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Hanoi’s GRDP grows nearly 7% in Q1
Ngoc Mai 16:47, 2019/03/27
During the January – March period, Hanoi attracted the largest portion of FDI nationwide at US$4.15 billion, up 10-fold year-on-year.
In the first quarter of 2019, Hanoi’s gross regional domestic product (GRDP) expanded 6.99%, nearly unchanged from the 6.98% recorded in the same period last year, according to Nguyen Manh Quyen, director of the municipal Department of Planning and Investment. 
 
Illustrative photo.
Illustrative photo.
Notably, Hanoi attracted the largest portion of FDI nationwide during the period, posting US$4.15 billion, 10 times the amount of the same period last year. The figure comprises of US$110.71 million from new projects and US$3.93 billion in capital contribution and share purchases by foreign investors, Quyen informed at a meeting on March 26. 

Total retail sales of consumer goods and services grew by 10.3% in the January – March period, while exports soared by 113%. 

During the first quarter, the city's state budget revenue reached VND68.1 trillion (US$2.92 billion), equivalent to 28.6% of the year's estimate and up 30.3% year-on-year. 

Meanwhile, the city’s budget spending stood at VND11.74 trillion (US$506.04 million) or 11.6% of the estimate, including VND3.42 trillion (US$146.65 million) of capital investment, equivalent to 7.6% of the estimate and recurrent expenditure of VND8.3 trillion (US$356.07 million), or 17.5% of the estimate. 

For the second quarter, Hanoi continues to simplify administrative procedures in a bid to improve the business environment and enhance the city’s competitiveness, Quyen said. 

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 the GRDP growth in the 2016 – 2020 period of 7.33% - 7.41%, which is in line with the city’s five-year development plan. 
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