Hanoi’s exports surge 16.9% in first quarter
Hanoi’s export turnover hit US$3.15 billion in the first quarter of 2018, representing a year-on-year increase of 16.9%, according to the municipal Department of Industry and Trade.
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In the reviewed period, all key staples achieved strong growth in export value.
Computer components and peripheral devices were the biggest contributor to the city’s export earnings, with US$463 million, up 23.2% compared to the same period last year.
They were followed by textiles and garments, raking in US$401 million, up 20% year on year.
Transport vehicles and components, and footwear respectively reached US$235 million and US$72 million in export revenues, up 21% and 24.8% year-on-year.
Electronic products are the only group of commodities suffering a decrease in export turnover in the period, with a fall of 4.3%.
Hanoi’s export value has increased sharply in recent years because businesses in the city have taken advantage of the recovery of major economies of the world, such as the US, Japan, the European Union and China.
Experts said to increase the export value, enterprises should renew models of products according to the demand on markets and increase competitiveness by cutting production costs.
They have been also advised to improve product quality and develop the brand as well as promote cooperation with local businesses. In addition to this, they should take advantages in export opportunities from free trade agreements that Vietnam has signed with foreign partners.
Also in the first quarter of 2018, the city’s import turnover reached US$7.92 billion, up 15.1% over the same period last year.
