Hanoi (VNA)🍃 – Hanoi’s export turnover was estimated to reach 1.5 billion USD in October, bringing the figure in the first 10 months of 2024 to 15.5 billion USD, up 12.3% from the same period last year.

Of the figure, the export value of the domestic economic sector reached 9.1 billion USD, a year-on-year increase of 15.1%, and that of the foreign direct investment sector hit 6.4 billion USD, up 8.6%. Groups of key product showed strong growth in export value, such as computers, electronics and components (up 18.7%), garments and textiles (up 8.3%), machinery, equipment and spare parts (up 9.2%), transport vehicles and spare parts (16.3%), agricultural products (up 43.9%) and other types of goods (up 10.6%). Two out of 12 main commodity groups experienced a decrease in export turnover compared to the same period, including petrol products which raked in 1.1 billion USD, down by 2.1% year-on-year, and footwear and leather products which brought home 290 million USD, dropping by 9.0%. The capital city spent 3.2 billion USD on imports in October, up 3.7% month-on-month but down by 2.3% year-on-year. The figure brought the city’s total import value in the first 10 months of 2024 to 33.2 billion USD, an increase of 9.6% compared to the same period last year. Several products with high import values included machinery and spare parts (5.7 billion USD, up 17.3%), petrol products (3.8%, down 15.6%), computers, electronics and components (2.1 billion USD, up 14.5%) and transport vehicles and spare parts (1.9 billion USD, up 24.7%). In a bid to promote exports in the remaining months of the year, the Hanoi People's Committee will focus on measures to promote trade, organise exhibitions, and establish trade connections between export-import businesses and domestic and international partners. It will support enterprises by offering training programmes and consultancy on export-import processes and assist them in exploring markets and customers. The municipal People's Committee has directed the Department of Industry and Trade and the Department of Agriculture and Rural Development to focus on improving the quality of goods, particularly items under the One Commune One Product (OCOP) programme, to enhance competitiveness as well as encouraging the production of high-value, high-quality products to meet export demands. In its long-term strategy, the city's authorities underlined the need to strengthen international cooperation, establish partnerships with international trade organisations and associations to expand export markets, and participate in free trade agreements to leverage tariff advantages. Furthermore, Hanoi is intensifying efforts to improve the logistics system and transport infrastructure to reduce shipping costs and enhance export-import efficiency./.