Hanoi eyes GRDP per capita of up to US$8,500 by 2025

Hanoi has set the target of completing its industrialization and modernization process by 2025, with the gross regional domestic product (GRDP) per capita rising to US$8,300 – 8,500 from the current figure of US$5,200, according to a draft report for the city’s upcoming Party Congress in October.

Secretary of the Hanoi Party Committee Vuong Dinh Hue at the meeting. Photo: Thanh Hai.

The figure would be nearly double the nation’s GDP per capita that is projected to reach US$4,688 in the 2021 – 2025 period.

By 2030, Hanoi would become a modern, green and smart city with high competitiveness, while the GRDP per capita would be around US$12,000 – 13,000, reads the report

The report envisioned high living standards with comprehensive and sustainable development in economy, culture and society by 2045, for which Hanoi would be a global city with international competitiveness, as well as GRDP per capita of US$36,000.

Discussing the targets set in the report at a meeting on August 20, Secretary of the Hanoi Party Committee Vuong Dinh Hue urged local authorities to take advantage of technological advances of Industry 4.0 to create breakthroughs in the development process.

Overview of the meeting. Photo: Thanh Hai.

As for the ongoing Covid-19 pandemic, Mr. Hue said Hanoi remains steadfast in pursuing the dual targets of both containing the pandemic and boosting socio-economic growth.

In the coming time, Mr. Hue expected the city to achieve its highest possible socio-economic objectives, while pushing for drastic measures to ensure economic recovery.

The Hanoi’s Party chief noted measures are needed to address slow disbursement of public investment and sluggish privatization and divestment processes at state-owned enterprises, among others.

According to Mr. Hue, Hanoi would continue to improve its business environment and promote high quality investments.

For this year, Hanoi targets an economic growth rate 1.3 times as high as the national average and strives to fulfill the state budget revenue targets set by the National Assembly.