Hanoi's economic growth on the rise

Hanoi continues to show positive economic performance in May as the city remains steadfast on pursuing the twin targets of both containing the pandemic and boosting economic growth.

Hanoi's Mayor Chu Ngoc Anh at the meeting. Photo: Kinhtedothi

Chairman of the Hanoi People’s Committee Chu Ngoc Anh gave the assessment in the city’s monthly meeting today [May 27].

In May, Hanoi’s index of industrial production rose by 1.8% against last month and 5.1% year-on-year, leading to an overall growth of nearly 10% year-on-year in the five-month period.

The manufacturing and processing sector, accounting for 96% of total production value in the industry sector, increased by 9.7% year-on-year, Ngoc Anh noted.

Director of the municipal Planning and Investment Department Do Anh Tuan said such results were thanks to the city’s strong push for ensuring smooth operation of economic activities despite the Covid-19 pandemic.

Production at Garment 10 company. Photo: Cong Tho

Tuan informed the city’s export turnover stayed around the same level of April at US$1.25 billion, expanding 2.5% against last May, while imports rose by 4.7% month-on-month and a whopping of 26.2% year-on-year in the January-May period.

The city’s mayor also pointed out other positive economic indicators, including total revenue from retail sales and services of  VND243.8 trillion (US$10.53 billion) in Jan-May, up 11.2% year-on-year; foreign direct investment (FDI) attraction of over US$591 million; and budget revenue of VND110.6 trillion (US$4.78 billion), up 6.5% year-on-year.

In May, the city’s consumer price index (CPI), a gauge of inflation, rose by 1.8% against April and 0.43% year-on-year.

The CPI, however, declined by 0.5% in the first five months compared to the same period of last year and stayed under control, Tuan added.

This year, Hanoi sets a growth target of 7.5% from the estimated 3.94% in 2020.