Hanoi’s GRDP estimated to grow 6% in H1

Hanoi’s gross regional domestic product (GRDP) in the first half of 2024 is estimated to increase 6% compared to the 5.86% growth in same period last year.

According to the Hanoi Statistic Office, In the second quarter of the year, the capital city’s industrial production has shown signs of recovery as the number of orders have continued increasing. In the January - June period, the index of industrial production (IIP) rose 5%, of which processing and manufacturing industry expanded 4.1% while product consumption climbed to 13.1%.

The IIP in the second quarter surged 5.7% year on year, of which processing and manufacturing industry was up 5.1%, electricity production and distribution and water supply, waste and wastewater treatment up 10.7%, mining up 2.3%. The figures have demonstrated the recovery of the capital's industrial activities.

Notably, 77.4% of enterprises in the processing and manufacturing industry said that the production and business situation in the second quarter was stable and better than the first quarter, and 82.2% of firms forecast that the situation would be stable and better in the third quarter of 2024.

Also in the first half of this year, the city attracted 1.165 billion USD of foreign investment, including 1.03 billion USD poured into 120 newly registered projects, 55 million USD added to 78 existing projects, and 74 million USD as capital contributions and share purchase by 104 foreign investors.

In the reviewed period, Hanoi had 15,500 newly registered enterprises, down 3% from the same period last year, with registered capital of 149.2 trillion VND, down 3%.

Besides, more than 6,000 enterprises resumed their operations, a surge of 17%, while nearly 2,100 enterprises disbanded, up 14% and nearly 17,000 others suspended operation, up 14%.

Meanwhile, goods export turnover accounted for 8.9 billion USD, up 11% year on year. The domestic economic sector reached an export turnover of 5.2 billion USD, up 14.8%, and the foreign-invested sector reached a turnover of 3.7 billion USD, up 6.1%.

Some main commodity groups saw an increase in export turnover, including computers, electronic goods and components reaching 1,256 billion USD, up 13.6%; means of transport and spare parts, 1.069 billion USD, up 29.5%; machinery, equipment and spare parts, 1,050 billion USD, up 7%; and agricultural products, 836 million USD, up 58.5%.

In the second half of 2024, Hanoi will focus on ensuring economic stability and growth, controlling inflation, and addressing difficulties in production and business while promoting new growth drivers.

The city will also seek to restructure the economy substantively, innovate the growth model to enhance productivity, quality, efficiency, and competitiveness; and promote digital, green, and circular economies.

Alongside creating mechanisms and policies to stimulate socio-economic development, the city will push for urban technical infrastructure development and improve the efficiency and quality of state management in planning, land, urban areas, and environmental protection.

Hanoi will also focus on developing cultural and social spheres, effectively celebrating the 70th anniversary of the Capital's Liberation; improving education and training quality; and developing high-quality human resources linked to the promotion of scientific and technological research, development, and application. The city will pursue administrative reforms, streamline the organisational structure for greater efficiency, and effectively combat corruption, negativity, and waste.

Importantly, the city will reinforce social order and security, fire prevention, and rescue, particularly in high-risk areas. It will maintain robust foreign relations, strengthen information and communication efforts, and to promote public mobilisation to create high consensus and unity among the people.