Home » Business » Hanoi’s economy expected to expand by 8.2 percent

The Hanoi PeopleHanoi’s economy expected to expand by 8.2 percent‘s Committee has predicted that the city’s economy in the fourth quarter could grow by 8.9-9 percent and rise to 8.1-8.2 percent for the entire year, fulfilling the yearly target.

In the third quarter, Hanoi’s GDP post an 8.35 percent growth, higher than the 7.5 percent and 7.85 percent growth of the first and second quarters respectively. The GDP growth in the first nine months of this year reached 7.88 percent, much higher than the country’s average growth of 5.14 percent, with positive growth seen in such areas as services (8.9 percent), industry and construction (7.42 percent), and agriculture (2.35 percent).

Also during the nine-month period, 11,410 new enterprises were set up with a total capital of 69.3 trillion VND (3.26 billion USD), up by 8.2 percent year-on-year, while 6,538 enterprises stopped operations, down by 19 percent year-on-year. Savings among local credit institutions had been safer and liquidity more secure, meeting capital demands for trade and investment from local enterprises.

Authorities said one of its key tasks was to remove difficulties for enterprises to boost production and business activities. From the beginning of this year, the municipal Department of Industry and Trade has strived to expand the export market.

Pham Duc Tien, Deputy Director of the department, last week told The Voice of Vietnam Radio that so far this year, Hanoi has spent 50 billion VND on trade promotion. Apart from such traditional markets as the US and the EU, Hanoi will approach new markets like South Africa, Brazil and South America. Some businesses have agreed to export goods to the Brazilian market.

The city’s administration also said its key task in the last three months of this year is to be patient to adopt the support measures for the local enterprises, helping them boost production and business operations.

Hanoi also creates favourable conditions for enterprises by improving management efficiency and of local authorities at different levels, implementing administrative reforms with a focus on simplifing administrative procedures, intensifying the fight against corruption and waste, practising thrift and creating a transparent working environment for local enterprises.

Source: VNA

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