Hanoi industrial production expands for third month running
Manufacturing and processing that accounts for 96.5% of total production value in the industry sector expanded 3.8% year-on-year during the seven-month period.
Hanoi’s Index of Industrial Production (IIP) in July has grown 4.9% month-on-month and 7.9% year-on-year, marking positive growth for the third month in a row, according to the municipal Statistics Office.
|Hanoi industrial production expands for the third month in a row.|
Such growth led to an expansion of 4% year-on-year of the IIP in the January – July period, said the municipal Statistics Office in its monthly report.
Upon breaking down, the mining industry’s output decreased 8.8% year-on-year between January and July, while the manufacturing and processing industry, accounting for 96.5% of total production value in the industry sector, expanded 3.8%.
Production and distribution of electricity rose 6.3% year-on-year while water supply, sewage treatment and water collection was up 5.6%.
Subsectors that increased sharply due to growing demand during the pandemic include medicine (up 36.6% year-on-year); furniture production (21.6%); computers and electronic products (20.4%), among others.
Meanwhile, major industrial subsectors that saw their output down in the January – July period were beverage (-19% year-on-year), transportation vehicles (-12.9%), clothes (-5%), and industrial textile (-3.8%).
Pandemic pain lingers
According to the report, the employment rate at industrial companies decreased by 1.9% year-on-year during the seven-month period. The rate at the state-run sector was down by 5.2%; that of the private sector contracted 1.3%, and that of the foreign-invested sector dipped 1.3%.
In the January – July period, Hanoi’s exports slipped 7.6% year-on-year to US$8.29 billion, and imports were down 9.2% to US$16.3 billion, resulting in a trade deficit of US$8.01 billion.
The city's state budget revenue dwindled 11.9% year-on-year to VND134 trillion (US$5.78 billion), of which revenue from crude oil was VND1.78 trillion (US$76.78 million), down 10.1%, and domestic revenue totaled VND122.4 trillion (US$5.27 billion), down 16%.
Notably, foreign direct investment (FDI) commitments to Hanoi in the year to July 22 hit US$2.8 billion.The investors registered to pour US$431 million into 339 fresh projects, an additional US$1.2 billion into 91 existing projects. They have also injected US$1.17 billion in acquiring stakes or contributing capital in local companies.
Meanwhile, nearly 14,800 enterprises were established during the seven-month period with registered capital of VND203 trillion (US$8.75 billion), down 5% in the number of enterprises but up 6% in capital year-on-year. The number of enterprises suspending operations during the period surged 34% year-on-year to 6,921, while 3,717 resumed operations.
The consumer price index (CPI), the main gauge of inflation, went up 0.44% month-on-month in July and 2.53% year-on-year. This resulted in an average expansion of 3.51% year-on-year in the first seven months of this year.
Total retail sales of consumer goods and services in Hanoi in the seven-month period are estimated at VND319.5 trillion (US$13.77 billion), up 1.1% year-on-year.
- Hanoi to push for decentralization scheme in local units: City Party chief
- Hanoi determined to preserve its "green lung"
- Hanoi to build two new cities, creating springboard for Hoa Lac, Noi Bai areas
- UNESCO promises tight partnership with Hanoi in heritage and relic conservation
- Hanoi targets 100% of population with accounts on public services portal
- Hanoi holds Olympic Day Run 2023
- Re-enacting an 80s and 90s style wedding in Hanoi's Old Quarter
- Hanoi urged to speed up digital transformation in smart city construction
- Cultural heritage to propel Hanoi’s future development
- Hanoi seeks UNESCO’s support in preserving cultural heritage
Vietnam, China enhance border ties
There cannot be another genocide: Ambassadors
Balade en France gastronomic festival - Walking in France in the heart of Hanoi
Vietnam considers issuing e-visas to citizens of all countries and territories
Business executives to face disciplinary action for failure to stop smuggling activities
Travel enthusiasts flock to Hanoi Tourism Festival 2023
Effective public investment as a top political mission: PM
Hanoi named among Vietnam's most beautiful places
Hanoi among cities with most trees in the world