Recently, the People’s Committee of Hai Phong held a regular session in March 2022 to assess the socio-economic development in the first quarter and the key tasks in the 2nd quarter of 2022.

According to the Chairman of Hai Phong City People’s Committee, the socio-economic situation of the city in the first quarter of 2022 continues to bestable and develop, adapt safely, flexibly and effectively control the Covid-19 epidemic. Gross domestic product (GRDP) still has a good growth, reaching 10.04% compared to the same period. This growth is 2 times higher than the national average (5.03%).

Most economic indicators of Hai Phong continue to grow quite compared to the same period last year. Specifically, the industrial production index (IIP) is estimated to increase by 9.76% over the same period; the total retail sales of goods and service revenue is estimated at VND 41,501.9 billion, up 9.91%, reaching 23.99% of the plan.

At the same time, the volume of transported goods is estimated at 67.57 million tons, an increase of 10.54%; the total capital mobilized in the area is estimated at VND 270,389 billion by March 31, 2022, an increase of 10.59% compared to the same period last year.

The export turnover is estimated at $6.76 billion, up 10.67% over the same period, equal to 21.81% of the plan. State budget revenue in March reached over VND 8,184 billion; of which domestic revenue reached over VND 2,690 billion; in the first quarter, it was estimated at VND 24,926.49 billion, equal to 23.6% of the estimates assigned by the city.

The production of goods through the port in 3 months is estimated at 32.24 million tons, equal to 19.19% of the plan. The total investment capital of the whole society in the first quarter is estimated at VND 31,128.8 billion, equal to 15.56% of the assigned plan.

Regarding the disbursement of public investment capital, by the end of March 20, 2022, the capital allocated in the 2022 plan disbursed VND 814.688 billion, equal to 4.5% of the assigned city plan (VND 18,142.495 billion), equal to 6.4% of the plan assigned by the Prime Minister (VND 12,720.72 billion).

In terms of attracting foreign investment, as of March 24, 2022 attracted $486.37 million in foreign investment (FDI) including new subsidies and capital increase adjustments, equal to 51.67% compared to the same period in 2021, reaching 19.45% of the plan.

In Q1/2022, the city granted new establishment registration to 731 enterprises with a registered capital of more than VND 6,895 billion, an increase of 0.83% in the number of enterprises and 2.75% in the amount of registered capital compared to the same period.

Besides the good economic development results, in the first quarter of the city there are still certain limitations. The index of industrial production is the lowest in the last five years. There was 30/56 negative growth in the grade 4 industry due to labor difficulties in most of the light industries.

According to the City People’s Committee. Hai Phong, the disbursement progress of public investment capital has not met the requirements. The preparation of investment and site clearance for some key projects of the city is still slow. In particular, the consecutive increase in petroleum prices has affected the prices of many raw materials, materials and food prices also tend to increase.