HCM City (VNA) – Vietnamesebusinesses in foreign countries serve as an important bridge to connectdomestic enterprises with foreign partners and integrate into global markets,heard a conference held in Ho Chi Minh City on September 12.

Vice Chairman of the municipal People’sCommittee Le Thanh Liem said the southern economic hub of HCM City is leadinglocalities nationwide in gross regional domestic product (GRDP), contributingabout 24 percent of national gross domestic product (GDP), 28 percent of theState budget, 16 percent of the country’s total industrial output, and 15percent of national import-export turnover.

The city has attracted more than 8,000 foreigndirect investment (FDI) projects worth more than 45 billion USD.

The private sector has become an increasinglyimportant driving force for the city, contributing more than 55 percent of thecity’s GDP and accounting for 72 percent of its total investment.

These achievements are significantly contributedby the overseas Vietnamese business community, Liem stressed.

He said such new generation free tradeagreements as the EU-Vietnam Free Trade Agreement (EVFTA) are key to helpVietnamese businesses make inroads into major markets.

With an insight into foreign markets andexperience, overseas Vietnamese businesses can help domestic firms make gooduse of export opportunities, he added.

Local authorities hope overseas Vietnamese firmswill continue supporting domestic businesses to seek investment opportunitiesin European markets and beyond.

Nguyen Phuoc Trung, Director of the municipalDepartment of Agriculture and Rural Development, said the EVFTA creates bothopportunities and challenges for the city’s agricultural sector.

He said local agricultural firms want tocooperate with overseas Vietnamese businesses in promoting key agriculturalproducts in the EU as well as update information and requirements relating toquality, technical barriers and safety standards.

Vietnamese businesses abroad also help transfernew technologies in production, processing and preserving farm produce inaddition to attracting foreign investment and sales of agricultural products,he added.

While discussing ties between Vietnamesebusinesses at home and abroad, Chairman of the Vietnamese Business Associationin France Nguyen Hai Nam said businesses should mobilise all resources andincrease cooperation to develop products and build brands and distribution systemsabroad to penetrate the EU and beyond./.