HCMC’s exports maintain growth momentum

HCMC’s exports maintain growth momentum

The city’s total export and import revenues in the first nine months of 2020 increased by 0.8% over the same period last year, which demonstrates the significant efforts of the local business community in overcoming difficulties.

Between January and September, HCMC’s enterprises exported US$32.5 billion worth of products, up 4.9% year-on-year, with the value excluding crude oil at US$31.2 billion, an increase of 21%.

China remained the city’s largest importer during the period with revenues of US$7.8 billion, representing a year-on-year surge of 33.9%, accounting for 26.2% of the total export turnover, and posting a trade deficit of US$3.3 billion.

HCMC saw a trade surplus of US$3.3 billion with the US as its exports to this market reached US$5 billion, up 4.2% compared to the same period in 2019 and making up 16.9% of the total.

The city’s exports to the markets with which Viet Nam has signed free trade agreements (FTAs) increasingly improved in the first nine months of 2020. Specifically, its exports to the European market (under the EVFTA) hit US$3.7 billion. 

To help export businesses overcome difficulties and achieve their growth targets, in the time ahead, HCMC will focus on implementing solutions to support businesses in general and export enterprises in particular, with special attention to be paid to strengthening competitiveness for export companies.

“From now until the end of the year, the city will synchronously apply measures to both effectively control the COVID-19 pandemic and revive restore the economy. With the efforts of all levels, branches and localities, HCMC is determined to achieve an economic growth rate of 5% in 2020,” Chairman of the municipal People’s Committee Nguyen Thanh Phong emphasized.

                                                                                                    By Vien Nhu