HCMC seeks to ease business difficulties
(VOV) - Businesses in Ho Chi Minh City have proposed the support of loans’ interest to replace outdated machinery and equipment imported from China.
The proposal was made at a meeting on June 9 between HCM City authorities and representatives from various business and industrial associations, to discuss removing barriers against material imports.
Currently, HCM City-based businesses import machinery, equipment, spare parts, garment accessories, footwear and pesticides from China.
Since the beginning of this year, HCM City’s import value from China has reached US$2.35 billion, up 14.7% compared with last year, while its exports fetched just US$840 million.
To reduce dependence on the Chinese market, local enterprises are gradually diversifying import-export markets.
Businesses are keen to be proactive in finding sources of materials for production to replace those Chinese imports which are inefficient on fuel and require intensive labour.
City leaders said that they would monitor the situation closely to assist businesses in capital, market access, tax policy and customs services.