Hanoi economy on track for recovery in post pandemic period (19:18 02/07/2022)


HNP - On July 1, Le Hong Son, Member of the Standing Committee of the Hanoi Party Committee, Standing Vice Chairman in charge of operating the Hanoi People's Committee chaired the regular briefing of the Hanoi People's Committee in the second quarter of 2022.  



At the conference, a representative of Hanoi Department of Planning and Investment said that the city's economy, in the second quarter of 2022, continued to recover strongly. Hanoi’s GRDP growth in the second quarter of 2022 is estimated to increase by 9.49% (1.4 times higher than the scenario given at the beginning of the year, 6.4-6.9%).

Standing Vice Chairman of the Hanoi People's Committee Le Hong Son.
 

Cumulative 6-months-GRDP growth of the city rose by 7.79% (1.29 times the increase in the same period in 2021 which was 6.02% and 1.08 times the increase in the same period in 2019 which was 7.21% - at the time when there was no epidemic).  Particulary, services expanded by 9.05% (1.54 times higher than the same period of 5.87%), industry   by 6.73% (up by 7.66% in the same period), construction  by 5.54%, agriculture   by 2.39%, product tax   by 4.55%. Budget revenue and expenditure balance was ensured with total state budget revenue in the area estimated at VND177.4 trillion, reaching 56.9% of the estimate, equaling 122.4% over the same period in 2021.

Besides, export turnover in the second quarter was estimated at US$4.42 billion, up 19% over the same period; accumulated turnover in the first 6 months of the year reached US$8.32 billion, up 17.1% (in the same period in 2021, it grew by 4.5% and in the same period in 2019 by 5.4%). Import  value in the second quarter was estimated at US$11.20 billion, up 28.2% over the same period; accumulated in the first 6 months of the year reached US$20.49 billion, up 24.5% (in the same period in 2021, it increased by 21.1%; in the same period in 2019 it increased by 4.6%).

Total retail sales in the second quarter was estimated at VND174.44 billion, up 24.3%; the cumulative figure in the first 6 months of the year reached VND336.01 billion, up 16.5% - more than twice the growth rate of the same period in 2021 (7.2%). The volume of goods transported in the second quarter increased by 36.2%, revenue  by 46.9%; accumulated growth in the first 6 months of the year was 32.8% and 44.9% respectively (corresponding to a decrease of 10.7% and an increase of 11.3% in the same period).

Notably, the city's tourism industry also had a strong recovery. International tourists to Hanoi in the second quarter increased by 374% and the accumulated figure in the first 6 months reached 234 thousand arrivals, up 232% (in the same period it decreased by 86.2%); Domestic tourists in the second quarter rose by 188% and the accumulated figure  in the first 6 months increased by 142% (it decreased by 17.7% in the same period).

In addition to the achieved results, the City People's Committee also pointed out some shortcomings and limitations such as the average consumer price index (CPI) in the first 6 months of 2022 increased by 3.25%, much higher than the average growth level in the same period in 2021 (1.14%). This has puts pressure on the authorities’ efforts of controlling inflation below 4% this year.

Besides, the industry growth was lower than the same period. The index of industrial production (IIP) in the first 6 months is estimated to increase by 6.6% (in the same period, by 8.7%); Industry GRDP is estimated to increase by 6.73% (in same period it increased by 7.66%). The number of enterprises carrying out procedures for dissolution grew by 13% and those registered to suspend operations (up 51%) is still high.


By Hai Nam


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