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Hanoi's economy recorded many bright spots in first half of 2024 

 Tuesday, July 9,2024

AsemconnectVietnam - In the first 6 months of the year, Hanoi City's gross regional product (GRDP) is estimated to increase by 6% over the same period last year (first quarter increased by 5.53%; second quarter increased by 6.44%).

Many industries and fields of Hanoi City grew comprehensively, especially production and business activities remained stable.
According to Mr. Vu Van Tan, Deputy Director in charge of Hanoi Statistics Department, from the beginning of the year, the Hanoi People's Committee has focused on directing all levels, sectors and localities to effectively implement solutions to solve difficulties for businesses, promoting socio-economic development programs in the area. Thanks to that, Hanoi's socio-economy continues to maintain growth momentum and social security is guaranteed.
Gross regional product (GRDP) in the first 6 months of 2024 was estimated to increase by 6% over the same period last year (first quarter increased by 5.53%; second quarter increased by 6.44%). GRDP growth in the first 6 months of this year increased slightly compared to the increase of 5.86% in the same period last year, but in the context of complex and unpredictable world economic developments, export difficulties, domestic market purchasing power leveled off, the growth rate in the second quarter was 0.91% higher than the first quarter which was very important and remarkable.
The service sector in the first 6 months of the year was estimated to increase by 6.55% over the same period last year, of which some industries grew quite well, contributing a lot to the GRDP growth in the 6 months such as: administrative activities and services increased by 18.86%; wholesale and retail increased by 8.91%; accommodation and food services increased by 7.78%; finance, banking, insurance increased by 6.31%.
The industry in the first months of the year faced difficulties due to the decline in many key product industries. However, entering the second quarter, industrial production activities had many positive signs as orders continued to increase; estimated 6-month added value reached 5.33%, of which the manufacturing and processing industry increased by 4.53%; electricity production and distribution increased by 15.45%.
One of the bright spots of Hanoi in the first half of the year was the positive signal of import and export activities. The total import-export turnover in the city in the second quarter was estimated at 15.2 billion USD, up by 13.5% over the previous quarter and up by 18.8% over the same period last year. In the first 6 months of this year, the country’s total import-export turnover reached 28.6 billion USD, up by 13.7% over the same period, of which the export turnover reached 8.9 billion USD, up by 11%; and the imports reached 19.7 billion USD, an increase of 14.9%.
In the first 6 months of 2024, the whole city also attracted 1,165 million USD of FDI capital. Of which, 120 new projects were registered with a capital of 1,036 million USD; 78 additional projects increased investment capital with 55 million USD; 104 foreign investors contributed capital and purchased shares reaching 74 million USD.
Regarding budget revenue and expenditure, according to a report from the Hanoi Department of Planning and Investment, in the first 6 months of the year, the total state budget revenue in the city was estimated to reach 252,054 billion VND, increased by 12.5% over the same period last year. The total local budget expenditure was 36,417 billion VND (reaching 24.9% of the estimate at the beginning of the year, up by 17.9% over the same period of 2023).
The development investment capital in the city in the first 6 months of 2024 reached 208.8 trillion VND, up by 9.5% over the same period last year. Of which, state capital reached 76 trillion VND, an increase of 13.7%; non-state capital reached 118.4 trillion VND, an increase of 7.5%; and foreign direct investment capital reached 14.4 trillion VND, an increase of 5.3%.
CK
Source: VITIC/ haiquanonline.com.vn

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