Hanoi’s economy is beginning to show signs of stability, as its GDP for the first nine months of the year is estimated to have increased by 5.7 percent compared with the same period last year.

According to figures from the city’s Statistics Department, the value of Hanoi’s industrial production increased by 7.7 percent in the first nine months of the year. State-owned industries grew by 5.8 percent, non-state by 10.9 and foreign invested economic sector by 6.4 percent.

However, the city’s exports and the amount of foreign direct investment it has attracted continued to fall due to the impacts of the global economic recession.

Export turnover in the capital dropped by 11.2 percent compared to the same period last year, of which rice exports saw the biggest decrease of 51 percent, followed by coal 27 percent and handicraft products 16 percent.

During this period, the city attracted 225 foreign investment projects with a total registered capital of 400 million USD, a year-on-year decrease of 10 percent in the total number of projects and 91 percent in the total investment capital.

To achieve its socio-economic development goals, the city will continue to introduce various solutions such as increasing the export of commodities with large turnovers, expanding and diversifying the export market and promoting industrial production.

It will also continue to stimulate consumer demand and enhance the distribution systems for commodities to make it easier for domestic products to reach consumers./.