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Ho Chi Minh City becomes Vietnam’s biggest exporter with $31bn revenue in 2014

Ho Chi Minh City was the biggest gainer among cities and provinces in Vietnam in 2014, with export revenue surpassing the US$30 billion threshold, customs data show.

Ho Chi Minh City was the biggest gainer among cities and provinces in Vietnam in 2014, with export revenue surpassing the US$30 billion threshold, customs data show.
Ho Chi Minh City was the biggest gainer among cities and provinces in Vietnam in 2014, with export revenue surpassing the US$30 billion threshold, customs data show.

With shipments topping $31.35 billion in turnover last year, the southern metropolis has become the first-ever locality to exceed the $30 billion mark in export earnings, according to the Vietnam Customs.

Ho Chi Minh City’s exports were $1.86 billion higher than in 2013, accounting for nearly 21 percent of the country’s total export turnover, the latest data released by the Vietnam Customs show.

The city’s export staples included rice, seafood, coffee, pepper, fruit and vegetables, textile and garments, and wood and furniture, according to a report by the municipal administration.

Technology and manufacturing and processing products accounted for nearly 70 percent of the exports, while agro-forestry and seafood made up more than 22 percent.

The southern megacity is shipping products to 230 countries and territories around the globe, according to the report.

It enjoyed a 32.5 percent increase in export revenue from Northeast Asia, with respective growth rates from South Korea, Hong Kong and Japan standing at 105 percent, 98 percent, and 13 percent last year.

The figure was a modest 4.1 percent in China, the municipal administration noted.

Exports to the EU and the U.S. also rose 18 percent and 21 percent, respectively, from a year earlier.

The northern province of Bac Ninh was the second largest exporting locality in Vietnam, with last year’s exports reaching $21.07 billion, down nearly $4 billion from 2013, according to customs data.

Thai Nguyen, also located in the north, came third with $7.92 billion, up a record $7.68 billion from a year earlier.

Samsung’s recent investments in Vietnam are the answer to the export revenue drop of Bac Ninh, and the strong increase of Thai Nguyen.

The South Korean electronics giant has shifted parts of its Vietnam production from Bac Ninh to Thai Nguyen and is set to add a $3 billion plant to the existing $2 billion facility already operating in the latter.

Samsung received the investment license for the latest plant, where hi-tech devices including Smart TVs will be manufactured, in late November 2014.

Bac Ninh, meanwhile, is home to a $2.5 billion Samsung production complex.