Rào Bridge in Hải Phòng which connects the central area with other parts of the city. — VNA/VNS Photo Hoàng Hiếu

HẢI PHÒNG — The northern port city of Hải Phòng achieved a gross regional domestic product (GRDP) growth rate of over 11 per cent last year, ranking third nationwide in terms of economic development.

2024 was the tenth consecutive year that the city maintained a double-digit growth, according to data released by the Hải Phòng Statistics Office on Monday.

The city’s GRDP was estimated at nearly VNĐ288.5 trillion (US$11.4 billion) last year, up 11 per cent from 2023.

2024 is also the first year that Hải Phòng entered the top five provinces and cities with the largest economies in the country, with several socio-economic indicators completed earlier than expected and surpassing the set targets.

The city’s total State budget revenue reached over VNĐ118.3 billion ($4.7 million), exceeding the target assigned by the central government by nearly 21 per cent and the target assigned by the local People’s Council by 11 per cent.

Investment capital in the city increased by over 10 per cent, retail sales and service revenue by 13.6 per cent, the industrial production index (IIP) by 15.4 per cent, and the consumer price index (CPI) by 3.1 per cent.

The city also continued to be an attractive destination for domestic and foreign investors, with total investment capital reaching over VNĐ211 trillion ($8.3 billion), up more than 10 per cent compared to 2023.

Of this, nearly $5 billion was capital from foreign direct investment (FDI), up by nearly 7 per cent from 2023. It included 126 new projects with registered capital of more than $750 million and 72 adjusted projects worth $3.7 billion. — VNS