Hanoi sees improvements in most socio-economic indicators in Jan – Feb
Among 44 cities and provinces having received foreign investment, Hanoi attracted the largest portion of registered capital with over US$4 billion as of February, or 47.3% of total investment.
In the first two months of 2019, most major socio-economic indicators in Hanoi saw improvements from a year earlier.
Illustrative photo.
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Notably, Hanoi’s exports increased by 21.3%, while imports grew by 8.6%. The number of tourists coming to Hanoi saw an increase of 10.7%, leading to a 7.3% increase in revenue from tourism year-on-year.
State budget revenue collection was posted at VND42.23 trillion (US$1.81 billion), up 25.1% year-on-year and equivalent to 17.2% of the year’s estimate.
As of the end of February, capital mobilization from credit institutions in Hanoi reached VND3,147 trillion (US$135.57 billion), up 0.6% month-on-month and 1.5% compared to the end of 2018.
Additionally, total outstanding loans reached VND1,900 trillion (US$81.85 billion), up 0.6% month-on-month and 1.5% against the end of 2018.
The average consumer price index in the first two months climbed 3.91% year-on-year.
Recently, Hanoi has stepped up efforts in addressing shortcomings towards the improvement of the investment environment, supporting the development of the business community.
Particularly, the processing time of the administrative procedures has been significantly shortened, while 100% investors and business registration procedures are processed online.
Among 44 cities and provinces having received foreign investment, Hanoi attracted the largest portion of registered capital with over US$4 billion as of February, or 47.3% of total investment, followed by Ho Chi Minh City with over US$1 billion or 12% of the total investment, and Bac Ninh with US$541.7 million, accounting for 6.3% of total investment.
Over the past 30 years, Hanoi has transformed into a dynamic city, an ideal investment destination for both local and foreign investors, thanks to its unique advantages. Its status has been heightened in the global stage, after being the host of the North Korea – US second summit.
Nguyen Duc Chung, chairman of the Hanoi People’s Committee, said the city continues to give priority to maintaining an efficient policy for investment attraction.
In the coming time, Hanoi would continue to expand and enhance cooperation with capitals and cities of all countries in the world. Additionally, Hanoi will focus on attracting foreign investment and facilitating exports.
The capital aims to combine cultural exchange with international trade policies to promote Vietnam’s image, particularly Hanoi in the process of development and global integration.
Economist Vo Tri Thanh said Hanoi has been playing a pioneer role in establishing a local government placing citizens and enterprises at its center, while continue to improve its business and investment environments.
Thanks to its effort, Hanoi has closed the gap with Singapore and Hong Kong (China) in certain criteria for business environment.
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