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Hanoi’s GDP growth at 3-year record low
Hanoi’s GDP in the first quarter of this year has reached VND 14,116.7 billion, an increase of 3.1 percent over the same period last year. This, however, is the lowest year-on-year increase for this quarter compared to the levels of 11.2 percent and 10.9 percent in 2007 and 2008 respectively.
According to Ha Xuan Mau, head of Hanoi’s statistic department, this modest increase is due to the economic downturn, which has limited the growth of industrial production to barely 5.7 percent. Many businesses, especially those involved in exports, have had to cut or halt production.
Other indexes gauging product sales and services as well have witnessed a slight growth of only 19.3 percent. Import revenue dropped drastically by 48.1 percent and the number of tourists visiting the capital city shrank by 18.1 percent.
Total social investment in Hanoi in the first quarter reached VND22,419 billion, an increase of 10.34 percent over the same period last year. Total foreign investment in Hanoi tumbled by 11.48 percent to VND1,943 billion, reflecting a remarkable decline in FDI, which reached only VND1,905 billion, down by 9.67 percent.
VietNamNet/VOV
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