Ha Noi’s economy steps firmly into new year

Investment attraction reports strong growth

2019 was a successful year for Ha Noi in terms of economic development, with innovations in direction and administration having driven the city’s economy to attain high growth.

According to Ha Noi’s statistics, the city’s gross regional domestic product (GRDP) in 2019 was estimated to increase by 7.62%, meeting the envisaged plan and being the highest level since the beginning of the term. Meanwhile, local budget revenue was estimated at VND264.7 trillion (US$11.4 billion), equal to 100.6% of the plan. The investment and business environment continued to improve. Ha Noi’s development investment capital was estimated to increase by 12.9%, exceeding the set plan of 10.5-11%. Particularly, the city’s foreign investment attraction reached US$8.05 billion, the highest in more than 30 years of renovation and integration and leading the country for the second consecutive year.

Last year, Ha Noi welcomed 28.945 million tourist arrivals (up 10.1% year on year), including 7.025 million international arrivals (up 17%) and 21.92 million domestic arrivals (up 8%). Total revenue from tourists reached VND103.812 trillion (US$4.47 billion), a year-on-year increase of 34%.

In order to improve the city’s image and enhance its economic and cultural cooperation, Ha Noi’s leaders paid working visits to 40 cities and provinces nationwide in 2019 aiming to facilitate collaboration in the spirit of “Ha Noi for the whole country, the whole country for Ha Noi”. Relations between Ha Noi and partners from neighboring countries, powerhouses and important partners continued to be enhanced, with the city having signed more than 10 international agreements, and received over 204 diplomatic missions and leaders of international groups and businesses to visit and work with Ha Noi.

In particular, the city successfully completed its role as the host city of the second summit between the Democratic People’s Republic of Korea and the United State, leaving a good impression in the hearts of international friends.

Focusing on exports and proactive in domestic revenue

The year 2019 with the bright spots in Ha Noi’s economic achievements has gone by. The obtained results will serve as an important premise for the capital city to implement the plans set for the new year 2020 in a more successful and effective fashion.

Ha Noi is heading into 2020 with strong determination and a number of solutions and goals, including improving the business climate and enhancing competitiveness, restructuring the local economy and areas, and promoting rapid and sustainable economic growth, towards attaining a GRDP growth rate of 7.5% or above in 2020.

By Vien Nhu