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Hanoi striving for high economic objectives
Ngoc Thuy 17:14, 2018/05/03
Administrative reform, investors attraction and business supports are priorities for Hanoi to achieve socio-economic development targets in 2018.
In the first four months, Hanoi's industrial production index rose 8.1% year on year, said the Hanoi Statistics Office. 
 
Hanoi striving for high economic performance.
Hanoi striving for high economic performance.
Investment capital from state budget under Hanoi's administration reached VND8.4 trillion (US$368 million), increasing 4.6% over the last year period. Notably, Hanoi's export turnover is estimated at US$4 billion, up 11% year on year. 

The capital's state budget revenue in four months accounted for VND70.2 trillion (US$3 billion), equivalent to 32.2% of the estimation and increasing 12% year on year. 

Hanoi's investment environment continues strong improvement, with its provincial competitive index (CPI) in 2017 stood at an all-time high of 13th out of 63 provinces/cities.

Additionally, Hanoi continues to be at the top spot in processing business registration procedures electronically. Enterprises can now declare tax and going through custom procedures online.

The capital also is ranked second nationwide in technologies and e-commerce application. Tax revenue from the foreign direct investment (FDI) sector increased 13.5%, informed the Hanoi Tax Department, while this figure from the private sector also up 27.9%. 

Most of districts and wards have exceeded revenue collection target, in which districts such as Hoan Kiem, Ha Dong, and Bac Tu Liem witnessed high growth rate of 33.4%, 32% and 30%, respectively. 

However, Hanoi's GRDP growth rate in first quarter at 6.98%, 0.5% higher than that of in the first quarter of 2017, but is still lower than the country's average growth rate. 

Meanwhile, rising value of the service sector hits 7.05% against the first quarter of 2017 (contributing 5.1% to the GRDP rise). Some major sector with large proportion in the GRPD remain the stable growth, such as: retail, wholesale, repair of car, motorbike and engine-vehicles (up by 8.23%, contributing 1.51 percentage point to the mutual rise); accommodation and food service (up by 7.54%); information and communication (up by 8.17%); finance, banking and insurance (up by 7.88%), science, state management, education, healthcare hold stable growth.

Tourists coming to Hanoi in the first three months reached 6.7 million, up 9% year on year; while state budget revenue is posted at VND58 trillion (US$2.54 billion), up 12.3% year on year, and equivalent to 24.4% of estimates. 

Hanoi also facilitated the implementation of public online services (POS), for which the capital has put into operation 502 POS. The objective is to carry out 55% POS out of the administrative procedures, which requires a higher effort from the entire city's political system, stressed Hai.

Hanoi aims to reach GRDP target at 7.3-7.8% in 2018. The city expects to have over 50,000 newly established enterprises in 2018 (including business households which are transformed into enterprises). Along with this target, Hanoi expect the service's growth of 6.9-7.5%; while that of industry and construction at 8.2%-8.7%; export turnover at 7.5-8%.

In 2017, Hanoi reached GRDP at 8,5%, according to Hanoi's Statistics Bureau. The city's 2018 target is actually the same to its 2017 figures, but is revised under the new methodology, which is stated in its 2018 economic plan report.
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