What do we see from the picture of economic growth in the first quarter of 5 cities directly under the Central Government?

VCN - According to data from the General Statistics Office, the gross domestic product in provinces and municipal cities (GRDP) over the same period last year increased in 58 localities and decreased in 5 localities across the country. Many localities recorded a higher growth rate of GRDP than GDP growth, such as Hau Giang with an increase of 12.67%; Binh Thuan increased by 9.86%; Hai Phong increased by 9.65%; Khanh Hoa increased by 9.07%; Ca Mau increased by 9.05%.

In a general assessment of the socio-economic situation in the first quarter, Ms Nguyen Thi Huong, General Director of the General Statistics Office, said that in the first quarter of 2023, the world economy continued to have many complicated fluctuations and irregularities; global inflation, although it has cooled down, remained high; slow recovery and decline in consumption demand of major trading partners; world energy prices soar; long-lasting Russian-Ukrainian war. However, Vietnam's economy has achieved positive results. Gross domestic product (GDP) in the first quarter of 2023 increased by 3.32% over the same period last year, of which the agriculture, forestry and fishery sector increased by 2.52%, contributing 8.85% to the general growth; the industry and construction sector decreased by 0.4%, reducing by 4.76%; the service sector increased by 6.79%, contributing 95.91%.

Gross domestic product in provinces and municipal cities (GRDP) over the same period last year increased in 58 localities and decreased in 5 localities across the country. Many localities recorded a higher growth rate of GRDP than GDP, such as Hau Giang increased by 12.67%; Binh Thuan increased by 9.86%; Hai Phong increased by 9.65%; Khanh Hoa increased by 9.07%; Ca Mau, increased by 9.05%, etc. However, in the opposite direction, the GRDP growth of some localities tended to decrease, including Quang Ngai (-1.07%), Vinh Phuc (-2.47%), Ba Ria - Vung Tau (-4.75%), Quang Nam (-10.88%), Bac Ninh (-11.85%).

Hanoi's GRDP increased by 5.80%, ranking 3rd among 5 municipal cities and 32nd out of 63 localities. Photo: H.Diu
Hanoi's GRDP increased by 5.80%, ranking 3rd among 5 municipal cities and 32nd out of 63 localities. Photo: H.Diu

Among the five cities directly under the Central Government, Hai Phong is the locality with the highest growth rate of GRDP in the first quarter, reaching 9.65% and ranking 3rd among 63 localities (after Hau Giang and Binh Thuan); Da Nang increased by 7.12%, ranked 19th out of 63 localities. Hanoi's GRDP increased by 5.80%, ranking 3rd among 5 municipal cities and 32nd out of 63 localities. In fourth place is Can Tho, with a GRDP growth rate of 4.02%, ranking 43/63 localities. Ho Chi Minh City's growth rate was only 0.7%, the lowest among the 5 centrally-run cities and ranked 56/63 localities.

The total added value in the first quarter of Hanoi was estimated at 6.21% compared to the first quarter of 2022, of which the agriculture, forestry and fishery sector increased by 2.11%; the industry and construction sectors increased by 2.41%.On the other hand, the service sector, which accounts for a large proportion of the city's economy, continued to maintain good growth with an increase of 7.4%. Several industries had high growth and contributed much to the general growth, such as administrative activities and support services (including tourism and travel) increased by 35.13%; finance, banking and insurance increased by 9.69%; wholesale and retail increased by 8.22%.

Thanks to the positive recovery of tourism and other associated service sectors, the economy of Da Nang in the first quarter still maintained a reasonable growth rate, with an increase of 7.84% over the same period last year. The service sector increased by 11.53%; the agriculture, forestry and fishery sector decreased by 0.01%; industry and construction decreased by 4.74%.

As a municipal city with the lowest growth rate in the first quarter, Ho Chi Minh City had a growth rate of only 0.7% over the same period last year. The service sector (accounting for more than 65% of the city's GRDP) increased by 2.07%, of which 4/9 of the critical service industries had a negative growth (transportation and warehousing; information and communication; real estate business; healthcare and social relief activities); the industry and construction sector decreased by 3.60%; the agriculture, forestry and fishery sector increased by 2.06%.

The achievements of the whole country and each locality in the first quarter of this year have demonstrated the difficulties in unpredictable and unfavourable world economic and political situations. Entering the second quarter of 2023, Vietnam's economy continues to face many difficulties and challenges, requiring the joint effort and participation of the whole political system, timely direction and administration of the Government, the Prime Minister and the efforts of all levels, sectors, localities and the business community to implement solutions and policies synchronously to achieve the proposing goal of growth.

By Xuan Thao/Phuong Linh

Related News

Cashew exports are struggling because of being on passive in raw material sources

Cashew exports are struggling because of being on passive in raw material sources

VCN - For each container of exported cashew kernels, enterprises lose hundreds of millions of dong when they have to import raw materials at high prices, while export prices are not adjusted to increase accordingly.
Greening creates competitive and sustainable advantages for enterprises

Greening creates competitive and sustainable advantages for enterprises

VCN - The gradual greening of production, green factories, green technology, clean materials, green energy, etc., has become an inevitable trend and creates competitive and sustainable advantages for enterprises in the face of difficulties and challenges.
The outlook for maturing real estate corporate bonds might be more positive in 2024 compared to 2023

The outlook for maturing real estate corporate bonds might be more positive in 2024 compared to 2023

VCN - Customs News interviewed financial expert Nguyen Tri Hieu (Photo).
Developing specialty coffee to enhance the value and reputation of Vietnamese coffee

Developing specialty coffee to enhance the value and reputation of Vietnamese coffee

VCN - Investing in the high-end segment is a way to increase value for the coffee industry, in which specialty coffee is a direction that businesses and cooperatives are interested in and is bringing positive results.

