Á corner of Hanoi (Photo: www.nhandan.com.vn) Hanoi (VNA) – Hanoi’s efforts toboost economic development have paid off, cementing the capital’s place as aneconomic locomotive of Vietnam.
Hanoi is not only the political – administrativecentre and a major cultural, scientific and educational hub of Vietnam, butalso one of the country’s two economic driving forces.
Director of the municipal Department of Planningand Investment Nguyen Manh Quyen said to perform its role, the city has steppedup economic restructuring associated with growth model reform to improve itseconomy’s quality, effectiveness and competitiveness.
The local economic structure has been shifted ina way that matches the national industrialisation and modernisation process. Inparticular, the proportion of the service – trade and industry – constructionsectors contribute to the regional gross domestic product (GRDP) has increasedwhile that of agriculture has declined.
Notably, Hanoi has chosen tourism to developinto a key sector, Quyen said, adding that it has worked to reform tourismpromotion over the last three years, including carrying out a strategiccooperation programme with CNN and attracting more private investment todevelop tourism infrastructure and products.
As a result, tourism has recorded the fastestgrowth rate among the local economic sectors, with its revenue rising some 12.1percent each year.
Chairman of the municipal People’s CommitteeNguyen Duc Chung said Hanoi aims to become a modern city and a major hub in theregion, with an annual GRDP growth rate of 8.5 – 9 percent and per capitaincome of 6,700 – 6,800 USD. To that end, it needs 2.5 – 2.6 quadrillion VND(108 – 112 billion USD) of investment capital between 2016 and 2020, 80 percentof which will come from domestic and foreign investors.
Over the last three years, the capital has builtsupport mechanisms and policies to encourage the private sector’s participationin boosting local development. It has also worked hard to improve itsinvestment climate to become a safe, friendly and effective destination forinvestors.
By applying information technology, Hanoi hasmade progress in building e-government to cut the time and costs needed forhandling business-related public services. Thanks to that, the time needed todeal with administrative procedures for business registration has been reducedby 30 percent, for investment 60 percent, and for planning 30 – 50 percent,according to Chung.
The improved investment climate has beenapplauded by the business community. In 2018, the Provincial CompetitivenessIndex of Hanoi leapt 15 places to ninth position among the country’s 63provinces and cities.
This favourable environment has helped raise thenumber of enterprises established in the city since 2016 to almost 93,000 with acombined capital of 280.1 trillion VND, 1.17 times higher than the capitalregistered between 2011 and 2015.
Additionally, Vietnamese firms have poured 621trillion VND into the city, which has also attracted 20.28 billion USD inforeign direct investment (FDI) since 2016, rising over three-fold from 2011 –2015 and making Hanoi the best performer in FDI attraction nationwide.
Chairman Chung noted Hanoi posted average annualeconomic growth of 7.2 percent between 2016 and 2018. The size of its economyhas also expanded, with GRDP hitting 920.27 trillion VND (39.6 billion USD) lastyear.
Hanoi has also played its role in leading thedevelopment of northern provinces and cities, including those in the northernkey economic region and the Red River Delta, he said.
It has actively coordinated with otherlocalities in building and implementing socio-economic development plans andboosting their connectivity in multiple spheres, especially trade and tourism.
At a conference in 2018, Hanoi and othernorthern localities, along with domestic and foreign investors, signed 24memoranda of understanding on cooperation with estimated total investment of 70trillion VND (over 3 billion USD) to together resolve the major issues facingthe region.
Admitting certain shortcomings in the localeconomy, municipal authorities said from now to 2025, the capital city willoptimise every resource to develop the economic space in its expanded areas,put the Hoa Lac Hi-Tech Park into full operation, modernise economic sectorstowards innovation-based growth, and improve its economy’s competitiveness andadded value. By doing so, it hopes to better bring into play its role as aneconomic locomotive of Vietnam./.
Hanoi is not only the political – administrativecentre and a major cultural, scientific and educational hub of Vietnam, butalso one of the country’s two economic driving forces.
Director of the municipal Department of Planningand Investment Nguyen Manh Quyen said to perform its role, the city has steppedup economic restructuring associated with growth model reform to improve itseconomy’s quality, effectiveness and competitiveness.
The local economic structure has been shifted ina way that matches the national industrialisation and modernisation process. Inparticular, the proportion of the service – trade and industry – constructionsectors contribute to the regional gross domestic product (GRDP) has increasedwhile that of agriculture has declined.
Notably, Hanoi has chosen tourism to developinto a key sector, Quyen said, adding that it has worked to reform tourismpromotion over the last three years, including carrying out a strategiccooperation programme with CNN and attracting more private investment todevelop tourism infrastructure and products.
As a result, tourism has recorded the fastestgrowth rate among the local economic sectors, with its revenue rising some 12.1percent each year.
Chairman of the municipal People’s CommitteeNguyen Duc Chung said Hanoi aims to become a modern city and a major hub in theregion, with an annual GRDP growth rate of 8.5 – 9 percent and per capitaincome of 6,700 – 6,800 USD. To that end, it needs 2.5 – 2.6 quadrillion VND(108 – 112 billion USD) of investment capital between 2016 and 2020, 80 percentof which will come from domestic and foreign investors.
Over the last three years, the capital has builtsupport mechanisms and policies to encourage the private sector’s participationin boosting local development. It has also worked hard to improve itsinvestment climate to become a safe, friendly and effective destination forinvestors.
By applying information technology, Hanoi hasmade progress in building e-government to cut the time and costs needed forhandling business-related public services. Thanks to that, the time needed todeal with administrative procedures for business registration has been reducedby 30 percent, for investment 60 percent, and for planning 30 – 50 percent,according to Chung.
The improved investment climate has beenapplauded by the business community. In 2018, the Provincial CompetitivenessIndex of Hanoi leapt 15 places to ninth position among the country’s 63provinces and cities.
This favourable environment has helped raise thenumber of enterprises established in the city since 2016 to almost 93,000 with acombined capital of 280.1 trillion VND, 1.17 times higher than the capitalregistered between 2011 and 2015.
Additionally, Vietnamese firms have poured 621trillion VND into the city, which has also attracted 20.28 billion USD inforeign direct investment (FDI) since 2016, rising over three-fold from 2011 –2015 and making Hanoi the best performer in FDI attraction nationwide.
Chairman Chung noted Hanoi posted average annualeconomic growth of 7.2 percent between 2016 and 2018. The size of its economyhas also expanded, with GRDP hitting 920.27 trillion VND (39.6 billion USD) lastyear.
Hanoi has also played its role in leading thedevelopment of northern provinces and cities, including those in the northernkey economic region and the Red River Delta, he said.
It has actively coordinated with otherlocalities in building and implementing socio-economic development plans andboosting their connectivity in multiple spheres, especially trade and tourism.
At a conference in 2018, Hanoi and othernorthern localities, along with domestic and foreign investors, signed 24memoranda of understanding on cooperation with estimated total investment of 70trillion VND (over 3 billion USD) to together resolve the major issues facingthe region.
Admitting certain shortcomings in the localeconomy, municipal authorities said from now to 2025, the capital city willoptimise every resource to develop the economic space in its expanded areas,put the Hoa Lac Hi-Tech Park into full operation, modernise economic sectorstowards innovation-based growth, and improve its economy’s competitiveness andadded value. By doing so, it hopes to better bring into play its role as aneconomic locomotive of Vietnam./.
VNA
