Hanoi moves to tackle widening trade deficit
Thursday, June 29,2017AsemconnectVietnam - The capital city of Hanoi has carried out trade promotion plans targeting both traditional and new foreign markets in order to tackle its widening trade deficit, which exceeded the national average in the first five months of this year.
Meanwhile, its import value stood at 11.67 billion USD, resulting in a trade deficit of nearly 7 billion USD, compared with the national average of 2.7 billion USD. More than half of the figure was contributed by Hanoi-based centrally-run businesses.
The city’s major imports include equipment, machines and materials for projects or production chain installation. In many cases, import items were declared by firms based in Hanoi but transported to other localities.
To reduce the trade deficit, Hanoi will cut exports of raw materials and increase exports of high value-added products while developing the supporting industry to join the global value chain.
Trade promotion will focus on handicrafts, agricultural products and garments-textiles.
Meanwhile, the city will create favourable conditions for foreign importers and support local businesses in international integration through workshops that provide them with information about markets, preferential policies and benefits generated by Vietnam’s free trade agreements, said Nguyen Thanh Hai, Deputy Director of the municipal Department of Industry and Trade.
Hanoi is also working on several large and modern logistics centres to serve exporters.
Economists have also suggested establishing technical barriers regarding product quality and safety to curb imports of low quality products.
Eximbank (EIB) target VND5,000 billion profit, up 34% in 2023
Business activities of banks in March 2023
VIB General Meeting of Shareholders: Approved the plan to pay 35% dividend, profit VND12,200 billion
In 2023, Refrigeration Electrical Engineering (REE) plans to increase profit slightly by 0.3% to VND 2,700 billion
PVOIL (OIL): Outstanding output growth in 2022
Sudico AGM (SJS): Growth target in 2023 from 10-15% of revenue
In 2023, Hoang Huy Investment Services (HHS) expects profit up and dividend of 8%
2023 Nam A Bank (NAB) Annual General Meeting of Shareholders: List shares and expand overseas branches
Mobile World (MWG) plans to increase its profit slightly to VND4,200 billion in 2023
Masan (MSN) continues to attract foreign capital up to VND15,000 billion
Century Synthetic Fiber Coporation (STK) successfully approached USD52.5 million in syndicated loans
Hoa Sen AGM for the year 2022-2023 (HSG): HSG will be profitable in March, April and May 2023
Fitch Ratings first international credit rating with GAS at “BB”
PVCoating (PVB) executes a pipe wrapping contract for Vietsovpetro
Plan on implementing Decision No. 327/QD-TTG dated March ...
Concretize viewpoints, objectives, tasks and solutions of the plan in accordance with practical conditions of the locality, associating ...Plan on implementing national environmental protection ...
Implementation plan of marine aquaculture development ...
Program on conservation and development of Vietnamese ...
Plan on improving quality of human resources to 2025 and ...
Efforts taken to turn culinary culture into national ...
The Vietnam Cuisine Culture Association (VCCA) is taking steps to implement a project to build and develop Vietnamese culinary culture ...Vietnamese cuisine making a name for itself with ...
Vietnam advance to next round of AFC U20 Women’s Asian Cup
Cultural tourism and traditional values promoted through ...