Hanoi's economy shows strong growth in five months

- Tuesday, 04/06/2024, 10:05

The capital city of Hanoi experienced a robust economic upswing in January-May, with positive growth across trade, services and tourism sectors.

Hanoi's economy shows strong growth in five months -0
A corner of West Lake in the capital city of Hà Nội. - VNS Photo Việt Thắng

Its total retail sales of goods and consumer services reached an impressive 336.5 trillion VND (14 billion USD), representing a 10% increase compared to the same period last year, said Director of the municipal Statistics Office Dau Ngoc Hung.

Breaking down the figure, retail sales of goods reached 215.8 trillion VND, accounting for 64.1% of the total and demonstrating a 10% year-on-year growth.

Revenue from hotels and restaurants reached 43 trillion VND, a 12.4% increase year-on-year, and constituting 12.8% of the total sales. That of travel and tourism services saw a remarkable surge of 48.9% to 10.6 trillion VND, making up 3.2% of the total. Other service sectors also reported positive revenue growth, with a 4.3% rise to 67.1 trillion VND, or 19.9% of the total.

The number of tourists visiting Hanoi in May was estimated at 547,000, reflecting a slight month-on-month decrease of 1% but 42.9% higher than the same period last year. The five-month figure reached 2.641 million, a robust 42.9% increase year-on-year. Notably, domestic tourism saw a 16.2% annual rise, with 724,000 visitors flocking to the capital city.

The city’s Consumer Price Index (CPI) in May went up 5.31% year-on-year, primarily driven by rising costs across nine out of 11 commodity groups. The most significant was observed in the education sector, with a rise of 32.87%.

The Hanoi leaders also identified tourism and farm produce with clear traceability as a key focus to cater to consumer demand in the coming months. This strategic focus is expected to solidify Hanoi's economic recovery and position it for continued growth.