Hanoi’s gross regional domestic product (GRDP) is on a growing trend, reaching an average of 7.28% per year in the 2016 – 2018 period, according to Nguyen Duc Chung, chairman of the municipal People’s Committee.
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In 2018, Hanoi expects budget revenue to reach VND238.8 trillion (US$10.32 billion), exceeding the year’s estimate by 0.2%, and up 12.6% year-on-year. Its exports in the 11 months through November climbed 21.6% year-on-year to US$14.2 billion, significantly higher than the growth rate of imports of 8.2%.
Hanoi proves to be an attractive investment destination for investor with an increase of total social investment of 10.5 – 10.6% per year. For the first time after 30 years of the renewal process and global integration, Hanoi has attracted US$6.5 billion in FDI in the January – November period, the largest amount nationwide, bringing a total of US$13.25 billion between 2016 and 2018, 2.12 times that of the 2011 – 2015 period.
Notably, the city’s GRDP per capita in 2018 has also increased by 1.3 times compared to 2015, which now stands at US$4,910, nearly double the country’s figure of US$2,540.
The business community in Hanoi also expanded in quantity and scale, creating a driving force for economic development. In the 2016 – 2018 period, Hanoi has 72,944 newly established enterprises, equivalent to 92.5% of the 2011 – 2015 period. The combined pre-tax profit of enterprises by the end of 2017 increased 68% compared to the same period of 2015.
According to Chung, Hanoi continues to be the growth engine of the Red River delta region and of the country overall.
In 2019, the city expects state budget revenue to reach VND263.11 trillion (US$11.32 billion), up 10.2% compared to 2018.
Hanoi has targeted a growth rate of 7.3-7.8% for 2018. In 2019, the capital city expects its GRDP to grow more than 7.5%.
Chung requested local agencies to ensure the efficiency of budget expenditure, focusing on reducing recurrent spending and giving priority to capital expenditure.
