Hanoi’s economy grows 7.06 percent in Q1 hinh anh 1A corner of Hanoi (Source: VNA)
Hanoi (VNA) – Hanoi’s economy grew in the first months of this year, with good performance in the industry-construction and service sectors, according to the municipal People’s Committee.

During January-March, the city’s gross regional domestic product (GRDP) increased by 7.06 percent, the industry-construction sector grew by 6.99 percent, the service sector by 7.26 percent and the agricultural sector recorded growth of 0.54 percent.

Development investment rose by 9.5 percent, while total revenue from goods and services increased by 7.6 percent and export turnover went up 2.1 percent.

In the period, the capital’s investment environment improved as well, with the city climbing 10 spots in the provincial competitiveness index, ranking 14th out of 63 provinces and cities – its highest ever ranking.

The achievements were attributed to municipal authorities’ efforts to attract investment and speed up infrastructure construction and key projects, including reforms in administrative procedures.

In the first quarter, the city focused on attracting foreign investment, with priority given to hi-tech and environmentally-friendly projects and competitive products.

Hanoi recorded 122 new foreign-invested projects with registered capital of 580 million USD. It also witnessed the establishment of 5,800 enterprises with total registered capital of 39.8 trillion VND (1.75 billion USD), up 12 percent in number and seven percent in capital compared with the same period in 2016.
However, in the period, the inventory index of the processing and manufacturing sector remained high, up 65.1 percent from the same period last year. Industrial production recorded growth, but not as much as expected, as several important sectors like food processing and electronics and computer manufacturing reported low growth rates.

In the remaining months of 2017, the municipal People’s Committee directed authorities to focus on fulfilling set targets and plans, especially those related to budget collection and issuing land use right certificates.

Last year, Hanoi’s gross domestic product rose by 8.2 percent – the highest growth rate over the past five years.-VNA