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Sep 30, 2019 / 11:47

Hanoi GRDP grows 7.35% in Jan-Sep

The high growth rate was thanks to strong economic growth of 7.62% in the third quarter, higher than growth rates of 7% and 7.41% recorded in the first and second quarters, respectively.

In the first nine months of 2019, Hanoi’s gross regional domestic product (GRDP) has expanded by an estimated 7.35%, higher than the 7.01% growth recorded in the same period last year, according to the municipal Statistics Office.
Data: Hanoi's Statistics Office. Graphic: Ngoc Mai.
The high growth rate was thanks to strong economic growth of 7.62% in the third quarter (Q3), higher than growth rates of 7% and 7.41% recorded in Q1 and Q2, respectively. 

In the January – September period, the agriculture, forestry and fishery sector declined 0.7% year-on-year, versus an expansion of 3.34% in the same period last year, (mainly due to the impact of African swine fever), which led to a decrease of 0.02 percentage point to the overall growth. The industry and construction sector rose by 8.84%, higher than last year’s year-on-year growth of 7.93%, contributing 2.51 percentage points to the overall growth. The service sector climbed by 6.72%, contributing 4.64 percentage points.

In the first nine months of 2019, FDI committed to Hanoi reached US$5.22 billion, while total registered capital for new and existing projects stood at US$1.01 billion as of September 20, including 631 new projects with US$503 million, and US$509 million in additional funds for 148 ongoing projects. 

Hanoi has seen a total of nearly 20,562 enterprises registered for new establishment in the first nine months of 2019 with registered capital of VND263.8 trillion (US$11.36 billion), up 9% in the number and 28% in the capital year-on-year. Meanwhile, the number of enterprises that completed bankruptcy procedures climbed 30% year-on-year to 1,500. Up to 6,458 enterprises suspended operations temporarily, up 26% and 4,450 resumed operation.  

For the first time since the launch of the provincial competitiveness (PCI) index report in 2005, Hanoi has been named among the top 10 ranking nationwide, claiming the 9th rank out of 63 provinces and cities with a score of 65.40. 

Total retail sales of consumer goods and services grew by 10.3% in the January – September period to VND412 trillion (US$17.74 billion), including VND70.5 trillion (US$3.03 billion) from the state sector, up 5.3% year-on-year, private sector with VND319 trillion (US$13.47 billion), up 12.1%, and the foreign-invested sector with VND22.5 trillion (US$969.27 million), up 2.3%. 

In the first nine months of 2019, Hanoi posted export revenue at US$12.4 billion, up 20.4% year-on-year, while importing goods worth US$23 billion, up 2%, resulting in a trade deficit of US$10.6 billion. 

The consumer price index (CPI) expanded 0.12% month-on-month in September, 2.64% against last December and 2.31% year-on-year. Overall, Hanoi’s CPI in the first nine months increased by an average 3.74% year-on-year. 

During the period, the city's state budget revenue reached VND171.7 trillion (US$7.4 billion), equivalent to 69.9% of the year's estimate and up 15% inter-annually. Of the total, revenue from crude oil reached VND2.6 trillion (US$111.98 million), up 16.8% year-on-year, and domestic revenue of VND169.1 trillion (US$7.28 billion), up 15%.  

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.