10-month socioeconomic performance in Hanoi

November 21, 2018 | 22:49

(0) user say

In the first ten months of 2018, Hanoi has made leaps and bounds thanks to the local authorities’ efforts to implement the government and the city’s resolutions, issuing timely plans and programmes to strengthen administrative discipline and improving the effectiveness of the political system.

10 month socioeconomic performance in hanoi

The HPA has been actively promoting socioeconomic development in Hanoi

Specifically, according to the report of the Hanoi People's Committee, in the first ten months of 2018, the economy remained stable and grew faster than the same period last year. In October, the industrial production index increased by 5.9 per cent over the previous month and rose by 8.2 per cent over 2017, including a 0.5 per cent increase in mining against the previous month but a decrease of 3.6 per cent compared to the corresponding period last year; processing and manufacturing grew by 6.6 per cent over the previous month and 8.1 per cent on-year.

Along with this, the city has approved the development planning of Hanoi industrial cluster until 2020 with a view to 2030, and Hanoi’s core industrial product development project until 2020 with orientation to 2025. The city has also issued a decision on the establishment of five industrial clusters and ratified the plan on the development of gas trading in the city by 2025 with a vision to 2030.

The commodities and services market also grew quite well (see Table 1).

First 10 months of 2018	Change (per cent)
Total revenue of goods sold and services	$79.13 million	9.4
Retail	$15.9 million	8.9
Export turnover	$10.51 billion	21.6
Foreign invested business in exporting	$4.99 billion	14.4
Local private business in exporting	$4.08 billion	35.3
State-own businesses in exporting	$1.44 billion	13.5
Import turnover	$22.49 billion	6.5
Foreign invested business in importing	$4.83 billion	4
Local private business in importing	$7.83 billion	18.1
State-own businesses in importing	$9.83 billion	-0.2
Table 1: Hanoi's economic indicators during the first 10 months of 2018

In October total retail revenue was estimated at VND45 trillion ($1.95 billion), up 0.9 per cent over the previous month and 6.2 per cent over the same month last year. In the first ten months of this year, the commodities and services market reached VND2.040 trillion ($88.69 million), increasing 9 per cent on-year.

Also, in the first ten months, the city granted registration certificates to 21,169 newly-established enterprises with the total registered capital of VND230 trillion ($10 billion) – up 3 per cent in quantity and 40 per cent in registered capital on-year and approving the dissolution of 1,309 enterprises (25 per cent more than last year). The number of enterprises temporarily suspending operations was 5,587 enterprises (up 34 per cent), while 2,807 enterprises resumed operations. The total number of enterprises in the city reached 251,065.

Regarding domestic investment attraction, the Hanoi Department of Planning and Investment advised the Hanoi People's Committee to approve 76 projects with a total investment capital of VND166.3 trillion ($7.2 billion), and adjust the investment plan of 82 projects, adding altogether VND88.874 trillion ($3.86 billion) to the registered capital of 47 projects.

Foreign investment in the first ten months reached $6.3 billion, nearly triple than in the same period last year, including 492 new projects with the registered capital of $5.18 billion. 140 projects adjusted capital, increasing it by $727 million, while 543 M&A deals were conducted between foreign and domestic firms with the total registered capital of about $440 million.

Contributions to the state budget in the first ten months were estimated at VND189.4 trillion ($8.23 billion), achieving 79.4 per cent of its target (up 10.7 per cent over the same period, see Table 2).

Collected sum	Compared to the same period of last year
Domestic collecting	VND172.624 trillion ($7.5 billion)	79.8 per cent
Income from import and export activities	VND14.501 trillion ($630.47 million)	72.1 per cent
Revenue from crude oil	VND2.231 trillion ($97 million)	n.a.
Table 2: Contributions to the state budget from Hanoi

The culture-society sector continues to develop. The activities, political, and cultural events organised throughout the year were well-prepared and safely organised. The quality of health services has been improved, while disease control was active and effective. Likewise, food hygiene and food safety have been enhanced.

In the last two months of the year, Hanoi will focus on fulfilling its remaining tasks through the implementation of remaining key tasks.

First, to promote economic, urban, and environmental development, the capitol will continue to promote the circulation of commodities and stimulate consumption. It will also endeavour to strictly control prices and the market, especially in the preparation for the Lunar New Year.

The city will also organise cultural and art activities to celebrate the great holidays of the country and the capitol as well as the New Year, promoting sports among the populace and hold the Vietnam National Games.

At the same time, the city will direct and urge the implementation of the 2018 socioeconomic targets, draw up the 2019 socioeconomic development plan and the associated budget estimate, and make headways in HPA's five year plan (2016-2020).

Based on the results achieved in the first ten months of the year and implementing the remaining tasks in the last months of the year, the city expects that the gross regional domestic product (GRDP) will achieve the target of 7.3-7.8 per cent.

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional