Business

Hanoi’s economy expands 6.27% in 2023

Hanoi has recorded a year-on-year growth rate of 6.27% in gross regional domestic product (GRDP) in 2023, with improvement seen quarter by quarter, said the municipal Statistics Office.
Hanoi’s economy expands 6.27% in 2023 ảnh 1Hanoi posts a GRDP growth rate of 6.27% in 2023. (Photo: VNA)
Hanoi (VNA) – Hanoi has recorded a year-on-year growth rateof 6.27% in gross regional domestic product (GRDP) in 2023, with improvement seenquarter by quarter, said the municipal Statistics Office.

The rate stood at 5.81% in Q1, 5.91% in Q2, 6.22% in Q3, and 7% in Q4,Director of the office Dau Ngoc Hung said, considering this year’s growth asfairly good amid complex and unpredictable developments in the world and globaltrade contraction.

The service sector has expanded 7.26% in 2023 compared to last year,contributing 4.69% to the GRDP growth. Several sub-sectors have postedrelatively good growth, including administrative and support services (includingtourism) up 16.33%; arts and entertainment 15.39%; wholesaling and retailing10.48%; finance, banking, and insurance 7.77%; and transportation and warehouseservices 7.7%.

Meanwhile,the industry and construction sector this year has increased 5.29% from 2022,contributing 1.18% to the GRDP growth. The index of industrial production hasgrown by only 3% year on year, with processing and manufacturing up 2.6%, datashow.

Hungnoted that industrial production has faced an array of difficulties andchallenges in 2023 due to global trade decline. Sales of key industrial exportshave dropped while domestic consumption slowed down and input costs soared,causing pressure on production.

Hanoi’s economy expands 6.27% in 2023 ảnh 2Nhat Tan Bridge in Hanoi (Photo: VNA)
Foreign trade has faced manyadversities with decreased exports to and imports from most major andtraditional markets of Hanoi. The situation has improved since Q4, butdifficulties remain, the official noted.

Total foreign trade this year standsat 54.4 billion USD, down 6.4% year on year. That consists of 16.7 billion USDin exports and 37.7 billion USD in imports, respectively falling 2.4% and 8.1%

During the year, thecapital city has attracted more than 2.94 billion USD in foreign directinvestment (FDI), comprising 441 million USD poured into 408 new projects, 307million USD into 175 existing projects, and 2.19 billion USD into 326 transactionsto contribute capital to and purchase shares of local companies.

In addition, 31,400 new businesses withregistered capital of 346.6 trillion VND (14.28 billion USD) have been establishedin Hanoi in 2023, respectively up 6.3% and 5% from last year. Over 8,900companies have resumed operations, down 8%.

While 21,700 firms have suspendedoperation, up 33%, 3,500 others dissolved, down 2%, according to theStatistics Office./.
VNA
#Hanoi #gross regional domestic product #GRDP #Hanoi’s economy #industrial production #foreign trade #FDI #updated Vietnam news #Vietnamplus #Vietnam News Agency Ha Noi
Follow VietnamPlus

Related News

Hanoi greets 24 million visitors in 2023

Hanoi greets 24 million visitors in 2023

Hanoi recorded an estimated 24 million tourist arrivals this year, reflecting a remarkable annual increase of 27%, according to the municipal Tourism Department.
Productivity – decisive factor in boosting economic growth: GSO

Productivity – decisive factor in boosting economic growth: GSO

Vietnam needs to adopt various solutions, particularly those to improve the quality of human resources to increase productivity, in order to achieve the 2024 growth target set by the National Assembly, said Nguyen Thi Huong, head of the General Statistics Office (GSO).

See more

HCM City is now a regional specialised financial centre (Photo: VNA)

Vietnam should be flexible in selecting financial centre models: expert

Tuan also highlighted the importance of human capital, one of the five important factors to successfully build a financial centre, citing the Global Financial Centres Index, which ranks business environment, human capital, infrastructure, market development, and reputation as the key drivers of success.

Minister of Industry and Trade Nguyen Hong Dien (L) and US Secretary of Energy Chris Wright in Washington D.C. on March 13. (Photo: VOV)

Vietnam, US look to strengthen comprehensive energy cooperation

Vietnam’s consistent policy is to foster a balanced, sustainable, stable, and win-win economic relationship with the US, the minister stated. Vietnam does not intend to create any barriers that could negatively impact the US’s workers or its economic and national security, Minister of Industry and Trade Nguyen Hong Dien said.

Deputy Prime Minister Nguyen Chi Dung speaks at the first meeting of the steering committee for the building of a project on the private economic sector's development in Hanoi on March 15. (Photo: VNA)

Private sector's development key to Vietnam’s economic growth

Currently, the private economic sector comprises over 6.1 million business establishments, including approximately 940,000 registered enterprises and over 5.2 million household businesses. The sector contributes around 50% of the country’s GDP, accounts for over 56% of total social investment, employs approximately 82% of the workforce, and generates around 30% of state budget revenue and more than 30% of total import-export turnover.

Prime Minister Pham Minh Chinh receives Wouter Van Wersch, Executive Vice President of Airbus International. (Photo: VNA)

PM suggests Airbus help Vietnam in developing aviation ecosystem

During a meeting on March 14 with Wouter Van Wersch, Executive Vice President International of Airbus, Prime Minister Pham Minh Chinh praised the aerospace giant’s cooperation with Vietnamese partners, emphasising its role in boosting domestic and international connectivity and driving Vietnam’s socio-economic growth.

The Vietnam Consumer Rights Day 2025 is under the theme "Transparent Information – Responsible Consumption". (Photo: VNA)

Hanoi launches campaign for Consumer Rights Day

The event, organised by the city's Department of Industry and Trade, aimed to promote consumer protection as a long-term, essential task for all levels of government, businesses and society.