Hanoi GRDP expands 7.79% in six-month period (16:20 29/06/2022)

HNP - At the 8th meeting of the Executive Committee of the Hanoi Party Committee, Vice Chairman of the City People's Committee Ha Minh Hai presented a report on the implementation of socio-economic development tasks of Hanoi in the first 6 months of the year, and the key tasks during the remainder of 2022.

Positive economic recovery

The report of the Party Committee of the Hanoi People's Committee shows that, under the close and drastic direction of the Party committees and authorities at all levels, Hanoi has put the Covid-19 pandemic under control; the resumption of production, business, tourism, restaurants and hotels activities in the new normal condition has created momentum for economic recovery and development. Budget revenue - expenditure balance is guaranteed; State budget revenue in the city increased by 20.2% over the same period in 2021 and reached 56.8% of the yearly estimate.

The capital's economy has recovered strongly: GRDP in 6 months increased by 7.79%, 1.29 times higher than the same period in 2021; in which, services increased by 9.05% - 1.54 times the growth rate of the same period (5.87%), industry increased by 6.73% (in the same period of last year, it increased by 7.66%), construction increased by 5.54 %, agriculture by 2.39%, product tax by 4.55%. Estimated local budget expenditure in the first 6 months is VND 33.3 trillion, reaching 31.2% of the estimate and equaling 111.4% compared to the same period in 2021.

Exports were also on the recovery track, while imports maintained high growth. Export turnover in the first 5 months of the year reached US$6.9 billionillion, up 18.8% - more than twice the growth rate of the same period (8.1%); a number of products witnessed positive export growth  such as textiles and garments which accounted for 14.7% and increased by 39.2%; followed by computers, electronic goods and components (13.8% and 20.5%, respectively); wood and wooden products(5.3% and 31.2%)... In the first 6 months of the year, export turnover was estimated at US$8.5 billion, up 19.5%.

Imports attained a high increase similar to the same period last year; turnover in the first 5 months of the year reached US$16.4 billion, up 20.2%; in which, the domestic economic sector increased sharply, reaching 25.7%; the foreign-invested sector increased by 1.4%; Petroleum is a commodity accounting for a large proportion (14.3%) and increased 2.5 times over the same period.

However, there were a number of items with a decrease in import value such as machinery, equipment and spare parts accounting for 14.6% and decreasing by 7.6%; means of transport and spare parts making up 6% and dwindling by 10.2%. Overall for the first 6 months, import turnover was estimated at US$20.1 billion, up 22.5%.

Investment capital for social development increased by 8.8% - higher than the same period last year (8.4%). Mobilized capital from credit institutions in the area continued to grow, meeting the credit needs of the economy and complying with regulations on safety ratios. It is estimated that in the first 6 months of the year, the total mobilized capital of credit institutions in the area is estimated at VND4,482 trillion, an increase of 5.44% compared to December 31; Total outstanding loans were estimated at VND2,648 trillion, up 6.68%. Bad debts of credit institutions in the area accounted for 1.9% of the total outstanding loans.

Strive to achieve highest socio-economic results in 2022

In the last 6 months of the year, the city would focus on overcoming difficulties and challenges, while promoting the achieved results and continuing to implement the tasks and solutions set out at the beginning of the year.

Regarding the prevention and control of the Covid-19 pandemic, Hanoi will focus on synchronously and effectively implementing the Government's Program on Covid-19 prevention and control for the 2022-2023 period; complete vaccination against Covid-19 for children aged 5-12 years before September 2022 and according to the vaccine supply schedule of the Ministry of Health; ensure safe, flexible and adaptive socio-economic activities, effectively control the Covid-19 pandemic; at the same time, promoting investment in the health system according to Resolution No. 02/NQ-HDND dated April 8, 2022 of the City People's Council and Plan No. 139/KH-UBND dated May 6, 2022 of the City People's Committee.

In addition, Hanoi will focus on implementing Resolution No. 15-NQ/TW dated May 5, 2022 of the Politburo on directions and tasks to develop Hanoi until 2030, with a vision to 2045; develop action plans and implementation plans for the Resolution; evaluating the implementation of the Capital Law and speeding up the progress of drafting the capital planning for the period of 2021-2030, with a vision to 2050.

In order to promote the socio-economic recovery and development, Hanoi will accelerate the disbursement of investment projects, especially ensuring  the progress of key projects; maximize the effectiveness of the City's 06 working groups on disbursement of public investment capital; focus on completing investment procedures for Ring Road 4 project - Hanoi Capital Region.

By Hai Nam

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