Ho Chi Minh City: Finding ways to connect and expand trade for businesses

Exports are still difficult

Ho Chi Minh City's import and export have faced many difficulties since the beginning of the year and have declined sharply following the general decline in global trade. Export turnover has decreased steadily in most industries from electronics, textiles, agriculture, forestry and fishery to wood processing, footwear and handbags. As of October 2023, export turnover has decreased by 13.4% compared to the same period in 2022.

At many meetings, Ho Chi Minh City leaders also pointed out the reasons for the decrease in import and export turnover. Specifically, the world economic situation was strongly affected by geopolitical conflicts, high global inflation led to a decrease in consumption trends, negatively affecting the export activities of goods of Vietnam in general and the city in particular.

Ho Chi Minh City's exports face many difficulties as businesses see a decrease in orders.

The above difficulties have led to many businesses having no orders, while orders from the world market have gradually decreased, and import and export turnover of many items has decreased compared to the same period in 2022.

Mr. Bui Ta Hoang Vu - Director of the Department of Industry and Trade of Ho Chi Minh City - said that in 2023, the domestic economy will face many difficulties. Vietnam has an advantage in exports, but the decline in purchasing power has greatly affected the production and business of enterprises in Ho Chi Minh City as well as in other localities.

“There was a period when exports in Ho Chi Minh City decreased by 37%. Previously, export enterprises could have cash flow when signing contracts, but now some industries have switched to keeping warehouses abroad. Payment is only made when partners sell the goods. This causes many difficulties for enterprises,” Mr. Vu stated.

Looking for networking and trading opportunities

In the context of export difficulties, to support businesses in finding markets, the Department of Industry and Trade of Ho Chi Minh City and the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) have continuously organized fairs and exhibitions for businesses, especially small and medium enterprises, contributing to finding outlets for products.

Accordingly, since the beginning of the year, a series of programs have been implemented by trade promotion agencies such as the Ho Chi Minh City export fair, the Mekong Connect 2023 forum, the Ho Chi Minh City international food industry exhibition...

Ho Chi Minh City businesses strengthen trade connections

At the first Ho Chi Minh City Export Fair held in early June 2023, according to statistics from the Department of Industry and Trade of Ho Chi Minh City, there were more than 200 trade connections between Vietnamese enterprises and foreign business delegations and distribution systems. After the connection, many Ho Chi Minh City food enterprises signed new contracts on product distribution and consumption in many new international markets. In particular, Binh Tay Food Joint Stock Company successfully signed a contract to distribute consumer products in Korea - a market that inherently requires many high standards for food and processed food products.

It is known that to promote export activities in the coming time, 5 local Departments of Industry and Trade including Hanoi, Ho Chi Minh City, Hai Phong, Da Nang and Can Tho will promote cooperation to implement the strategy of import and export of goods until 2030; deploy the Project "Promoting Vietnamese Enterprises to directly participate in foreign distribution networks until 2030".

Along with that, the Industry and Trade Department of the provinces will coordinate to organize trade promotion activities, research and propose suitable markets, meeting the needs of businesses and product potential of the 5 cities, striving to restore positive export growth.

It is expected that at the end of December 2023, the Department of Industry and Trade of Ho Chi Minh City will organize a conference to connect supply and demand between Ho Chi Minh City and provinces and cities in 2023 to connect production and supply units, find sources of safe, reasonably priced and good quality goods to provide to people.

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