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Hanoi’s budget revenue increases 18.7% YTD
Ngoc Thuy 20:55, 2019/04/25
During the January – April period, Hanoi attracted the largest chunk of FDI nationwide at US$4.47 billion, up 6-fold year-on-year and accounting for 30.6% of total investment in the period, indicating strong efforts from the local authority for greater investment environment.
In the first four months of 2019, total state budget revenue in Hanoi reached VND90.42 trillion (US$3.87 billion), equivalent to 34.4% of the year’s plan and up 18.7% year-on-year, according to Tran Ngoc Nam, vice director of the municipal Department of Planning and Investment. 
 
Illustrative photo.
Illustrative photo.
Meanwhile, the city’s budget spending stood at VND17.18 trillion (US$735.78 million) or 17% of the estimate, resulting in a budget surplus of VND73.24 trillion (US$3.14 billion), Nam said at a meeting on April 25.

During the January – April period, Hanoi attracted the largest chunk of FDI nationwide at US$4.47 billion, up 6-fold year-on-year and accounting for 30.6% of total investment in the country in the period, indicating strong efforts from the local authority for greater investment environment, Nam added. 

The city’s exports amounted to US$4.56 billion in the four-month period, representing an increase of 12.9% year-on-year, while imports reached US$10.1 billion, up 4.9%. 

Notably, the city’s consumer price index (CPI) during the period saw an increase of 4.06% year-on-year. Some commodity groups, which are components of the basket for CPI calculation, witnessed year-on-year hikes in prices. Among them, education posted the highest increase of 12.65%; culture, entertainment, and tourism 5.13%; food and catering services 5.67%; housing, water and electricity supply, and construction materials 4.3%. 

Hanoi’s Index of Industrial production (IIP) in April increased 2.1% month-on-month and 7.5% year-on-year, leading to an increase of 6.8% year-on-year in the first four months. 

Additionally, total retail sales of consumer goods and services grew by 1.4% month-on-month and 11.6% year-on-year in April to VND216.9 trillion (US$9.28 billion).

Foreign tourists coming to Hanoi in the January – April period reached 1.67 million, up 5.8% year-on-year, while revenue collected from tourism stood at VND24 trillion (US$1.02 billion), up 8.9%. 

In a previous meeting, Nguyen Manh Quyen, director of the department, said Hanoi would continue to simplify administrative procedures in a bid to improve the business environment and enhance the city’s competitiveness in this second quarter. 

In the time ahead, Hanoi is expected to hold a conference on improving business environment and its provincial competitiveness index (PCI) in 2019 and subsequent years, Quyen added. 

Additionally, the city gives priority to startups and supporting the development of the private sector, he continued. 

Hanoi targets GRDP growth rate of 7.5% in 2019 and 2020, leading to an expansion of 7.33% - 7.41% in the 2016 – 2020 period, which is in line with the city’s five-year socio-economic development plan. 
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