Hanoi (VNA) – The capital city of Hanoi gained a year-on-year growth of 24 percent in export value to reach 1.05 billion USD in January.

The export value from the state-owned sector was 139 million USD, up 9.8 percent; it was 352 million USD from the private sector, up 16.6 percent; and 556 million USD from foreign direct investment, up 33.6 percent.

In January, all key export items achieved strong growth in export value, including agricultural products (up 3.6 percent against the same period last year); computer, components and peripherals (up 68.1 percent); transport means and components (up 12.7 percent); machinery and components (up 21.8 percent); and glass and glass products (up 25 percent).

Hanoi’s export value has increased sharply in recent years because businesses in the city have taken advantage of the recovery of major economies of the world, such as the United States, Japan, the European Union and China.

Meanwhile, municipal authorities have also come up with solutions to support enterprises in promoting exports, including programmes connecting banks with enterprises, land and tax policies and policies encouraging enterprises to apply advanced technology for production, processing and consumption.

Nguyen Gia Phuong, Director of the Hanoi Investment, Trade and Tourism Promotion Centre, said to support enterprises in expanding export markets and promoting brand products, the centre had continuously organised delegations of enterprises to join large international fairs and paid special attention to markets that signed free trade agreements with Vietnam.

The capital city has welcomed foreign enterprise delegations to Hanoi to facilitate trade cooperation with local businesses to support trade villages, agricultural production enterprises and textiles and garment companies in seeking customers.

However, it will not be easy for Hanoi to reach the growth target of 7.5-8 percent in export turnover set by the People’s Committee of Hanoi for this year against last year because importing countries have trade barriers and quality standards for imported goods from foreign countries, including Vietnam. Moreover, local enterprises have not signed long-term contracts.

Nguyen Thanh Hai, Deputy Director of the Hanoi Department of Industry and Trade, said the department and the People’s Committee would continue supporting enterprises in taking loans and entering export markets. Specifically, they would strengthen trade promotion activities in Japan, mainland China, Hong Kong and Germany, he said.

"Hanoi welcomes delegations of foreign import enterprises to help local businesses diversify the export markets," he said.

The department would also continue administrative reforms, reduce business and investment conditions and improve the quality of online public services.

In the process of restructuring the export sector, the department would focus on improving the competitiveness of products, efficiency of investment and enterprises’ ability to join the global value chain.

Experts said to increase the export value, enterprises should renew models of products according to the demand on markets and increase competitiveness by cutting production costs. They also need to improve product quality and develop the brand as well as promote cooperation with local businesses. In addition to this, they should take advantages in export opportunities from free trade agreements that Vietnam has signed with foreign partners.-VNA