Ho Chi Minh City: Enterprises overcome difficulties, exports lead the country

VCN - HCM City led the nation in exports. In order to get this result, in addition to the market's recovery signal, there are also the efforts of businesses to overcome difficulties.
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Packing dragon fruits for export at Hoang Huy Import-Export Company Limited, Ho Chi Minh City.
Packing dragon fruits for export at Hoang Huy Import-Export Company Limited, Ho Chi Minh City.

Efforts to expand export markets

Thanks to good preparation, when the market recovered, businesses quickly approached the market to increase export orders; at the same time, reduce unnecessary costs, but still ensure the quality of exported goods... According to Mr. Do Hoang Trung, Managing Director at IDEA Technology Corporation Joint Stock Company, in previous years, the company's main export markets were mainly Japan and South Korea, but in the first months of this year, the company had many new orders from European countries, its export turnover has increased by about 20 percent. With new markets, new customers will have a lot of potential for businesses to expand their markets, because Vietnam currently has signed many FTA agreements with many countries; enhance the comprehensive strategic partnership with the US...

Mr. Nguyen Ngoc Hoa, Chairman of the Ho Chi Minh City Business Association, since the beginning of the year, HCM City businesses have had orders, but they are mainly short-term, delivered quarterly. Some businesses have orders until the third quarter, but to sign them, they have to endure pressure from falling unit prices and high technical barriers. However, businesses still strive not to lose orders, accept to reduce income and find solutions to reduce costs and maintain jobs for workers.

In particular, in the context of export difficulties, some businesses have taken their own direction and successfully "reversed" thanks to increasing orders from key markets.

Many securities companies predict that export activities will become a bright spot for Vinamilk this year. KB Securities forecasts that in 2024, when the global economy recovers, consumption demand in Vinamilk's major export markets in Southeast Asia and the Middle East will increase again, especially the Middle East market.

Vinamilk representative said that export growth in the first quarter of this year remained at a positive level. At the end of the first quarter of 2024, Vinamilk also completed a large order of more than 300 containers of baby formula and nutritional powder for export to the Middle East. Currently, the driving force for Vinamilk's export revenue growth still comes from main and key market groups such as the Middle East, Japan, South Korea, China, Southeast Asia... For example, in the Middle East, this market's export revenue has nearly doubled over the past 10 years, and there is still a lot of room for development.

Export growth is impressive

In the last days of April and early May 2024, at Cat Lai port in Ho Chi Minh City, the amount of exported goods continued to grow. Even during the holidays, there are still many businesses opening customs declarations to carry out export procedures.

According to Duong Quoc Hung, Head of the Export Cargo Procedures Team, on the first day of the holiday, the amount of goods undergoing export procedures through Cat Lat port was quite large. By the end of April 27, 2024, the unit had completed customs clearance procedures for over 1,000 customs declarations for exporting goods, with a total turnover of over US$100 million. In total, during the 5-day holiday of April 30 and May 1 (from April 27 to May 1), the Customs Branch of Saigon Port Area 1 completed customs clearance procedures for nearly 1,700 export shipments. Main export items are agricultural products, aquatic products, fruits, rice, wooden products...

Strong growth in exported goods through Ho Chi Minh City port in the first four months of 2024 has helped HCM City maintain its leading position in exports. HCM City's export turnover in the first four months of the year is quite high, reaching US$12.5 billion and increasing 69 percent compared to the same period in 2023.

According to data from the General Department of Customs, Ho Chi Minh City's export turnover for the whole year 2023 will reach US$42.46 billion. This result is a decrease of about US$5.1 billion compared to 2022, but HCM City continues to hold the leading position in exports of the country.

In the first four months of 2024, HCM City's export turnover reached US$12.5 billion, an increase of 69 percent compared to the same period in 2023. In which, most industry groups have double-digit growth, such as: textiles and garment reached export turnover of US$1.2 billion, an increase of 40 percent; export of wood and wood products reached US$175.6 million, an increase of more than 80 percent; machinery, equipment, tools and spare parts reached US$912.8 million, an increase of 41 percent.

By Le Thu/Kieu Oanh

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