Hanoi’s positive economic performance in the first two months of 2022 has given the city’s foundation for a strong rebound this year.

Hanoi from above. Photo: Giang Huy

The city’s trade turnover in the January-February period returned to the upward trend with exports of US$2.67 billion, up 31% year-on-year, according to Vice Director of the municipal Department of Planning and Investment Vu Duy Tuan.

Upon breaking down, ten out of 12 export groups witnessed strong growth compared to the same period of last year, including garment (112.1%), computers, electronics and parts (149.2%), wood and wooden products (120%).

The strong economic recovery was also partly reflected an increase of 23% year-on-year to $5.9 billion in imports during the period.

In addition, Hanoi attracted over $470 million in foreign direct investment (FDI) as of February 28, ranking third nationwide after Bac Ninh with $1.3 billion, and Thai Nguyen ($924 million).

Another positive point came from the establishment of over 3,600 new enterprises in the two months with registered capital of over VND62.2 trillion ($2.7 billion), as well as nearly 4,000 others resuming operations.

In March, Tuan expected the city to focus on measures to contain inflation and address concerns of businesses to further speed up economic recovery.

Amid the surging prices of petrol products in the global market, the Acting Director of Hanoi’s Department of Industry and Trade Tran Thi Phuong Lan said the agency is taking steps to ensure the supply of the strategic commodities in the city.

“At present, there is no sign of fuel shortage at every filling station in Hanoi,” Lan said.

However, as petrol prices are expected to have direct impacts on those of other necessities, the Department of Industry and Trade is cooperating with other agencies to keep prices of public services or products subject to public administration from rising out of control, Lan added.

In 2022, Hanoi sets a GRDP growth target of 7-7.5%, which is expected to help the city realize its five-year development objectives of 2021-2025.

In the past five-year period, despite making up only 1% of the country’s land and 8.5% of the population, Hanoi contributed 18.5% to the country's budget revenue, 16% of GDP, and 8.6% trade turnover annually.