Hanoi's economy grew quite well, improving by each quarter

VCN - In the context of complex and unpredictable developments in the world, domestic businesses are facing difficulties in output, and export markets are limited, but the Capital's economy still achieves quite a growth rate with an improving trend each quarter.
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GRDP increased by 6.08%

According to data from the Hanoi Department of Statistics, the gross regional product (GRDP) of Hanoi in the first nine months of 2023 increased by 6.08% over the same period last year (the first quarter increased by 5.81%, the second quarter increased by 5.93%, the third quarter increased by 6.49%).

Of which, the service sector in nine months increased by 7.2% over the same period last year, contributing 4.73% to the increase in GRDP. The service sector continues to be a bright spot, playing an important role in the city's overall growth. Total retail sales of goods and consumer service revenue in the third quarter increased by 10.7% over the same period last year, and for the nine months overall, it increased by 10.5%.

The industrial and construction sector in the first nine months of 2023 increased by 4.57% over the same period last year, contributing 0.96% to the increase in GRDP. Of which, the industrial sector increased by 3.93% (processing and manufacturing increased by 3.55%; electricity production and distribution increased by 7.92%; water supply and treatment, wastewater increased by 7.15%); the Construction industry increased by 5.75%. The agriculture, forestry, and fishery sectors in the past nine months increased by 2.5% over the same period, contributing 0.05% to the increase in GRDP.

It is notable that attracting foreign direct investment (FDI) continues to be a bright spot for Hanoi. In the first nine months of 2023, Hanoi leads with a total registered investment capital of nearly US $ 2.53 billion, accounting for nearly 12.5% of the total registered investment capital of the country and increasing 2.46 times over the same period last year in 2022. Besides, the number of newly registered businesses also increased by 2% over the same period; businesses returning to operations decreased by 15%; businesses temporarily suspending operations increased by 22%; Dissolved enterprises decreased by 1%.

Tourists coming to Hanoi in nine months reached nearly 3.5 million people, 2.1 times higher than the same period last year. Since the beginning of the year, the Capital's tourism industry has focused on innovating and diversifying forms of propaganda and promoting tourism images, destinations, and new tourism products on media and television channels throughout the year. domestic and international. With the message throughout "Hanoi is a safe destination for tourists" and "Hanoi comes to love" has created a great influence, attracting visitors to visit.

The number of newly registered businesses increased by 2% over the same period. Photo: H.Diu
The number of newly registered businesses increased by 2% over the same period. Photo: H.Diu

Continuing to promote growth drivers

According to the Hanoi Department of Statistics, Hanoi's economic performance is gradually recovering more clearly, changing with increasing momentum every quarter and demonstrating the city's strength. One of the main growth drivers is public investment, which also recorded many positive results.

Specifically, as of September 20, 2023, the cumulative disbursement of the public investment plan is VND 23,469 billion, reaching 44.2% of the plan assigned by the city and 50% of the plan assigned by the Prime Minister. Evaluating the disbursement results of public investment capital in the first nine months of the year, the Hanoi Department of Planning and Investment stated that the disbursement results in the first nine months of 2023 were higher than the same period last year and every month was higher than the national average.

In 2023, Hanoi City has 238 public investment projects under construction, including 219 transitional projects and 19 new projects. Of which, the focus is mainly on the transportation sector with 96 projects, accounting for 53.1% of the capital plan. At the moment, key projects and works in the city are making efforts to focus on urgent construction, ensuring the completion of items and works according to the set plans.

“The units have focused and drastically disbursed VND 4,954 billion, equivalent to 9.3% to complete the committed disbursement plan for the third quarter of 2023 and reached over 95% for the whole year. The city focuses on ensuring the quality and progress of construction of large projects and key works with breakthroughs and high spillover value, contributing to promoting growth and creating new production capacity for the economy”, Director of the Department of Planning and Investment Le Anh Quan said.

In the context of many complex and unpredictable developments in the world and in the country, Hanoi will continue to promote growth drivers (trade, tourism, consumption, investment) and create new growth forces such as green economic development, circular economy, digital economy...

At the same time, improves the ability to forecast impacts and influences on economic development and flexible, timely, and effective policy response. Taking advantage of the opportunity to attract more FDI resources, creates a spillover effect for the development of indigenous businesses.

In addition, Hanoi City will continue to improve the investment and business environment, implement administrative procedure reform associated with digital transformation, and improve the quality of online public services. Promoting digital transformation, considering it as the capital's foundation for development and innovation.

Strictly implement the Resolutions and directions of the Government and the Prime Minister on removing difficulties for businesses and opening up (currency, credit, real estate, securities, corporate bonds); Implement tasks and solutions on exemptions, reductions, taxes, fees, charges, and land rent; reduce interest rates, restructure debt repayment terms according to regulations...

By Xuanthao/Quynhlan

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