In attendance were Vice Chairman of the municipal People’s Committee Duong Duc Tuan, and leaders of relevant agencies.
At the reception, Secretary Vuong Dinh Hue said that as the country’s political, administrative and economic center, Hanoi needs huge investment capital for infrastructure development so as to meet the requirement of rapid urbanization process.
Over the past five years, Hanoi has attracted US$25 billion in foreign direct investment (FDI), he added, noting the amount is estimated to reach over US$4 billion in 2020 despite severe Covid-19 impacts.
Towards the goal of achieving a growth rate of 7.5% in the next five years, the Secretary informed that the city’s total development investment is expected to increase 12% per year.
He said, “In order to reach this target, Hanoi will need to call for more resources, including FDI and ODA and soft loans from international financial organizations, including the World Bank. In addition, the city hopes for technical support and consultations from international organizations, especially World Bank in fields of socio-economic development, social welfare, irrigation, urban management, traffic congestion settlement, and climate change response”.
For her part, WB’s Country Director for Vietnam Carolyn Turk showed her impression at the fast and strong growth of Hanoi.
However, she pointed out that the city is facing a number of problems during the development process, such as river and lake pollution and poor air quality that which should be promptly addressed to avoid severe consequences in the future.
Over the past years, the WB has supported Hanoi in developing a Bus Rapid Transit (BRT) system, but the financial aid has not been commensurate with the potential and aspiration of the WB, Turk emphasized, suggesting the two sides should enhance ties in four spheres in the time to come.
Firstly, the WB hopes to assist Hanoi in developing an urban railway system, including Line 6 from Noi Bai to Ngoc Hoi, and researching a strategic vision in urban transport.
The WB could share its experience with the capital city in dealing with water pollution and food safety issues, she said.
Highly speaking of the suggestions of the WB Country Director, Secretary Vuong Dinh Hue said that Hanoi plans to diversify resources to carry out its major infrastructure projects.
Regarding the urban railway line No.6, Hue hoped that the WB would assist Hanoi in finalizing pre-feasibility research report so as to implement the project as soon as possible.
Hanoi also would consider the use of the WB’s loans for the implementation of other urban railway projects, he noted, expressing his hope that the bank would closely coordinate with the city to organize conferences and seminar to seek solutions for settlement of urgent matters of Hanoi.