Workers at the An Phuoc Garment, Embroidery and Shoes Company make clothes for export. HCM City has set an export revenue target of US$34 billion this year. — VNA/VNS Photo Ha Thai

HCM CITY (VNS) — The municipal Department of Industry and Trade says HCM City targets export revenues of US$34 billion this year, a year-on-year increase of 13.5 per cent.

Excluding crude oil, export revenues are expected to reach $24.2 billion, up by more than 12 per cent over previous year.

A Thoi Bao Kinh Te Viet Nam (Viet Nam Economic Times) report yesterday also cited the department as saying State-owned companies would account for around 70 per cent of the city's export revenue, and foreign invested companies for most of the remaining 30 per cent.

To reach the target, the city will develop key products with high potential including garments and textiles, wood products and hi-tech products.

It is encouraging domestic and foreign firms to invest in trading materials used in footwear and garment industries, the majority of which are imported now.

The HCM City Garment, Textile, Embroidery and Knitting Association has been asked to help companies develop their production and design capacities in order to create high quality products.

The city is facilitating faster work on several projects in its hi-tech park, especially those that can go operational this year, so as to boost the export of hi-tech products.

Towards this, the IT sector has been asked to organise fairs and exhibitions and undertake other activities that will help local firms widen their export markets.

Steady progress has been made in the export of electronic, mechanical and hi-tech products, and efforts will be made to improve on this.

In wood industry, the city is urging companies to co-operate with each other and create an efficient production chain. It is encouraging the production of interior decoration products made of wood and wants to establish an exhibition centre soon to showcase them.

In recent years, many of the city's agricultural exports including rice, coffee, rubber and seafood had developed well, the department said.

HCM City's products are exported to 228 nations and territories. The city's exports to neighbouring countries including Cambodia and China had strongly increased in recent years, the department said. — VNS