HCM City exports rise 7.9pct

HCM City’s export-import turnover rose 7.9 percent to $21 billion in the first seven months, from the same period last year, according to the municipal People’s Committee’s statistics.

The value of exports includes $3.5 billion from private sector, an increase of 102%; $2.9 billion from foreign-invested sector, an increase of 114 percent and $2.75 billion from the State-owned sector, an increase of 92.6%.

FDI businesses made large contributions, enjoying 14.3 percent growth compared to 2.4 percent of private businesses.

Textile and garment industry took the lead with $1 billion export turnover, an increase of 13.9 percent although it is not the key economic industry in the City, followed by the shoe industry with export turnover of $275.2 million, an increase of 11%.

The dairy industry’s export turnover reached $49.8 million, an increase of 36.2 percent over the same period last year.

However, rice and crude oil decreased in export turnover.

Crude oil export turnover reduced by 44 percent in volume.

The HCM City People’s Committee said the city had heavily depended on imported production materials in the past seven months,therefore total import turnover increased 16.6 percent year-on-year.

The private sector imported most at more than $5.5 billion, an increase of 13.4%.

The State economic sector has invested more than $3.7 billion into machinery and materials import, an increase of 26.4%. FDI businesses poured $2.5 billion into their imports.

The HCM City’s import products include $201 million dairy products, $427.6 million fuel, $440 million textile and garment materials, $88.8 million shoe materials, $153.2 million steel products and $316.5 million medicine products. The City said it aims to develop foodstuff processing, chemical and hi-tech industries to push up local exports.

Tags: Vietnam exports, Vietnam trade