Ha Noi’s economy sees clear transformations

20/11/2020

VGP – Ha Noi has contributed over 16% of the country’s gross domestic product (GDP), 18.5% of budget revenue, 20% of domestic revenue and 8.6% of the total import and export turnover, increasingly deserving its role as a major economic and international trading center and a driving force for the development of the Red River Delta and the whole country.

Illustration photo

Restructuring the economy and shifting the growth model

The resolution of the 16th Congress of the Ha Noi Party Committee has set out five main tasks. Regarding socio-economic development, the capital has determined the goal of tapping into its potential and advantages; strengthening the knowledge economy; shifting the growth model associated with economic restructuring; and improving the quality, efficiency and competitiveness to ensure the local economy grows rapidly and sustainably. 

Accordingly, the municipal Party Committee has issued and implemented Program No. 03-CTr /TU and many resolutions, schemes and topics on economic restructuring and growth model shifting. 

After more than four years of implementation, the city has attained significant and important results in socio-economic development with many highlights. 

The local economy has constantly grown and reached a decent growth rate throughout the whole term. 

Specifically, in the 2016-2020 period, Ha Noi’s gross regional domestic product (GRDP) has been estimated to increase by 7.39%, meeting the set target (7.3-7.8%) and higher than that between 2011-2015 (6.93%). 

In 2020, the capital’s GRDP scale is estimated at VND1.06 quadrillion (US$45 billion), GRDP per capita at US$5,420, a 1.5-fold increase compared to the 2015 figure and 1.8 times higher than the national average.

Strongly improving the investment environment

Implementing Program No. 03, Ha Noi has defined its key task of improving the investment and business environment and enhancing the growth quality and competitiveness of the economy. 

Accordingly, synchronous solutions will be deployed to continue renovating the growth model and restructuring the economy based on the application of science, technology, innovation and achievements of the Fourth Industrial Revolution to ensure fast and sustainable growth. 

In the 2021-2025 period, Ha Noi has put forward 14 tasks and solutions in order to achieve the set objectives, including rapidly and sustainably developing the capital towards a green, smart, modern and highly competitive city in the country and the region, and basically completing the industrialization and modernization goals and the GRDP per capita target of US$8,100-8,300.

In addition, the city will continue to implement synchronous measures to accelerate the renovation of the growth model and the economic restructuring, while focusing on developing the knowledge economy and the urban economy, promoting startup and creative startup, and facilitating the improvement of the investment and business environment. 

Efforts will also be made to improve the city’s ranking in terms of indicators Provincial Governance and Public Administration Performance Index (PAPI), Provincial Competitiveness Index (PCI) and Public Administration Reform (PAR) Index, especially PAPI, as well as attracting resources for the synchronous development and modernization of the technical and social infrastructure systems, protecting the environment, and promoting equitable economic development in different areas./.

By Vien Nhu