Hanoi's GRDP in 2023 increased by 6.27%

Of which, the first quarter increased by 5.81%; the second quarter increased by 5.91%; the third quarter increased by 6.22%; and the fourth quarter increased by 7%. "In the context of the complicated and unpredictable world situation, the decline in global trade activities, and difficulties in output and export markets for domestic enterprises, the capital's economy achieved a growth rate of 6.27% with an improving trend over each quarter, which is quite positive and noteworthy," the Hanoi Statistics Office said at a press conference announcing the socio-economic situation in the fourth quarter and 2023 on the afternoon of December 28.

According to Kinh te & Do thi , the industrial and construction sector in 2023 is estimated to increase by 5.29% over the previous year. The industrial sector in 2023 was negatively affected when most of Hanoi 's major import and export markets declined, directly affecting the production and export activities of enterprises. The estimated added value of the industrial sector in 2023 increased by 4.57%, contributing 0.64 percentage points to the overall growth rate (manufacturing and processing increased by 4.28%; electricity production and distribution increased by 7.86%; water supply and treatment, wastewater increased by 7.31%). The construction sector this year is estimated to increase by 6.49%, contributing 0.54 percentage points to the GRDP growth rate.

Industrial production activities in 2023 face many difficulties and challenges from the decline in global trade, decline in key industrial export products, slow domestic consumption, and high input costs, putting pressure on production. In the whole year of 2023, the industrial production index increased by only 3% compared to 2022, of which the processing and manufacturing industry increased by 2.6%; the consumption index increased by 3.3%.

In the first months of the year, the city's import-export activities faced many difficulties due to the decline in most of Hanoi's major and traditional import-export markets. From the fourth quarter, the situation improved but remained difficult overall. The total import-export turnover for the whole year of 2023 reached 54.4 billion USD, down 6.4% over the previous year; of which export turnover reached 16.7 billion USD, down 2.4%; import turnover reached 37.7 billion USD, down 8.1%.

However, according to the City Statistics Office, the bright spot that helps maintain growth momentum is trade, services and tourism . Accordingly, domestic consumption remains stable, retail sales of goods increased by 10.4%, and the retail sector alone increased by 10.6%. Warehousing and transportation have recovered well after the Covid-19 pandemic. Tourism has developed. Total outstanding credit increased by 14.07%, estimated to reach VND 3,361 trillion by the end of December 2023, up 0.24% compared to the previous month and up 14.07% compared to the end of 2022, showing the capital absorption capacity of businesses in the city.

A representative of the Hanoi Department of Tourism said that the total number of tourists to Hanoi in 2023 is estimated to reach 5.1 million, an increase of 93.7% compared to 2022. In 2023, Hanoi was honored to be voted by the World Travel Awards Organization as "Asia's Leading City Destination 2023", "Asia's Leading City Destination for Short Breaks 2023" and "Asia's Leading City Tourism Management Agency"; especially on December 4, 2023, Hanoi was honored to receive the title "World's Leading City Destination 2023", affirming its important and solid position on the regional and world tourism map.

Hanoi is also home to the largest number of craft villages in the country with 1,350 craft villages and villages with crafts, including typical craft villages such as: Bat Trang ceramics, Van Phuc silk weaving, Ha Thai lacquerware, Quat Dong embroidery, Kieu Ky gold and silver plating, Chuyen My mother-of-pearl inlay, Phu Vinh bamboo and rattan weaving... The system of shopping, dining, and entertainment service establishments that meet tourist standards has attracted a large number of tourists and locals to visit and shop.

According to Hanoi Moi , in terms of foreign direct investment (FDI), in 2023, the city attracted 2,943 million USD, of which 408 new projects were registered with a capital of 441 million USD; 175 projects with additional capital increase of 307 million USD; 326 foreign investors contributed capital and bought shares, reaching 2,195 million USD.

The results of attracting investment from the private sector are also quite good. In 2023, in Hanoi, 31.4 thousand newly registered enterprises were established, up 6.3% over the previous year; registered capital reached 346.6 thousand billion VND, up 5%; more than 8.9 thousand enterprises resumed operations, down 8%; 21.7 thousand enterprises registered to temporarily suspend operations, up 33%; carried out dissolution procedures for 3.5 thousand enterprises, down 2%.

Since the beginning of the year, the city has focused on directing and urging investors and units to increase resources and speed up the construction progress of key projects. In 2023, development investment capital in the area increased by 9.3% compared to the previous year, of which investment capital from the State budget managed by the locality increased by 11.5%.

In 2024, the City Statistics Office assessed that the world economic context is still complicated, with many potential difficulties and challenges... affecting global trade. The real estate and bond situation... is still gloomy. In that context, the city's growth target of 6.5% - 7% for 2024 is appropriate.

To overcome the difficulties of 2023, in the coming time, according to the statistics agency, the city will develop industrial parks and industrial clusters in a green direction, focusing on industries that create high added value. "This will help increase new production capacity and impact investment in the coming time," said Director of the Hanoi Statistics Office Dau Ngoc Hung.

Minh Hoa (t/h)

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