Hanoi GRDP growth expands by 1.25-fold to 5.17% in Q1

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.