinh Long, Tra Vinh, Binh Phuoc, Can Tho, Soc Trang and Ben Tre.

In particular, a number of provincial trade and investment promotion centers have participated in big events, exhibitions and trade fairs organized in the south, such as a high-tech agriculture exhibition, Mekong Delta trade fair and several export forums.

Provincial trade and investment promotion centers have also built booths for the promotion of products and brand names, while organizing more than 300 programs in response to the Buy Vietnamese Goods campaign. In addition to consolidating and enhancing the prestige of Vietnamese goods at home, Vietnamese goods have been exported to most countries in the world, including the US, the EU, Russia, Japan, the Republic of Korea and Islamic countries.

In addition to trade and investment promotion activities, centers have also organized training programs for skills in production and trading, business administration and marketing in order to improve the competitiveness of companies, especially small and medium-sized enterprises and start-up businesses. Strengthening cooperation and mutual support, and enhancing coordination in the implementation of promotion programs have proven effective, contributing to promoting the city’s socio-economic development.

Thanh Duong