HCM City has set itself an export target of US$108 billion by 2030. — VNA/VNS Photo

HCM City has set itself an export target of US$108 billion by 2030, up from the last year’s $40 billion.

It is encouraging newly established firms to focus on key sectors like rubber, plastic, food and foodstuffs, IT-electronics-telecommunications, garments and textiles, and pharmaceuticals.

It wants to improve the industry and become involved in global value chains especially in the electronics, mechanical, and wood products, which it considers a key to its exports.

It plans to upgrade export infrastructure, and reform public administration directly related to foreign trade.

Head of the city's Statistics Office, Huynh Van Hung, said COVID-19 has largely been controlled in Viet Nam, causing a recovery in manufacturing.

But exporters continue to face difficulties since many major trading nations have yet to open their markets, he said.

The municipal Department of Industry and Trade is working with other relevant parties to develop the supporting industry supply chain, helping businesses cut input costs and improve their competitiveness.

It plans to enhance trade promotion and help businesses reach out globally.

Nguyen Phuong Dong, director of the department, said despite facing numerous challenges, exports of five goods last year exceeded $1 billion each: computers, electronic products and components ($17.8 billion); garment and textile ($4.3 billion); footwear ($2.2 billion); machinery and equipment and parts ($2.2 billion); and the rest ($6.9 billion).

Its key export markets remained China, the US and Japan.

China accounted for $10.5 billion worth of the city’s exports, up 23.7 per cent from 2019. Exports to the US and Japan were worth $6.7 billion and $2.8 billion, down 0.2 and 16 per cent. — VNS