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

Quang Tri Customs makes great effort to foster imports and exports across area

Quang Tri Customs makes great effort to foster imports and exports across area

VCN – Quang Tri Customs Department determines that accompanying businesses is a requirement and responsibility to support businesses in overcoming difficulties, contributing to the socio-economic development in the area.
Removing difficulties in tax exemption and refund policies for export processing enterprises

Removing difficulties in tax exemption and refund policies for export processing enterprises

VCN - The Customs agency has received many proposals from businesses about answering and guiding policies on tax exemption, import tax and VAT refund for export processing enterprises. The General Department of Customs has responded and provided instructions for each specific case.
Trade deficit from China in the first two months of the year hits over US$ 11 billion

Trade deficit from China in the first two months of the year hits over US$ 11 billion

VCN – Over the past two months of the year, Viet-Nam trade turnover reached over US$ 27 billion.
3 exported agricultural groups worth billion US$

3 exported agricultural groups worth billion US$

VCN – The export of agricultural products prospered in the first two months of the year. Notably, three agricultural commodity groups saw export turnover of US$ 1 billion or more.

Latest News

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

VCN - In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year. Ms. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) shared with Customs Magazine.

More News

Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Singapore is the largest foreign investor in VN in Q1

Singapore is the largest foreign investor in VN in Q1

The disbursed FDI rose by 7.1 per cent in the first quarter to reach $4.63 billion, a signal that the disbursement will continue the positive trend, the agency said.
Thai Binh boosts investment, trade cooperation with Germany

Thai Binh boosts investment, trade cooperation with Germany

A delegation from the northern province of Thai Binh, led by Deputy Secretary of the provincial Party Committee Nguyen Khac Than, visited several localities and business organisations in Germany from March 25 to 27, in a bid to enhance trade cooperation with and attract direct investment from the European nation.
Lifting obstacles to develop industrial parks

Lifting obstacles to develop industrial parks

VCN - Attracting investment and developing industrial zones (IZs) and economic zones (EZs) is one of the important contents to implement the policy of developing a multi-component, open, attract investment and resources from all economic sectors to develop the country. In addition to the results achieved, there still limitations that need to be removed to draw investments to develop industrial parks and economic zones, including financial problems for industrial parks.
Unlock capital flows and create favorable conditions for investors

Unlock capital flows and create favorable conditions for investors

VCN - Talking with the press, Dr. Ngo Cong Thanh (Photo), Provisional Executive Committee member of the Vietnam Industrial Park Finance Association (VIPFA), said that it is necessary to open up capital flows and create conditions for investors to access key factors. Facilitate production and business factors and innovate investment promotion activities to more effectively develop industrial parks.
More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 domestic and foreign businesses and manufacturers will attend the Vietnam Global Manufacturing Forum 2024 (VGMF2024) to explore investment and business cooperation opportunities.
Connecting with FDI firms helps boost wood exports: insiders

Connecting with FDI firms helps boost wood exports: insiders

Strengthening linkages and cooperation between foreign-invested and domestic enterprises will contribute to promoting the sustainable development of the Vietnamese wood industry, according to insiders.
Doosan Vina exports nearly 2,000 tonnes of modules to US

Doosan Vina exports nearly 2,000 tonnes of modules to US

The Doosan Enerbility Vietnam (Doosan Vina) specialising in heavy industries announced on March 26 that it has just exported a batch of nine modules weighing nearly 2,000 tonnes to the Golden Triangle Polymers company in Texas, the US.
Wood processing enterprises strive to increase the proportion of individually designed goods

Wood processing enterprises strive to increase the proportion of individually designed goods

VCN - Many wood and furniture processing enterprises are promoting investment in design activities, helping to increase the proportion of individually designed products (ODM) in exports, thereby affirming the industry's capacity Vietnamese wood in segments with higher added value.
Read More

Your care

Latest Most read
ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year.
Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Mobile Version