9:21:54 PM | 23/10/2011
The national economy faces heavy pressures of rising inflation, bank debts and overspending in public investment; however, Hanoi has managed to make impressive progress in most socioeconomic aspects.
According to the Hanoi Statistics Office, the city’s economy achieved positive results in the third quarter. The gross domestic product (GDP) expanded 9.4 percent; industrial production value increased 12.7 percent; total retail sales climbed 23.4 percent; export turnover jumped 26.2 percent; and total social investment enlarged 11.6 percent. As the administrative, cultural and economic centre of the country plus its prime location, Hanoi is a favourite address for foreign investors. Specifically, the city attracted 239 foreign investment projects with a total registered capital of nearly US$1 billion in the first nine months of 2011, an increase of three times over the same period in 2010.
In addition, Hanoi has succeeded in curbing a soaring consumer price index (CPI). Specifically, in September, CPI climbed just 0.2 percent, 5 times lower than the monthly average this year (Ho Chi Minh City’s CPI shot up to 0.88 percent while the national price growth was 0.8 percent)
Dr Nguyen Minh Phong, a member of Hanoi Socioeconomic Research Institute, said: To complete economic criteria, the city needs to focus on monitoring and reducing public investment in the spirit of Resolution 11/NQ-CP; and use part of the reduced amount to stabilise prices and support agriculture, rural development, cottage industry villages, and SMEs. Hanoi is expected to have economic growth of 10 percent this year.
Anh Phuong
Vietnamese
