Hanoi seeks solutions to support export businesses in overcoming difficulties

Director of Hanoi Department of Industry and Trade Vo Nguyen Phong speaks at the event. Photo: Thanh Hien

According to Director of Hanoi Department of Industry and Trade Vo Nguyen Phong, if the US imposes a 46% reciprocal tax on goods exported from Vietnam, the city's export turnover is estimated to decrease by 5-7%; the city's GRDP growth will decrease by 0.3-0.5% in 2025.

Key export industries such as electronics, machinery and equipment, textiles, footwear and wooden furniture (accounting for nearly 70% of Hanoi's total export turnover to the United States) will be most severely affected.

"This impact is a big challenge to Hanoi's export growth target of over 7% as well as its GRDP growth target of over 8%," said Director Vo Nguyen Phong.

In order to support businesses in overcoming difficulties, the Hanoi Department of Industry and Trade continues to closely monitor developments and changes in trade policies of major countries and regularly exchange with businesses about market needs.

The Department will grasp the support needs of businesses to promptly advise on appropriate support and response measures under the direction of the Ministry of Industry and Trade and the City People's Committee.

Representatives of the Ministry of Industry and Trade, departments, branches, associations and business associations discussed solutions to support Hanoi's export enterprises. Photo: Thanh Hien

Support businesses to invest in innovation of production technology and improve competitiveness; promote export products with potential of Hanoi and the whole country to businesses, organizations, international friends, connect businesses with domestic and foreign partners...

Support Hanoi city businesses to find customers and partners to be able to export goods directly to foreign markets.

The Hanoi Department of Industry and Trade proposed that the City People's Committee recommend the Government to continue reducing value-added tax; credit institutions continue to support and create conditions for businesses, especially small and medium-sized enterprises, to access credit.

On the side of departments and branches, continue to reform administrative procedures, create favorable conditions to support businesses to shorten time and costs, and seize business opportunities.

Source: https://hanoimoi.vn/ha-noi-tim-giai-phap-ho-tro-doanh-nghiep-xuat-khau-thao-go-kho-khan-698670.html