Hanoi
Hanoi economic growth maintains upward trend in H1
Hanoi attracted the largest portion of FDI nationwide during the six-month period, posting US$5.3 billion, accumulating a total of US$41.2 billion in registered capital so far.
In the first six months of 2019, Hanoi’s gross regional domestic product (GRDP) expanded 7.21%, higher than the previous growth of 7.15% recorded in the same period last year, according to the municipal Statistics Office’s report.
Upon breaking down, the agriculture, forestry and fishery sector has increased by 1.15% year-on-year, lower than the growth rate of 3.29% recorded in the first half of last year, due to the impact of African swine fever.
Additionally, the sector of industry and construction has risen by 8.38%, higher than an expansion rate of 7.88% a year earlier; and the service sector up 6.66%, contributing 4.69 percentage points.
Notably, Hanoi attracted the largest portion of FDI nationwide during the period, posting US$5.3 billion, accumulating a total of US$41.2 billion in registered capital so far, of which US$20.5 billion has been disbursed or 49.7% of the total.
The industry and construction sector continued to attract substantial attention with investment capital contributing to 37.2% of total FDI approvals.
Both real estate and trade-services were the second most heavily invested sectors, with 31.2% of total registered capital, followed by forestry – fishery - agriculture with 0.2%.
The data shows that Japan has been the top investor in Hanoi to date with US$10.24 billion, followed by Singapore with US$6.6 billion, while the third place belongs to South Korea with US$5.52 billion.
Total retail sales of consumer goods and services grew by 10.9% in the January – June period to VND269.8 trillion (US$11.6 billion), including VND46.7 trillion (US$2 billion) from the state sector, accounting for 17.3% of the total and up 6.2% year-on-year, private sector with VND208.1 trillion (US$8.95 billion), or 77.1% of the total and up 12.6%, and the foreign-invested sector with VND15 trillion (US$645.2 million), equivalent to 5.6% and up 3.6%.
In the first half of 2019, Hanoi posted export revenue at US$7.2 billion, up 5.4% year-on-year, while importing goods worth US$15.75 billion, up 4.6%, resulting in a trade deficit of US$8.55 billion.
During the period, the city's state budget revenue reached VND68.1 trillion (US$2.92 billion), equivalent to 28.6% of the year's estimate and up 30.3% year-on-year.
The consumer price index (CPI) expanded 0.33% month-on-month in June, 2.22% against last December and 3.87% year-on-year. Overall, Hanoi’s CPI in the first six months averaged 4.07% year-on-year.
Hanoi posted budget revenue of VND132.1 trillion (US$5.68 billion) during the six-month period, equivalent to 50.2% of the estimate and up 12.8% year-on-year. Of the total, revenue from taxes and fees amounted to VND122.4 trillion (US$5.26 billion), up 13.6% and trade turnover reached VND8 trillion (US$344 million), up 0.3%.
Meanwhile, the city’s budget spending stood at VND33.8 trillion (US$1.45 billion) or 33.5% of the estimate and up 9.1% year-on-year, including VND14.5 trillion (US$623.48 million) of capital investment, equivalent to 32.2% of the estimate and recurrent expenditure of VND19.3 trillion (US$829.88 million), or 40.7% of the estimate.
Hanoi targets GRDP growth rate of 7.5% in 2019 and 2020, leading to the GRDP growth in the 2016 – 2020 period of 7.33% - 7.41%, which is in line with the city’s five-year development plan.
Illustrative photo.
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Additionally, the sector of industry and construction has risen by 8.38%, higher than an expansion rate of 7.88% a year earlier; and the service sector up 6.66%, contributing 4.69 percentage points.
Notably, Hanoi attracted the largest portion of FDI nationwide during the period, posting US$5.3 billion, accumulating a total of US$41.2 billion in registered capital so far, of which US$20.5 billion has been disbursed or 49.7% of the total.
The industry and construction sector continued to attract substantial attention with investment capital contributing to 37.2% of total FDI approvals.
Both real estate and trade-services were the second most heavily invested sectors, with 31.2% of total registered capital, followed by forestry – fishery - agriculture with 0.2%.
The data shows that Japan has been the top investor in Hanoi to date with US$10.24 billion, followed by Singapore with US$6.6 billion, while the third place belongs to South Korea with US$5.52 billion.
Total retail sales of consumer goods and services grew by 10.9% in the January – June period to VND269.8 trillion (US$11.6 billion), including VND46.7 trillion (US$2 billion) from the state sector, accounting for 17.3% of the total and up 6.2% year-on-year, private sector with VND208.1 trillion (US$8.95 billion), or 77.1% of the total and up 12.6%, and the foreign-invested sector with VND15 trillion (US$645.2 million), equivalent to 5.6% and up 3.6%.
In the first half of 2019, Hanoi posted export revenue at US$7.2 billion, up 5.4% year-on-year, while importing goods worth US$15.75 billion, up 4.6%, resulting in a trade deficit of US$8.55 billion.
During the period, the city's state budget revenue reached VND68.1 trillion (US$2.92 billion), equivalent to 28.6% of the year's estimate and up 30.3% year-on-year.
The consumer price index (CPI) expanded 0.33% month-on-month in June, 2.22% against last December and 3.87% year-on-year. Overall, Hanoi’s CPI in the first six months averaged 4.07% year-on-year.
Hanoi posted budget revenue of VND132.1 trillion (US$5.68 billion) during the six-month period, equivalent to 50.2% of the estimate and up 12.8% year-on-year. Of the total, revenue from taxes and fees amounted to VND122.4 trillion (US$5.26 billion), up 13.6% and trade turnover reached VND8 trillion (US$344 million), up 0.3%.
Meanwhile, the city’s budget spending stood at VND33.8 trillion (US$1.45 billion) or 33.5% of the estimate and up 9.1% year-on-year, including VND14.5 trillion (US$623.48 million) of capital investment, equivalent to 32.2% of the estimate and recurrent expenditure of VND19.3 trillion (US$829.88 million), or 40.7% of the estimate.
Hanoi targets GRDP growth rate of 7.5% in 2019 and 2020, leading to the GRDP growth in the 2016 – 2020 period of 7.33% - 7.41%, which is in line with the city’s five-year development plan.
