Tuesday, 19 Feb 2019

Hanoi's economy expands 7.07% in H1

Updated at Monday, 02 Jul 2018, 17:55
The Hanoitimes - Hanoi`s economy saw improvements in most sectors, resulting in bigger gross domestic products (GRDP).
For the first half of 2018, Hanoi's gross regional domestic products (GRDP) rose 7.07% against the same period of last year, in which service and industrial sectors played a major part, according to a recent report by Hanoi's Statistics Office.
Illustration photo.
Illustration photo.
Specifically, the industrial and construction industry posted strong growth of 7.72% year-on-year, contributing 1.60 percentage points to the GRDP growth. The industry sector rose 7.77%, adding 1.16 percentage points to the overall growth.

Industrial production continued its high growth rate, reaching a higher-than-average growth rate of 8.1% year-on-year. 

Meanwhile, the service sector in the six-month period expanded hit 7.04% against the comparable period of 2017, adding 4.93 percentage points to the overall growth. Some major sector with large proportion in the GRDP remained stable, such as: retail and service revenue (up by 9.5%); accommodation service (up by 17.8%).

The office said that in the first six months, total mobilized capital of credit institutions stood at VND2,81 trillion (US$122.37 billion), up 6.4% compared to December 31, 2017. Meanwhile, credit demands were met, and bad debt was tamed at 2.82% of total outstanding loans. 

The value of the agriculture, fishery and forestry sector increased by 2.99%, contributing 0.07 percentage points to the GRDP rise. 

For 2018, Hanoi has set the GRDP growth target of 7.3-7.8%. Additionally, the capital city expects the service sector to grow by 6.9-7.5%, the industrial and construction sector by 8.2-8.7%, and export turnover by 7.5-8%.
Nguyen Tung
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