Vietnam Daily News

Hanoi registers strong growth

Written by Dailynews.vn Sunday, 25 December 2011 12:16

Despite many difficulties, this year Hanoi still obtained an increase of 10.1 percent in GDP against last year's figure, according to the Hanoi Statistics Office.

High growth has been seen in the service sector, which reached 10.8 percent in the period, followed by industrial and construction services, 10.2 percent, and agriculture, forestry and fisheries sectors, 4.3 percent.

Head of the Hanoi Statistics Office Cong Xuan Mui said this was the first year the capital city had implemented the 2011-15 socio-economic plan.

He cited high interest rates, high commodity prices, and the high trade deficit as making it difficult for local enterprises to access bank loans, causing them to lose competitiveness and production efficiency.

Mui attributed the city's positive outcome to the effective implementation of the Government Resolution 11 aimed at boosting production and business.

He said there were many reasons for the impressive increase in the service sector this year, including a salary increase, effective measures on curbing inflation and consumption stimulus measures.

These solutions had helped raise total retail sales and the consumption of services, Mui said.

Steady production of rice and fairly favourable weather was a factor in the improvements in the agriculture, forestry and fisheries sector./.

Source: en.vietnamplus.vn/Home/Hanoi-registers-strong-growth/201112/23188.vnplus