The role of commodity exports to economic growth in Ho Chi Minh City

Abstract

In the period of development and international economic integration; Ho Chi Minh City's import and export of commodities has an important role in the city's economic growth. Export has really become a key factor and a strong motivation of economic growth. The export growth rate in the period 2011 - 2019 averaged 8.54% per year. Moreover, the scale and high growth rate of the city's export activities have a significant impact on the city's aggregate demand, stimulating increased consumption ands investment including domestic and foreign, thus boosting economic growth of the city. Export development is one of the pillars of Ho Chi Minh City `s sustainable economic growth. Therefore, it is necessary to increase added value of commodities, focus on exporting products with competitive advantages and a sizable market share through participating in the global value chain. Therefore, based on the City's statistics and GRDP calculation from 2010 to 2020, this study points out some essential recommendations in order to improve the role of commodity export activities and the competitive products of Ho Chi Minh city in the future.