Hanoi to mobilize resources to ensure rapid and sustainable development (08:36 15/10/2020)

HNP - At the Hanoi’s 17th Party Congress, Vice Chairman of Hanoi People’s Committee Nguyen Doan Toan discussed the topic of mobilizing resources for the rapid and sustainable development of Hanoi.

According to Toan, over the past five years, Hanoi has overcome difficulties and obtained major results. During the 2016 - 2020 period, Hanoi’s gross regional domestic product (GRDP) growth is estimated at 7.39%, which is in line with the target range of 7.3 - 7.8%, and higher than the 6.93% in 2011 - 2015. 
Meanwhile, there have been positive improvement in the city’s economic structure with a greater focus on industry and services sectors, instead of the agriculture. 
In the last five years, total social investment capital is estimated at VND1,740 trillion, a 1.65-fold increase against that of in 2011 - 2025. 
Meanwhile, the contribution of the state sector decreased from 43.44% in 2015 to 33.88% in 2020. 
In 2019, foreign direct investment (FDI) to Hanoi stood at US$8.67 billion, the highest figure to date after 30 years of economic reopening. This resulted in Hanoi’s staying at the top of the country in FDI attraction for the second consecutive year; accumulating a total of US$25 billion in the 2016 – 2020 period, up 3.9 times against 2011 - 2015. 
Additionally, Hanoi is home to 2,775 projects with investment capital of VND1,400 trillion. 
Toan said the state budget has been allocated to major projects with high impacts on socio-economic development, such as the Belt Road No.2 section Nhat Tan - Cau Giay; Belt Road  No.1 section O Dong Mac - Nguyen Khoai; overpasses at An Duong, O Dong Mac - Nguyen Khoai, among others. 
Toan pointed to the importance of mobilizing resources for development, especially for building  infrastructure system, which could be sourced from the state budget, foreign capital (both direct and indirect). Therefore, the efficient mobilization of resources is a decisive factor to the growth quality. 
To ensure the GRDP growth of 7.5 - 8% in 2021 - 2025 and meeting requirements for socio-economic development, Toan said Hanoi would need VND3,100 - 3,200 trillion, up 1.8 times compared to the 2016 - 2020 period. 
To realize this target, Toan highlighted five major solutions, including greater efforts in administrative reform, efficient implementation of the public investment plan for the 2021 - 2025, mobilizing capital from the private sector, preparing conditions for further global integration, and promoting cultural factor in economic development. 

By Ngoc Lam

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