Hanoi economy presents mixed picture

Some indicators slightly lower

According to the Hanoi Statistical Office, the city’s index of industrial production (IIP) in January 2023 declined 23.1 percent and 10.8 percent compared to the previous month and to the same period last year, respectively. Of this, the IIP of the processing and manufacturing industry in January 2023 decreased 24.8 and 12.3 percent, respectively; electricity production and distribution were down four percent and also up four percent, respectively.

Hanoi focuses on implementing its 2023 socioeconomic development plan

In January 2023, Hanoi attracted an additional US$21.8 million in foreign direct investment (FDI), including US$2.4 million in registered capital of 22 newly licensed FDI projects, US$14.2 million as increased capital of nine projects, and US$5.2 million worth of foreign investors’ shares and holdings.

Hanoi’s January 2023 export turnover was estimated at US$1.358 billion, down 14.4 percent and up 0.3 percent compared to the previous month and year on year, respectively, of which the revenue of domestic enterprises reached US$759 million, down 14.1 percent and up five percent, respectively; and that of foreign-invested enterprises reached US$599 million, down 14.6 and five percent, respectively.

Meanwhile, the city’s import value was estimated at US$3.172 billion, down 11.8 percent and up 5.4 percent compared to the previous month and the same period last year, respectively, of which the revenue of the domestic economic sector reached US$2.579 billion, down 11.7 percent and up 5.2 percent, respectively; and that of the foreign-invested sector reached US$593 million, down 12.1 percent and up 6.3 percent, respectively.

Six major targets

Hanoi has identified 22 targets and groups of tasks for 2023. These include a seven percent year-on-year gross regional domestic product (GRDP) growth; per capita GRDP of VND150 million a year; export growth of six percent; a consumer price index (CPI) growth of less than 4.5 percent; and a 30 percent reduction in the number of poor households compared to the end of 2022.

Hanoi People's Committee Chair Tran Sy Thanh said the city would adhere closely to resolutions, conclusions, and action programs of its Party Committee and People’s Council to realize resolutions of the Politburo and the Central Committee of the Communist Party of Vietnam in implementing the objectives, maintaining stability and ensuring major balances of the economy, controlling inflation, and promoting growth.

It will also enforce discipline in the Public Investment Plan for 2023 and the 2021- 2025 period, including disbursement of public investment capital according to plans, and comprehensive and synchronous development of culture, education and healthcare.

The city will also accelerate planning of urban and rural infrastructure development, effectively use land and natural resources, and protect the environment, enhance the development of digital infrastructure, science and technology, innovation, and startup activities.