Ha Noi affirms position as economic locomotive

Illustration photo

The capital city continues to affirm its position as the locomotive and the development driver of the northern key economic region, as well as its increasingly important role in the national economy.

A dynamic economic hub

Located at the center of the northern delta and possessing favorable natural conditions and transport, and abundant human resources, Ha Noi is not only a national political-administrative center and a large cultural, scientific and educational center, but is also one of the country’s two economic locomotives and the development engine of the capital region, the northern key economic region and the Red River delta. 

Director of the Ha Noi Department of Planning and Investment Nguyen Manh Quyen said that in order to carry out this task, the city has accelerated economic restructuring, with the economic structure shifting towards modernity in line with the orientations in the process of national industrialization and modernization.

Mobilizing resources for development

Chairman of the Ha Noi People's Committee Nguyen Duc Chung emphasized the goal of building and developing the capital into a modern city worthy of being one of the big centers of the region, with an average annual GRDP growth rate of 8.5-9% and an average per capita income of US$6,700-6,800 per year. 

He stated that to fulfill that goal, the city needs an estimated VND2.5-2.6 quadrillion (US$107.5-111.8 billion) in total social investment for the period of 2016-2020.

Positive changes in Ha Noi’s efforts to improve the local investment environment have been highly appreciated by the business community. In 2018, the city’s provincial competitiveness index moved up 15 places to ninth among the top ten cities and provinces nationwide.

The rapid economic growth and abundant investment resources have had positively impacted the material and spiritual lives of Ha Noi citizens. The leader of the municipal People's Committee said that the capital city’s average economic growth rate during 2016-2018 was 7.2% per year.

Not only contributing actively to the state budget and ensuring social security for local people, Ha Noi has also promoted its role of guiding provinces and cities in the northern region, the northern key economic region and the Red River Delta. 

According to the municipal leaders, from now to 2025, the city will mobilize maximum resources to develop the economic space in the expanded Ha Noi area. In addition, Ha Noi will strengthen investment attraction and focus on modernizing economic sectors and growth models based on innovation and improving competitiveness and the value added of the economy, thence promoting its position as an economic locomotive of the country and creating a driving force for the development of the northern key economic region and the Red River delta./.-(Nhandanonline)