HCMC sees exports up strongly since Vietnam’s WTO entry

HCMC – Exports of HCMC have surged at least 3.6 times since Vietnam became a member of the World Trade Organization (WTO) nine years ago, according to a report of the HCMC government.

The city saw its outbound sales rising from nearly US$8.9 billion in 2006 to US$32.08 billion last year, up 3.6 times, said a review report on Vietnam’s international economic integration since the nation joined the global trade club in January 2007.

The report showed industrial products posted steady export growth in the period and accounted for 67.5% of the city’s total export turnover, excluding crude oil.

Local enterprises have reduced their heavy reliance on Asian markets, especially China, and exported their products to many more markets including potential markets like South Africa, Australia and New Zealand.

Enterprises have focused more on diversifying markets for their products.

According to the report, locally-made products have won the confidence of more local consumers in this economic hub of Vietnam. To further cash in on rising demand, local firms have imported more machines, equipment, parts and materials to turn out products and invest more in new and expansion projects.

To improve the business environment, the city government will continue to reform more State-owned enterprises, adjust policies to ensure fair treatment for enterprises of different economic sectors, and develop the private sector.

Source: Saigon Times