Hanoi’s gross regional domestic product (GRDP) growth in the first quarter is estimated at 5.83% year-on-year, demonstrating the recovery trend in socio-economic development, according to the municipal Statistics Office.

Hanoi from above. Photo: Le Viet

Upon breaking down, the agro-forestry-fishery sector expanded by 3.39%, contributing 0.07 percentage points to the overall growth; the construction and industry sectors by 5.61%, or 1.05 percentage points, and the services by 6.15%, or 4.06 percentage points. 

The first quarter also witnessed improvements in a number of the services sector, including an 11.22% year-on-year growth in logistics; 10.31% in finance-banking; 6.08% in real estate; 10.31% in science and technology;  5.88% in education and training; and  16.49% in healthcare.

According to the statistics authorities, Hanoi’s socio-economic performance during the first months of the year was affected by growing global uncertainties, especially the Russia-Ukraine conflict and the complicated Covid-19 situation around the world.

In addition, rising prices of strategic commodities have also left consequences for production/business activities, which has resulted in high inflationary pressure for economies, it added.

In the case of Vietnam, the country’s effective vaccination strategy has helped put the pandemic under control and laid the foundation for a focus on socio-economic recovery.

“The strategy of safe and flexible adaptation to the pandemic was key for economic recovery,” stated the statistics office.

Total revenue from retail sales and services in Hanoi in the first quarter sharply increased by 9.1% year-on-year to VND107.1 trillion ($4.7 billion), up 9.1% year-on-year.

Hanoi’s trade turnover in the first quarter of 2022 was estimated at $12.7 billion, up 14.7% year-on-year, in which exports rose by 6.1% to $3.6 billion, and imports to  $9.1 billion, up 18.5%.

The city also received $513.1 million in foreign direct investment (FDI) during the period, up 7.8% year on year.

The positive economic prospects have also been reflected by the registration of over 2,700 new businesses in March, up 5% year-on-year, taking the total number to nearly 6,000 in the January-March period, representing an increase of 2%.

The rate of online business registration continues to be maintained at 100%, as Hanoi keeps pushing for administrative reforms and e-Government development.

Meanwhile, nearly 4,000 businesses have returned to operation, up 2% from the same period of last year.

Despite recording a modest GRDP growth of 2.91% in 2021, Hanoi aims to achieve an average growth of 8.25-8.4% for the 2022-2025 period, which would help the city realize its five-year  GRDP growth target of up to 7.5% for 2021-2025.