Hanoi GRDP growth expands by 1.25-fold to 5.17% in Q1
The construction – industry sector was among key contributors for economic growth by an expansion rate of 7.99% year-on-year, representing an increase of 1.43-fold year-on-year.
While the city’s economy continues to face severe Covid-19 impacts, the gross regional domestic product (GRDP) growth expanded by 5.17% year-on-year in the first quarter, 1.25-fold increase against the 4.13% recorded in the same period of last year.
|Overview of the meeting. Photo: Kinhtedothi|
Director of the municipal Planning and Investment Do Anh Tuan revealed the figure at a meeting on April 2.
“Such result is thanks to the city’s strong push for the twin targets of containing the pandemic and boosting economic growth,” Tuan noted, saying this helps create the momentum for further growth in subsequent quarters of the year.
According to Tuan, the construction – industry sector was among key contributors for economic growth by an expansion rate of 7.99% year-on-year, representing an increase of 1.43-fold year-on-year, and services by 4.54%, rising 1.17-fold.
Among positive notes of the local economy, Tuan pointed out a surge of 12.9% year-on-year in the index of industrial production (IIP) in March against last month, while state budget revenue reached VND72.75 trillion (US$3.16 billion), up 1% year-on-year and equivalent to 30.9% of the yearly’s estimate.
In March, Hanoi has 34 new foreign invested projects worth US$30.5 million and nine existing ones with additional capital of US$47.8 million.
The local authorities also gave business license for 2,622 new enterprises with an average registered capital of VND23.6 billion (US$1 million).
For the second quarters and the rest of the year, Tuan said the city continues to identify the dual targets as a backbone to ensure the realization of socio-economic development targets.
“For long-term, Hanoi is expected to push for administrative reform and create the utmost convenience for the people and businesses,” he said.
This year, Hanoi sets a growth target of 7.5% from an estimated of 3.94% in 2020.
- Hanoi promotes sustainable rice production
- Hanoi focuses on transport infrastructure development to aid growth
- Hanoi greets nearly 31,500 foreign tourists during SEA Games 31
- Hanoi accelerates construction of smart urban projects
- New US-Vietnam Cooperation Center inaugurated in Hanoi
- Hanoi wants to build second int’l airport in Thuong Tin
- Vietnam National University moved to Hanoi's outskirt
- Hanoi earmarks US$1 billion for Ring road No.4 project
- State and Hanoi leaders commemorate President Ho Chi Minh's birthday
- Unique cemetery in Hanoi helps ease passing of pets
IPEF should treasure openness, inclusiveness and transparency: foreign ministry
Muoi Sau sweet soups- the quintessence of Hanoi’s nosh
Vietnam seeks to contribute to peace and stability in Asia
Facebook to charge 5% VAT on ad services in Vietnam
Vietnam seeks opportunities for sustainable education partnerships
“Vietnamese runners are my second family”: Timor Lester athlete at SEA Games 31
Hanoi wants to build second int’l airport in Thuong Tin
Hanoi handicrafts attract international SEA Games 31 guests
Exhibitions mark President Ho Chi Minh’s 132nd birthday anniversary