HCM City predicts boom in trade and services

(VOV) -Ho Chi Minh City is set to achieve a 10-10.5% growth rate in the trade and service sectors in 2014, of which total retail sales are expected to rise by 15.3% to VND699,850 billion.

The city also aims for a 10% import-export growth earningUS$29,230 million in revenue.

Deputy Director of the HCM City Department for Industry and Trade Le Ngoc Dao said to achieve the target, the economic focus will be on boosting the export of processed industrial products with high added value, reducing the import of luxurious products, as well as encouraging the purchase of machines and equipment for production and business operation.

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Phan Thi Thanh Minh, Ministry of Industry and Trade (MoIT)’s Southern Operation Department Head said in 2013 the industry and trade sector recorded remarkable achievements despite numerous economic difficulties.

As a spearhead for national economic development, HCM City has implemented effective measures to develop trade and services and gain consumer trust through promotion, market expansion, and product quality improvements, she noted.

Minh also suggested providing more support for local producers and exporters to ease business difficulties.

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