Ha Noi’s economy begins to accelerate

28/04/2021

VGP –  Ha Noi’s economy has begun to accelerate since March, showing signs of stable growth and keeping on the right track with the plans and common goals set for 2021.

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Positive change has been recorded in local firms’ business and production. The capital city has set the tasks of persisting with the dual goal and ensuring economic growth in Q2 to create growth momentum for the remaining quarters of the year.

Positive changes recorded in enterprises’ business and production

According to a report by the Ha Noi People’s Committee, the city’s gross regional domestic product (GRDP) expanded by 5.17% in the first quarter of 2021, 1.25 times higher than the growth level recorded in Q1 2020 (up 4.13%).

During the January-March period, Ha Noi’s state budget revenue reached roughly VND72.393 trillion (US$3.15 billion), equivalent to 30.8% of the yearly estimate assigned by the Government. 

The city’s total budget expenditure stood at VND12.558 trillion (US$544.6 million), meeting 11.6% of the estimate and down 8.1% year-on-year. 

Ha Noi exported US$1.078 billion worth of products in March, an increase of 24.4% from the previous month and up 0.8% over the same period in 2020. Its Q1 figure reached US$3.118 billion, down 1% compared to Q1 2020. 

Last month, the capital’s import turnover was estimated at US$2.177 billion, up 3.3% from February and down 10% year-on-year. 

Regarding the first quarter of 2021, Ha Noi spent US$6.988 billion importing commodities, up 4% compared to Q1 2020. 

Thus, since March 2021, the capital’s economy has begun to accelerate, showing signs of stable growth and keeping on the right track with the plans and common goals set for 2021.

Reforming administrative procedures and creating favorable conditions for businesses

Drastically implementing the dual goal and ensuring economic growth Q2 to create growth momentum for the next quarters of 2021, during a virtual quarterly meeting of the municipal People’s Committee, its chairman Chu Ngoc Anh asked functional units to carefully analyze the lower-than-expected growth targets in the opening quarter, and to clearly outline the implementation roadmaps and plans in order to accelerate the sectors with great potential and contributing significantly to the city’s GRDP.

He also urged for further attention to removing difficulties for enterprises, taxpayers, and especially those affected by COVID-19.

In 2021, Ha Noi is targeting an export growth rate of 5% to reach approximately US$16.78 billion.