Exports fire on all cylinders, creating a boon for Ho Chi Minh City's economy

VCN - In the first months of 2022, Ho Chi Minh City's economy recorded many positive signs of recovery, in which, the flourishing export growth will create a boon for HCMC's economy.
Vietnamese wood exports forecast to enjoy positive growth in first half Vietnamese wood exports forecast to enjoy positive growth in first half
EVFTA contributes to pushing up steel exports to EU market EVFTA contributes to pushing up steel exports to EU market
Favorable exports, seafood enterprises set high profit targets Favorable exports, seafood enterprises set high profit targets
Exports fire on all cylinders, creating a boon for Ho Chi Minh City's economy
Loading and unloading import and export goods at Cat Lai port. Photo: Anh Tu

Regain growth momentum

After a sharp decline in 2021, Ho Chi Minh City's economy regained its growth momentum in the first months of 2022.

At the recent Economic Development Conference, Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen said that the economy is bouncing back after a year of the severe crisis caused by the Covid-19 pandemic.

In the first quarter of 2022, Ho Chi Minh City's economy is regaining its growth momentum with a rate of +1.88%, compared to -11.6% in the fourth quarter of 2021.

According to Mr. Nguyen Khac Hoang, Director of the Ho Chi Minh City Statistics Office, activities in Ho Chi Minh City are fully opened, production and business activities are not affected much, the socio-economic situation of Ho Chi Minh City in the first three months of 2022 has shown signs of recovery and prosperity.

Despite the difficulties, the business sector has operated stably and improved. According to the survey results of the People's Committee of Ho Chi Minh City on business trends of enterprises in the processing and manufacturing industries, 31% of those surveyed evaluated the situation of production and business as better in the first quarter of 2022; 34.6% kept steady and 34.4% more difficult. In which, the state-owned enterprise sector was the most optimistic with 80% of polled enterprises rating their production as better and keeping stable; this rate in foreign-invested and non-state-owned enterprises is 74.1% and 60.2%, respectively.

Forecasting the situation of the second quarter compared to the first quarter, 45.9% of enterprises rated better, 32.6% kept stable and 21.5% faced more difficulties.

In which, 91.4% of state-owned enterprises show positive prospects about their business situation in the second quarter, while this rate in the foreign and non-state invested sectors is 79.1% and 76.8% respectively.

Impressive exports

According to Mr. Nguyen Khac Hoang, in the first months of 2022, Ho Chi Minh City's economy recorded many positive signs of recovery, in which, the export of goods grew impressively in many markets. In the first quarter alone, the total export turnover of goods of Ho Chi Minh City enterprises at border gates across the country reached US$11,878.6 million, up 3.5% year on year in both the state and non-state economic ones which recorded US$564.4 million, up 107.9% and US$3,228.7 million, up 16.1%, respectively.

The group of agricultural products with export value increased quite high, reaching more than US$1.1 billion, up 54% over the same period and accounting for 11.7% of total export turnover. Most of the key export products had a high increase, such as rice with an export output of 365,000 tons and with a value of US$268.7 million, up 39.8%; coffee export volume reached 80,000 tons with a value of US$175.2 million, up 64.8%. Particularly, for crude oil, export volume in the first quarter reached 663,800 tons, up 90.8%; value reached US$451.2 million, up 200.9%.

Statistics of Ho Chi Minh City Customs Department show that export goods volume through HCMC ports also skyrocketed. Accordingly, the total import and export turnover of goods through Ho Chi Minh City border gates as of March 31, reached US$35.3 billion, up 14.9%. In which, export turnover reached US$19.4 billion, up 8.4% over the same period in 2021.

Many key export products grew very well. For example, aquatic products, textiles and garments and computers, equipment and accessories all gained an impressive increase year on year: 90.4%, 54.7%; US$4.73 billion, up 15.1%, respectively.

Notably, Ho Chi Minh City's export enterprises grew in many major markets. In particular, despite facing many difficulties in terms of the country's anti-pandemic policies in the Chinese market, domestic enterprises still managed to maintain the number one position in export, with export turnover in the first quarter reaching US$2,523.3 million. Followed by the US market with an export turnover of nearly US$1,700 million, up 5%; the third is the Japanese market with US$701.8 million, up 8.7%.

According to the leader of the People's Committee of Ho Chi Minh City, it is expected that Ho Chi Minh City will fully open; get the pandemic under control; curb the increase in consumer prices and raw materials prices.

According to the export project just approved by Ho Chi Minh City, it is forecasted that by 2025, Ho Chi Minh City's export turnover is estimated at US$70 billion and the average export growth rate in the 2026 - 2030 period will reach 9% per year; By 2030 export turnover is estimated at US$108 billion. In which, the group of software products and digital content, it is estimated that the export turnover by 2025 will reach US$10.1 billion and in 2030 may reach US$20.3 billion.

Ho Chi Minh City has set a task to 2025 of maintaining and supporting the development of traditional key products with high export turnover and growth, creating many jobs and making a large budget contribution to the city.

The City is preparing the most favorable conditions for industrial upgrading, joining the global value chain, and aiming to export services is the leading strategy to increase added value in line with the city's competitive advantage.

Le Thu/ Thu Phuong

Related News

Promoting agricultural exports to the Japanese market

Promoting agricultural exports to the Japanese market

VCN - Japan's high-quality standards have become a driving force for continuous improvement in Vietnamese agricultural products to meet global consumer expectations and build a strong brand for Vietnamese agricultural products on the world map.
Increasing consumption demand, steel enterprises face many opportunities

Increasing consumption demand, steel enterprises face many opportunities

VCN - Vietnam's steel industry is benefiting from increasing domestic and export demand for steel. However, entering 2025, the industry still faces many challenges.
An Giang Customs issues many notes to help businesses improve compliance

An Giang Customs issues many notes to help businesses improve compliance

VCN - On December 17, An Giang Customs Department held a dialogue conference with over 50 import-export enterprises in the area. This is the second dialogue conference organized by An Giang Customs Department this year.

