Hanoi’s economy expands 3.72% in first quarter

The economic slowdown was due to the impact of the COVID-19 pandemic.

Tourism, transportation, accommodation and catering services, processing and manufacturing industries, and import and export activities have suffered the largest losses.

The agro-forestry-aquaculture sector saw a decrease of 1.17%, while the industry-construction sector rose by 5.46% and service sector went up by 3.2%, the office said.

During the period, Hanoi posted export revenue of US$2.7 billion, down 18.1% over the same period last year with sharp decreases in the export revenue of agricultural products (down 27.9%), computers, electronics and components (down 32.1%), and petrol (down 36.7%).

In the first three months of this year, Hanoi reported total budget revenue of VND67.5 trillion (US$2.83 billion), equivalent to 25.9% of the year’s estimate and up 9.4% over the same period in 2019.

Meanwhile, budget spending was estimated at VND13.2 trillion (US$553.8 million), equivalent to 12.8% of the year’s projected total. Hanoi has focused on prioritising spending on healthcare, environmental protection and the maintenance of order and security.