Ha Noi contributes significantly to the country’s growth

Illustration photo

Ha Noi’s economy sees clear transformations and is on recovery path

In 2020, the last year of the 2016-2020 five-year plan, although Ha Noi’s economy stalled at certain times due to the disease, the city has persevered in and focused on successfully implementing the dual goal of combating the pandemic as well as boosting production and economic development. 

Basically, Ha Noi has still met and exceeded 16 out of its 22 major targets set for this year.

Specifically, the city’s economic growth is estimated to reach 3.98%, 1.5 times higher than the national average, while its consumer price index (CPI) has been kept below 3%, lower than the national average. 

Ha Noi’s budget revenue is projected to hit nearly VND280 trillion (US$12.12 billion) this year, exceeding the estimate and increasing by 3.5% compared to 2019. 

Its total export and import turnover is estimated at US$48.47 billion, 1.34 times higher than the 2015 value. 

The local export revenue grows by 9% each year during the 2016-2020 period, 1.7 times higher than the 2011-2015 figure. 

The city is always among the top localities nationwide regarding foreign direct investment (FDI) attraction. 

The number of newly established enterprises is constantly increasing, while disbursement of public investment has also seen positive changes, accounting for 10% of the country’s total. 

Particularly, the quality of growth has improved with focus put on developing the knowledge economy, the digital economy, and innovative entrepreneurship. 

Factors of the market economy and types of markets have gradually developed towards modernity, synchronism and integration, especially the real estate, securities, labor, science and technology markets. 

Ha Noi’s e-commerce industry has been growing strongly with about 10,000 websites and applications of approved operations, accounting for 7% of total retail sales of goods and services. 

Although the city has failed to reach the set economic growth target of 7.5%, the aforementioned figures could be considered the encouraging results in the context of the complicated COVID-19 evolutions. 

Notably, Ha Noi’s economy is on a recovery momentum at a rapidly increasing rate in the last months of 2020. The capital’s economic growth has been and will contribute positively to the overall success of the country.

Solid premise for Ha Noi to enter a new stage of development

With the attained achievements, Ha Noi has confidently set a GRDP growth target of 7.5% for 2021. 

The city’s general goal next year will be to regain growth momentum, accelerate economic restructuring, strongly develop socio-culture, ensure social security, and improve people’s lives. 

In addition, Ha Noi will step up administrative reform, tighten discipline, enhance the responsibility of the leaders, and strengthen the effectiveness and efficiency of administration and law enforcement./.

By Vien Nhu