Hanoi economy expands 5.5% in Q1

Hanoi (VNA) – Hanoi’s economy continues its growth momentum in the first quarter of 2024, thanks to its activeness and flexibility in implementing socio-economic development measures, according to the municipal People’s Committee.

The committee said that the capital city’s gross regional domestic product (GRDP) grows by 5.5% in the first quarter, in which services expand by 5.84%, industry and construction by 4.77% and agro-fishery-forestry by 3.76%, and product tax by 4.94%.

Budget collection reaches 146.8 trillion VND (5.87 billion USD) in the period, equal to 36% of the yearly estimates, and up 3.9% against the same period last year.

Local budget expenditure is 31.59 trillion VND, or 14.7% of the estimates, of which 9.5 trillion VND is for development investment.

In January-March, the capital’s export turnover is estimated at 3.9 billion USD, up 3.7% year-on-year, while its import revenue is estimated at 8.6 billion USD, up 1% year-on-year.

The index of industrial production in the first quarter is estimated to expand 3.6% against the same period of 2023, while total retail sales of consumer goods and services are estimated at 199.6 trillion VND, up 9.3%.

Truong Viet Dung, Chief of the Office of the Hanoi People's Committee Office, said that the city will continue to promote growth associated with controlling inflation and ensuring major balances of the economy.

Attention will be paid to effectively and promptly implementing the government’s policies on interest rates and credit to support businesses and people, and speeding up disbursement of public investment right from the beginning of the year, especially for key projects, and national target programmes, he added./.