Hanoi's economic growth set to reach 3.94% this year (15:13 30/11/2020)


HNP - At the 2nd meeting held by the Hanoi Party Committee’s Executive Board on November 28, the delegates focused on discussion on the city’s socio-economic situation in 2020 and socio-economic plan for the 2021-2025 period, and financial plan for the next five years. 


Chairman of Hanoi People’s Committee Chu Ngoc Anh chairs the session.


According to a report presented by Head of the Hanoi Party Committee’s Mass Mobilization Commission and Vice Chairman of the municipal People’s Committee Nguyen Doan Toan, the city’s gross regional domestic product (GRDP) growth is estimated to reach 3.94% in 2020, which is lower than the year’s target of 7.5% but would be 1.5 times higher than the national average (2.5-3%).
 
For the 2016 - 2019 period, Hanoi’s average GRDP growth was 7.36%. The city’s GRDP in 2020 is estimated at US$43.5 billion, resulting in income per capita of US$5,250, 1.43 times higher than that of 2015 and 1.9 times higher than the national average.
 
In the context of the COVID-19 outbreak, Index of Industrial Production (IIP) of Hanoi is estimated to increase by 4.45%; the city’s export value is estimated at US$16.2 billion, a year on year surge of 3.5%.
 
The agricultural sector has become the pillar of the economy, with a growth rate of 4.2% - the highest growth rate in recent years.
 
Vice Chairman of the Hanoi People's Committee Nguyen Doan Toan gives a report at the meeting.
 
Thanks to trade stimulus programs, Hanoi’s total retail sales is estimated to grow by 2.4% for this year. The total investment capital for social development in Hanoi is estimated at VND416.15 trillion (US$18.03 billion).
 
Especially, the city successfully held the investment promotion conference themed “Hanoi 2020 - Investment Cooperation and Development”, with the total number of projects and capital pledged growing by 5 - 11 times, respectively, compared to the 2016 Investment Promotion Conference.
 
Hanoi’s total budget revenue is estimated to reach VND279.3 trillion (US$12.1 billion) this year, 0.2% higher than the target set by the municipal People’s Council and 3.5% year-on-year. Meanwhile, the local budget expenditure is estimated at VND87.46 trillion (US$3.78 billion), meeting 84.7% of the estimate set by the municipal People’s Council. 
 
Additionally, the Hanoi government has paid special attention to implementing the new style rural area building program. In 2020, the city has seven more districts and 15 communes meeting the criteria for new style rural areas. Now, a total of 23 communes meet advanced new-style rural criteria. Per capita income in rural areas is estimated to reach VND55 million (nearly US$2,400), 1.36 time higher than that of 2016. 
 
More effort has been made to promote the implementation of one product per commune (OCOP) program in the areas. Hanoi has so far had 1,000 products qualified for the OCOP standards, accounting for 40% of the country’s total. 
 
Besides, Hanoi has attached great importance to develop urban infrastructure in modern and harmonious manner. Many major projects have been completed and put into operation, such as the Mai Dich - South Thang Long Section of Hanoi's Ring Road 3, Truong Chinh street - the section near Nga Tu Vong, the Nguyen Van Huyen - Hoang Quoc Viet overpass, Viaduct crossing Linh Dam lake, among others.
 
It is scheduled that 100% of households in urban areas and 78% of households in rural areas would have access to clean water by the end of this year.

By Tran Huong


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