HCMC still on top in exports

HCMC remains the leading locality in Vietnam by export performance.

According to the report on Vietnam’s imports-exports in 2022 released by the Ministry of Industry and Trade, HCMC took the lead among the top 10 localities in exports in 2022 with US$47.5 billion. Bac Ninh Province came second with US$45 billion, followed by Binh Duong Province with US$34.3 billion, Thai Nguyen Province US$29.8 billion, Haiphong City US$24.9 billion, Dong Nai Province US$24.6 billion, Bac Giang Province US$22.6 billion, Hanoi City US$17.1 billion, Phu Tho Province US$11.8 billion and Hai Duong Province US$10.4 billion.

Despite its good performance last year, the city has witnessed a fall in exports this year. Exports of HCMC in January-March dropped 17% year-on-year to more than US$10 billion, the biggest first-quarter slide in 22 years, according to the city’s Department of Industry and Trade. Almost all sectors, especially textiles, farm produce and woodwork, have reported poor export performance due to fewer orders from foreign markets.

The lower-than-expected export performance led to HCMC’s low economic growth in January-March, with its GDP growth at a mere 0.7% over the same period last year.

The department has warned that if the situation persists, it will be hard for HCMC’s economy to achieve as high growth as last year, at over 9%.

To help the city’s exports and economy get back on track, the department has decided to organize the HCMC Export 2023 Forum and Trade Fair this month. The event aims to create opportunities for businesses to find partners, customers and importers, as well as expand their markets.