Hà Nội's economy is projected to expand by 6.27 percent in 2023

HÀ NỘI — Hà Nội has recorded a growth rate of 6.27 percent in gross regional domestic product (GRDP) in 2023, showing quarter-on-quarter improvement, according to the Municipal Statistics Office.

The rate was 5.81 percent in Q1, 5.91 percent in Q2, 6.22 percent in Q3, and 7 percent in Q4, said Đậu Ngọc Hùng, director of the office, adding that this year's growth is very good amid complex and unpredictable developments. Summary of World and Global Trade.

The services sector is projected to expand by 7.26 percent in 2023 over last year, contributing 4.69 percent to GRDP growth. Several sub-sectors recorded relatively good growth, including administrative and support services (including tourism) at 16.33 percent; Arts and Entertainment 15.39 percent; wholesale and retail sales 10.48 percent; Finance, Banking and Insurance 7.77 percent; and transportation and warehousing services at 7.7 percent.

Meanwhile, the industry and construction sector has grown by 5.29 percent this year from 2022, contributing 1.18 percent to GRDP growth. The index of industrial production grew by only 3 percent year-on-year, while processing and manufacturing grew by 2.6 percent, the data showed.

Hùng noted that industrial production faced various difficulties and challenges in 2023 due to the global trade slump. Sales of key industrial exports fell, while domestic consumption slowed and input costs rose, putting pressure on manufacturing.

Foreign trade faced several crises as exports and imports decreased to most of Hà Nội's major and traditional markets. The situation improved since Q4, but there were difficulties, the official noted.

Total foreign trade this year fell 6.4 percent year-on-year to US$54.4 billion. It had exports of $16.7 billion and imports of $37.7 billion, down 2.4 percent and 8.1 percent, respectively, the statistics office said.

During the year, the capital attracted more than $2.94 billion in foreign direct investment, of which $441 million went into 408 new projects, $307 million into 175 existing projects, and $2.19 billion into 326 transactions involving capital and equity purchases. of local institutions.

Additionally, 31,400 new businesses with a registered capital of VNĐ346.6 trillion ($14.28 billion) are set to be established in Hà Nội in 2023, up 6.3 percent and 5 percent from last year, respectively. More than 8,900 companies, down 8 percent, have resumed operations.

While 21,700 companies ceased operations, an increase of 33 percent, 3,500 companies were liquidated, a decrease of 2 percent. – VNS