Hanoi's GRDP likely to grow 7.37% in 2018

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Hai Yen 15:47, 2018/11/29

This results in a GRDP per capita of US$4,910, nearly double the country’s figure of US$2,540.

Hanoi's gross regional domestic product (GRDP) in 2018 is set to grow by 7.37%, up from the 7.3% growth recorded in the same period last year, to reach VND904.5 trillion (US$39.13 billion), stated Nguyen Van Suu, vice chairman of Hanoi People’s Committee.

Illustrative photo.

This would result in a GRDP per capita of US$4,910, nearly double the country’s figure of US$2,540, Suu said at a meeting discussing Hanoi’s socio-economic performance in the 2016 – 2018 period, and plan for 2019.

In 2018, Hanoi expects budget revenue to reach VND238.8 trillion (US$10.32 billion), equivalent to 100.2% of the year’s estimate, and up 12.6% year-on-year, he added.

Among 59 cities and provinces having received foreign investment, Hanoi attracted the largest portion of registered capital with US$6.3 billion in the first 11 months of 2018, or 20.4% of total investment, accumulating a total of US$13.25 billion in the 2016 – 2018 period, up 2.12 times compared to the 2011 – 2015 period and 48.6% of the 1986 – 2015 period, Suu said.

The city's exports in the 11 months through November climbed 21.6% year-on-year to US$14.2 billion, significantly higher than the growth rate of imports of 8.2%.

In the three year-period, Hanoi’s exports grew by 10.76%, higher than the 2011 – 2015 period of 5.5%.

Meanwhile, Hanoi welcomed a total of 5.74 million foreign visitors year to date, up 16% year-on-year, exceeding the target of 5.7 million by 2020.

Overall, the capital city has fulfilled and exceeded all the 20 socio-economic targets, Suu added.

Le Hong Thang, director of the municipal Department of Industry and Trade, said the city’s economic structure has shifted towards a higher contribution rate of the service (67.3%), industry and construction sectors at (29.9%), while the proportion of the agricultural sector in GDP has diminished (2.8%).

Hanoi has targeted a growth rate of 7.3-7.8% for 2018. Along with it, the capital city strives to grow its service sector by 7.1-7.3%, the industry and construction sector by 8.5%-8.7%, and the agricultural sector by 2.5 – 3%. Additionally, export turnover growth is expected to reach 7.5-8%, while total social investment growth was put at of 10.5% - 11%.

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