Ha Noi’s GRDP growth to hit over 6.5% in 2024
VGP - The capital's economy in 2024 is projected to hit 6.5 percent, representing a year-on-year increase of 6.27 percent, said Vice Chairman of the Ha Noi People’s Committee Ha Minh Hai at the 20th conference of the 15th Municipal Party Committee held on December 4.
Vice Chairman of the Ha Noi People’s Committee Ha Minh
The city's 2024 socio-economic development plan is largely on track, with 23 out of 24 key targets expected to be met. The sole challenge remains the public transport passenger ratio target.
Social welfare initiatives have been robust, with Ha Noi leading the nation in ensuring citizens' well-being, particularly for policy beneficiaries, veterans, and vulnerable groups. Social policies were implemented timely.
The city generated over 196,000 jobs, achieving 118.9 percent of the annual target. More than US$82 million was allocated to support war veterans and their families.
Additionally, nearly US$410 million was provided through the Social Policy Bank to benefit over 96,000 disadvantaged households and policy beneficiaries, further solidifying Ha Noi's leadership in this area.
Housing projects for 714 low-income households were completed, and the city supported provinces like Tuyen Quang and Phu Tho in eliminating substandard housing with a total contribution of US$10.9 million.
Efforts to combat inefficiency and waste were intensified. The city reviewed and addressed 712 stalled projects that caused resource wastage and social discontent.
Notably, Ha Noi became the first locality nationwide to establish a Steering Committee on Waste Prevention (on November 20, 2024).
Administrative reforms and digital transformation were prioritized, linked to Scheme 06 on leveraging citizen data and digital identification for the national digital transformation agenda (2022–2025, vision 2030). Comprehensive and practical measures were implemented, benefiting both citizens and businesses.
The city also focused on resolving challenges faced by businesses, expediting land allocation and leasing processes for projects to ensure efficient land use. These efforts prevented delays and wastage while generating significant revenues for the state.
Despite notable achievements, some challenges persist. Public investment disbursement in 2024 is projected to reach 88.4 percent of the target (below the planned 95 percent).
Additionally, Ha Noi's Provincial Competitiveness Index (PCI) and Provincial Governance and Public Administration Performance Index (PAPI) rankings have declined, attributed to cumbersome administrative procedures and barriers in market entry and land access.
Three growth-scenarios for 2025
For 2025 and beyond, Ha Noi is determined to achieving its socioeconomic development goals under the 2021–2025 Five-Year Plan.
The city's focus includes implementing strategic objectives outlined in Politburo Resolution 15, the revised Capital Master Plan, and the Amended Capital Law, which introduces specific mechanisms and policies to support Ha Noi's growth.
The city has established 25 key targets: five on economic performance, 14 on cultural and social development, five on urban, rural, and environmental progress, and a target for 2025 on social housing development, including the total number and area of completed units.
For economic growth, Ha Noi has developed three scenarios: (i) Baseline Scenario: GRDP growth of 6–6.5 percent, with per capita GRDP at US$6,990–US$7,030; (ii) Moderate Scenario: GRDP growth of 6.5–7.5 percent, with per capita GRDP at US$7,030–US$7,100; (iii) Optimistic Scenario: GRDP growth spurpassing 8 percent, with per capita GRDP surpassing US$7,130.
To achieve these objectives, Hai said Ha Noi has outlined 10 key tasks and solutions, including prioritizing economic development to maximize growth potential while controlling inflation and maintaining macroeconomic stability and continuously reviewing investment projects, addressing challenges for businesses, and actively attracting investment to the capital.
Emphasizing the strategic vision articulated by General Secretary To Lam on Vietnam's "New Era of National Growth," Ha Noi aims to fully realize its unique potential and pivotal role in the country's development. With this in mind, the city is committed to fostering innovation, dynamism, and decisive action to achieve comprehensive progress, aligning with its status as the capital of a nation entering a transformative era, said Hai./.
