Ha Noi affirms position as an economic locomotive

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With its geographical location and political and socio-economic position, the city continues to push for rapid and sustainable growth and maintain a role as an economic engine capable of driving the development of other localities.

Worthy position

Despite accounting for only 21.2% of the area and 41.7% of the population, Ha Noi has contributed 51.1% of the gross regional domestic product (GRDP), 54.1% of the budget revenue and 20.3% of the export turnover of the northern key economic region. In addition, the city has made up 16.5% of the country’s gross domestic product (GDP).

Former Director General of the General Statistics Office (GSO) Nguyen Bich Lam said that Ha Noi has always affirmed its role and position as a driver of the region’s economic development thanks to its constant high growth across various fields such as industry, trade and investment. 

Specifically, between 2016-2019, the capital’s industrial production value rose by 8.16% on average, and the figure is expected to reach 8.3% during 2016-2020.

Promoting the role of a trading hub, Ha Noi always ensures close links with neighboring provinces and cities. As shown in statistics of the municipal Department of Industry and Trade, since 2016, Ha Noi has coordinated to organize more than 100 trade exchanges connecting local businesses and those from across the country. 

Also, the city has supported local firms and production establishments to sign more than 5,000 memorandums of understanding and contracts on the consumption of typical products, while seeking for opportunities to sell locally made products in other localities.

Towards the future

During a meeting of permanent cabinet members on key economic regions in late May, Prime Minister Nguyen Xuan Phuc emphasized Ha Noi and Ho Chi Minh City as the two important growth poles which contributed 13.08% and 19.9% on average, respectively, of the national growth in the period of 2011-2019. 

The Government leader also pointed out that the northern key economic region, with the “development triangle” (Ha Noi, Hai Phong and Quang Ninh) as its focus, possesses many favorable conditions to attract high-tech investment, manufacturing, electronics, services, finance-banking, logistics and high-tech agriculture, while having advantages in terms of human resources and the formation of hi-tech research and application centers.

To promote its leading role towards the future, Ha Noi always actively seeks opportunities and solutions to ensure rapid and sustainable growth.

These are also the contents that have been concretized in the draft political report at the 17th Congress of the municipal Party Committee. 

Specifically, from now until 2025, the city will push for accelerating the restructuring of economic sectors associated with renovating growth models and improving productivity, quality, efficiency and competitiveness; enhancing the application of high technology, information technology and the digital technology; and developing new advantageous industries to participate in the global value chains. 

In addition, Ha Noi will strengthen investment attraction, foster links between local industrial parks and those in other localities to form large-scale and highly efficient complexes, and prioritize the development of spearhead industries, supporting industries and the industries manufacturing products with high technology content, added value and competitiveness.

With its potentials and righteous directions as mentioned above, Ha Noi strives to basically become an industrialized and modernized city by 2025, and a fully industrialized and modernized city by 2030, while developing selective industries with a focus on those using modern technology and having high grey matter contents, as well as becoming an important driving force for socio-economic development of the northern key economic region and the whole country.

By Vien Nhu