Hanoi’s economy shows a strong recovery momentum
The capital’s economy has improved significantly since the beginning of 2024, with many important indicators showing high growth rates.
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| In the first eight months of 2024, Hanoi granted certificates to 20,400 newly-established enterprises. (Source: VNA) |
In the coming time, the city will continue to persevere in reform activities, with the consistent viewpoint of accompanying, through practical measures, businesses and people, thereby overcoming challenges to move toward faster and more comprehensive growth.
Many areas indicate clear improvement
In the first eight months of 2024, the city granted certificates to 20,400 newly-established enterprises with registered capital of 198.7 trillion VND, down 5% in the number of enterprises and down 7% in registered capital compared to the same period last year. In addition, 7,100 enterprises resumed operations, up 11%, and 19,200 enterprises registered to temporarily suspend operations, up 21%. These figures show that start-up activities in general still face many difficulties.
Also in the eight months, the city attracted 1.4 billion USD in foreign direct investment (FDI), up 71% over the same period in 2023. Of which, 172 new projects were registered with capital of 1.1 billion USD; 120 ongoing projects increased their capital by 155 million USD; 154 foreign investors contributed capital and bought shares, with 177.7 million USD. Thus, Hanoi still maintains its position as a safe and potential destination, as well as an attractive position for investment capital of the whole country.
The city’s industrial production in the eight months increased by 5.4% over the same period. Of which, the processing and manufacturing industry increased by 4.8%; electricity production and distribution rose by 10.8%; water supply and waste and wastewater treatment soared by 9%, while the mining industry decreased by 1.5%.
Some key industries enjoyed growth such as machinery and equipment production, up 19%; paper and paper products production, 12.3%; bed, wardrobe, table and chair production, 10.7%; electrical equipment production, 9.9%; other processing and manufacturing industries, 9.5% and apparel production, 7.7%.
During the period, Hanoi’s export turnover reached 12.4 billion USD, up 13.1% over the same period. Notably, the domestic economic sector earned 7.3 billion USD, up 17.9% - a strong increase, while the FDI sector bagged 5.1 billion USD, up 6.9%. This shows that the domestic enterprise sector is making a higher breakthrough than foreign-invested enterprises and that is a positive change.
In summary, most of the most important indicators determining the vitality and economic development results in the capital are improving and growing clearly, showing a strong recovery momentum.
Focusing on reform, production support
The city government is persistently pursuing reform activities, with the consistent view of accompanying enterprises with practical measures such as simplifying administrative procedures, supporting human resource training, promoting trade, implementing digital transformation and more.
Currently, functional departments and branches are still making efforts, especially proactively improving the efficiency of serving businesses. Specifically, the rate of online business registration dossiers is maintained at 100%, ensuring quality and timeliness.
According to Deputy Director of the Hanoi Department of Planning and Investment Le Trung Hieu, despite the huge workload, requiring quick and accurate resolution; the department’s staff always tries to complete the work with a sense of responsibility and the highest effort. That contributes to improving competitiveness, creating changes in the quality of the investment - business environment, serving businesses and people as well as creating favorable conditions for startups.
He said that the department will continue to review legal documents in the sector, monitor the impact of mechanisms and policies, and promptly propose adjustments to ensure effectiveness when they are applied in practice.
Along with that, it will propose new mechanisms and policies suitable to objective conditions and development needs, in order to unblock and release resources, especially socialized resources in investment and development of the sector.
The department will support enterprises in opening new markets by taking advantage of free trade agreements to promote sustainable export growth, focusing on supporting exports of craft village products; supporting rural industrial establishments in applying digital transformation technology to promote, introduce and consume online products.
(Source: en.dangcongsan.vn)
