Ho Chi Minh City's export turnover reached 12 billion USD, down more than 21% in the first 4 months of the year, affecting the city's recovery and development.
This information was shared by Vice Chairman of Ho Chi Minh City People's Committee Vo Van Hoan at the Vietnam Export Goods Fair on May 25. According to Mr. Hoan, the city's export turnover is still decreasing sharply.
Accordingly, goods exports decreased by more than 21% compared to the same period, the sharpest decline in the past 22 years. Key export groups, such as textiles, seafood, wood and wood products, all recorded a decline in exports. This has a direct and comprehensive impact on the recovery and development of Ho Chi Minh City, according to Vice Chairman Vo Van Hoan.
Explaining the reason, the city leaders said that the world economy is unstable and in recession, causing orders to decrease. In particular, the purchasing power of major markets such as the EU and the US is weak.
In addition to exports, purchasing power in the domestic market has also decreased by about 30-50% due to consumers tightening their spending. Mr. Nguyen Duc Hung, founder of Napoli Coffee, said that the company's exports decreased by about 40% compared to the same period in the first months of this year. Product consumption in the domestic market is also sluggish despite many promotional programs and price reductions. Colusa - Miliket Food Joint Stock Company, which specializes in selling essential products, also reduced its sales volume in the domestic market by 30%.
Visitors visit booths at the Vietnam Export Goods Fair on the morning of May 25. Photo: Thi Ha
Faced with the sluggish market, Ho Chi Minh City has launched many trade promotion activities, such as organizing the first Vietnamese Export Goods Fair, to stimulate consumption in domestic and international markets.
This fair has more than 250 booths introducing many products of key industries such as agricultural products, textiles, footwear, wooden products, electronics, rubber - plastic. Domestic enterprises also have many promotional programs up to 50%.
In addition to more than 3,000 domestic visitors visiting and shopping, many businesses from Japan, Korea, India, and the US also came to look for export partners in the Vietnamese market.
Thi Ha
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