Hanoi’s export revenue set to increase by 5 percent.

Hanoi expects to raise its export revenue by 5 percent this year, the municipal Department of Industry and Trade has said.

Tran Phuong Lan, acting director of the department, said her agency will enhance trade promotion, thereby effectively implementing the city’s plan on international integration in 2021-2025.

Apart from the plan, Hanoi will also work to materialise the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-EU Free Trade Agreement (EVFTA).

Last year, despite impacts of the COVID-19 pandemic, the service sector still expanded 2.71 percent year-on-year. Notably, export was seen as a silver lining, with turnover of 16 billion USD, up 0.9 percent from the previous year.

To assist local exporters, the municipal People’s Committee has taken solutions, focusing on improving competitiveness and adaptiveness of enterprises in the new situation and finetuning administrative procedures.

Hanoi will also strive to better implement monetary policies, connect labour demand and supply, and attract investments in infrastructure and services to boost production and export.

It will step up coordination with ministries, agencies, embassies and commercial affairs offices of Vietnam and foreign countries, cities and provinces in trade promotion, while supporting businesses to access markets, loans and technologies.

Economists said to raise export revenue by 5 percent, Hanoi should intensify trade promotion and improve its capacity to respond to international trade remedies and disputes.

It needs to increase tools and measures to manage imports in accordance with commitments in free trade agreements (FTAs), they said, suggesting tools regarding tariffs, non-tariffs, environment and corporate social responsibility.

Meanwhile, enterprises should work harder to raise product quality and competitiveness, build brands and improve personnel quality to meet requirements of international economic integration, the said./.