Latest News

Import-export turnover reached nearly US$65 billion in May

Import-export turnover reached nearly US$65 billion in May

VCN - Import and export in May continued to remain at a high level and was the month with the second highest turnover in the first 5 months of the year.
Russia’s Far East potiential destination for Vietnamese businesses: official

Russia’s Far East potiential destination for Vietnamese businesses: official

There is ample room to promote trade between Vietnam and Russia’s Far East, head of the Vietnam Trade Office Branch in the Far East region Nguyen Hong Thanh said in an interview with the Vietnam News Agency (VNA) ahead of the state visit to Vietnam by President Vladimir Putin.
Exports up 13.8% in first half: ministry

Exports up 13.8% in first half: ministry

Vietnam’s exports expanded about 13.8% year-on-year in the first half of this year, and imports rose 18.4%, the Ministry of Industry and Trade (MoIT)’s Planning and Finance Department said at a press conference in Hanoi on June 19.
Seafood businesses clearly point out barriers affecting exports

Seafood businesses clearly point out barriers affecting exports

VCN - Many seafood businesses have mentioned barriers that are affecting exports that need to be removed.

More News

Many exported seafood products have experienced high growth

Many exported seafood products have experienced high growth

VCN - Except for shrimp products, which decreased slightly, all exported seafood products in May 2024 all grew well, including many products with high double-digit growth spurts.
Export turnover increases over 14.9%

Export turnover increases over 14.9%

VCN - By the end of May, export activities maintained a double-digit increase with a turnover of US$156.28 billion.
Rice exports to China drop sharply

Rice exports to China drop sharply

VCN - While the amount of rice exported to Southeast Asian markets increased sharply, the results in the Chinese market were the opposite.
Germany supports Vietnam’s garment industry in green transformation

Germany supports Vietnam’s garment industry in green transformation

Five pilot projects on green technology for Vietnamese textile and garment exporters went on show at the ‘For a Sustainable Garment and Textile Industry in Vietnam’ show held in Hanoi on June 17.
Tuna exports expected to grow by 20% in H1

Tuna exports expected to grow by 20% in H1

Tuna exports are projected to reach 456.8 million USD in the first half of 2024, a year-on-year increase of 20%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Recovery underway, businesses need to accelerate credit

Recovery underway, businesses need to accelerate credit

VCN - In recent directives, the monetary policy regulatory body continues to urge banks to implement practical and effective solutions to strive for credit growth across the system, aiming for a 5-6% increase by the end of Q2 2024.
Seafood exports in 2024 aim for US$10 billion

Seafood exports in 2024 aim for US$10 billion

VCN - On June 10, 2024, at the 2024 General Assembly of Members held by the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood enterprises and regulatory agencies proposed numerous solutions to achieve the goal of US$10 billion in exports for 2024.
New opportunities for Vietnam-Russia trade

New opportunities for Vietnam-Russia trade

The upcoming official visit to Vietnam by Russian President Vladimir Vladimirovich Putin is expected to open up new opportunities in bilateral relations, aiming towards the prosperous development for both sides.
MoIT launches anti-dumping probe into galvanised steel originating from China, RoK

MoIT launches anti-dumping probe into galvanised steel originating from China, RoK

The Ministry of Industry and Trade (MoIT) has requested an investigation and application of anti-dumping measures against some galvanised steel products originated from China and the Republic of Korea (RoK).
Read More

Your care

Latest Most read
Import-export turnover reached nearly US$65 billion in May

Import-export turnover reached nearly US$65 billion in May

Import and export in May continued to remain at a high level and was the month with the second highest turnover in the first 5 months of the year.
Russia’s Far East potiential destination for Vietnamese businesses: official

Russia’s Far East potiential destination for Vietnamese businesses: official

There is ample room to promote trade between Vietnam and Russia’s Far East, head of the Vietnam Trade Office Branch in the Far East region Nguyen Hong Thanh said in an interview with the Vietnam News Agency (VNA) ahead of the state visit to Vietnam by President Vladimir Putin.
Exports up 13.8% in first half: ministry

Exports up 13.8% in first half: ministry

Vietnam’s exports expanded about 13.8% year-on-year in the first half of this year, and imports rose 18.4%, the Ministry of Industry and Trade (MoIT)’s Planning and Finance Department said at a press conference in Hanoi on June 19.
Seafood businesses clearly point out barriers affecting exports

Seafood businesses clearly point out barriers affecting exports

VCN - Representing seafood businesses at the recently held all-member conference, Mr. Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), said the export forecast Aquaculture in the future will be full
Many exported seafood products have experienced high growth

Many exported seafood products have experienced high growth

Except for shrimp products, which decreased slightly, all exported seafood products in May 2024 all grew well, including many products with high double-digit growth spurts.
Mobile Version