Latest News

UK a niche market for Vietnamese speciality coffee

UK a niche market for Vietnamese speciality coffee

The DakLak September 2nd Import-Export Company Limited (Simexco DakLak) said the UK is a strategic market for its speciality coffee products.
Vietnam-US trade thrives on effective mechanisms: trade counsellor

Vietnam-US trade thrives on effective mechanisms: trade counsellor

The economic and trade mechanisms between Vietnam and the US have shown efficiency throughout 2024, according to Do Ngoc Hung, trade counsellor and head of the Vietnam Trade Office in the American country.
Opening of overseas markets boosts coconut exports

Opening of overseas markets boosts coconut exports

Signed trade agreements are creating favourable conditions for coconut to truly become a key industrial crop. However, this is also a challenge that requires a sustainable development strategy so that coconut products can meet the increasing standard requirements of export markets.
VN faced with increasing trade defence investigations on rising protectionism

VN faced with increasing trade defence investigations on rising protectionism

Việt Nam’s exporters faced a significant increase in the number of trade defence investigation cases this year, on the back of rising protectionism worldwide, according to the Ministry of Industry and Trade.

More News

Việt Nam expects to officially export passion fruit to the US next year

Việt Nam expects to officially export passion fruit to the US next year

Negotiations on technical issues were already completed in August. Now, legal procedures are underway for the official export of fresh passion fruit to the US.
UK’s carbon tax to affect VN exports

UK’s carbon tax to affect VN exports

The UK’s carbon border adjustment mechanism will take effect in 2027.
Removing obstacles in granting certificates of exploited aquatic products

Removing obstacles in granting certificates of exploited aquatic products

VCN - Prime Minister Pham Minh Chinh requested to review all regulations related to the organization and issuance of certificates of origin of exploited aquatic products (SC) at fishing ports, issuance of certificates of origin of exploited aquatic products (CC), and amend inappropriate regulations that cause difficulties and hinder production and business activities in the field of exploitation, processing and export of seafood.
Agricultural exports in 2024 to exceed 60 billion USD?

Agricultural exports in 2024 to exceed 60 billion USD?

VCN - The agricultural sector has basically achieved and exceeded the set targets when the export turnover of agricultural, forestry and fishery products in the first 11 months of 2024 reached 56.74 billion USD, up 19% over the same period in 2023, the trade surplus reached nearly 16.5 billion USD, up 52.8%. This year's agricultural exports are expected to exceed 60 billion USD if the export value in December reaches over 5 billion USD.
Seafood exports expected to exceed $10 billion in 2025: expert

Seafood exports expected to exceed $10 billion in 2025: expert

The achievement of the $10 billion export milestone in 2024 is attributed in part to efforts to open and strengthen connections with key markets such as the US and the EU.
Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

VCN - In the Report announcing the Ranking of Top 10 Reputable Animal Feed Companies in 2024 on December 12, 2024, Vietnam Report Joint Stock Company said that Vietnam's animal feed industry has faced many challenges from natural disasters and epidemics. But overcoming all, the industry continues to survive and has confidence in the future.
Vietnam's import-export surges 15.3%

Vietnam's import-export surges 15.3%

Vietnam's total import-export turnover reached 745 billion USD as of December 14, marking a robust 15.3% growth compared to the same period in 2023, according to the General Department of Vietnam Customs.
More Vietnamese firms interested in Saudi Arabia: Ambassador

More Vietnamese firms interested in Saudi Arabia: Ambassador

An increasing number of Vietnamese enterprises are showing interest in Saudi Arabia, particularly in the sectors of Vietnam's advantages and the Middle East country's needs, a diplomat has said.
“Give and Take” in the Value Chain of the CPTPP Market

“Give and Take” in the Value Chain of the CPTPP Market

VCN - Vietnamese businesses have many opportunities and advantages if they take advantage of resources from imports and technology transfers when joining the supply chains of FDI companies within the CPTPP.
Read More

Your care

Latest Most read
UK a niche market for Vietnamese speciality coffee

UK a niche market for Vietnamese speciality coffee

The DakLak September 2nd Import-Export Company Limited (Simexco DakLak) said the UK is a strategic market for its speciality coffee products.
Vietnam-US trade thrives on effective mechanisms: trade counsellor

Vietnam-US trade thrives on effective mechanisms: trade counsellor

The economic and trade mechanisms between Vietnam and the US have shown efficiency throughout 2024, according to Do Ngoc Hung, trade counsellor and head of the Vietnam Trade Office in the American country.
Opening of overseas markets boosts coconut exports

Opening of overseas markets boosts coconut exports

Signed trade agreements are creating favourable conditions for coconut to truly become a key industrial crop. However, this is also a challenge that requires a sustainable development strategy so that coconut products can meet the increasing standard requirements of export markets.
Increasing consumption demand, steel enterprises face many opportunities

Increasing consumption demand, steel enterprises face many opportunities

VCN - Vietnam's steel industry is benefiting from increasing domestic and export demand for steel. However, entering 2025, the industry still faces many challenges.
VN faced with increasing trade defence investigations on rising protectionism

VN faced with increasing trade defence investigations on rising protectionism

Việt Nam’s exporters faced a significant increase in the number of trade defence investigation cases this year, on the back of rising protectionism worldwide, according to the Ministry of Industry and Trade.
Mobile Version