Hanoi industrial production continues growing trend in October
The Hanoitimes - Manufacturing and processing, which accounts for 96.5% of total production value in the industry sector, expanded 4.3% year-on-year between January and October.
Hanoi’s Index of Industrial Production (IIP) in October has grown 3.1% month-on-month and 5.4% year-on-year, marking continued positive growth since May, according to the municipal Statistics Office.
Hanoi's industrial production has been on a positive trend since May. Photo: Pham Hung.
Such growth has led to an expansion of 4.4% year-on-year of the IIP in the January – October period, said the municipal Statistics Office in its monthly report.
Upon breaking down, the mining industry’s output decreased 11.3% year-on-year between January and October, but posed little impact to the overall growth due to its modest contribution to the economy. The manufacturing and processing industry, accounting for 96.5% of total production value in the industry sector, expanded 4.3%.
Production and distribution of electricity rose 5.8% year-on-year while water supply, sewage treatment and water collection went up 5.6%.
Subsectors that increased sharply due to growing demand during the ten-month period include medicine manufacture (up 28.8% year-on-year); computers and electronic products (19%); furniture production (17.6%); food processing (10.7%), among others.
Meanwhile, major industrial subsectors that saw their output down during the period were beverage (-15.1% year-on-year), transportation vehicles (-12.3%), production of leather and related products (-4.3%), clothes (-3.7%), and industrial textile (-3.5%).
According to the report, the employment rate at industrial companies decreased by 1.7% year-on-year during the ten-month period. The rate at the state-run sector was down by 4.8%; that of the private sector contracted 1.9%, and that of the foreign-invested sector dipped 0.6%.
In terms of economic sectors, the employment rate in manufacturing and processing sector declined by 1.4% year-on-year; followed by electricity production and distribution (-3.9%); water supply, sewage treatment and water collection (-1.2%); and mining (-21.1%).
Number of enterprises suspending operation surges 50%
In the January – October period, Hanoi’s exports slightly rose by 0.1% year-on-year to US$13.2 billion, and imports were down 9% to US$23.5 billion, resulting in a trade deficit of US$10.3 billion.
Export items that recorded strong growth in the first ten months were wood and wooden products with US$426 million, up 5.8% year-on-year; rice with US$343 million (23.3%); glass and products made from glass with US$294 million (1.9%), among others.
The city's state budget revenue dwindled 7% year-on-year to VND208 trillion (US$8.97 billion), or 74.6% of the year’s estimate, of which revenue from export – import activities was VND15 trillion (US$645 million), or 81.5% of the estimate and down 3.9%; crude oil was VND1.99 trillion (US$85.7 million), or 94.8% of the estimate and down 23.6%, and domestic revenue totaled VND191.04 trillion (US$8.22 billion), or 78.7% of the estimate and down 1.1%.
Meanwhile, Hanoi spent VND54.7 trillion (US$2.35 billion) in the ten-month period, or 53% of the estimate and up 5% year-on-year, including VND22.84 trillion (US$985.22 million) on capital expenditure and VND31.7 trillion (US$1.36 billion) on recurrent spending.
Notably, foreign direct investment (FDI) commitments to Hanoi in the year to October 20 hit US$3.13 billion, ranking third nationwide and accounting for 13.3% of total. The investors registered to pour US$660 million into 450 fresh projects, and an additional US$1.25 billion into 130 existing projects. They have also injected US$1.21 billion to acquire stakes or contribute capital in local companies.
Meanwhile, nearly 22,500 enterprises were established during the ten-month period with registered capital of VND288.7 trillion (US$12.42 billion), down 4% in the number of enterprises and 13% in capital year-on-year. The number of enterprises suspending operations during the period surged 50% year-on-year to 9,972, while 5,690 resumed operations, up 17%.
The consumer price index (CPI), the main gauge of inflation, declined 0.12% month-on-month in October and 0.1% versus last December, but up 1.88% year-on-year. This resulted in an average expansion of 3.15% year-on-year in the first ten months of this year.
Total retail sales of consumer goods and services in Hanoi in the ten-month period are estimated at VND474.6 trillion (US$20.47 billion), up 2.2% year-on-year.
In October, the number of foreign tourists coming to Hanoi surged 20% against the previous month to 20,000, but down 94.9% year-on-year. Of the total, tourists from South Korea stood at 6,800, up 21.9% month-on-month, followed by Japan with 2,500, up 9.8%, and China with 2,400, up 30.6%. The majority of foreign arrivals to Hanoi are experts and investors.
Overall, the total number of foreign tourists to Hanoi in the ten-month period was 764,000, down 79% year-on-year, while the domestic ones reached 1.83 million, down 81.9%.
- Hanoi to ban motorcycles by 2030
- Disbursement of Hanoi public funds hits nearly 90% of target
- Hanoi proposes solutions to complete satellite urban planning project
- Hanoi must tighten Covid-19 discipline: Municipal Party chief
- Hanoi to realize Red river zoning plan to serve smart city development
- Hanoi targets to cut greenhouse gas emissions by 15% in 2030
- Hanoi's economic growth set to reach 3.94% this year
- Sleepless night in Hanoi as people looking for bargain deals
- Switzerland eyes signing of Vietnam–EFTA trade deal next year: Amb.
- Hanoi targets to have 10 logistics centers
Vietnam to allow citizens to use sparklers as Tet approaches
Hanoi to ban motorcycles by 2030
Hanoi to host golf festival 2020
Vietnam wins at World Travel Awards 2020
Vietnam expects to massively produce own Covid-19 vaccine by mid-2022: Expert
Hanoi completes traffic infrastructure to develop satellite urban areas: Official
Close-up of first train of Hanoi’s second metro line put on rails
Apple partner Pegatron mulls US$1-billion investment in hi-tech projects in Vietnam
Hanoi’s weekend pedestrian streets allowed to reopen from September 18