Hanoi aims 2020 GRDP growth of at least 7.5%

On the back of the estimated GRDP growth rate of 7.46% in 2019, a four-year high, Hanoi targets the GRDP in 2020 to grow at least 7.5% onwards, according to Nguyen The Hung, vice chairman of the Hanoi People’s Committee.

Infographic: Ngoc Thuy

This would result in income per capita of VND136 million (US$5,871), significantly higher than Vietnam’s GDP per capita of US$3,000 in the 2016 – 2020 period and an estimated US$4,688 in 2021 – 2025.

In 2019, Hanoi is on track to achieve strong results in all aspects of socio-economic development, Hung said at a meeting today [December 4].

In addition to high GRDP growth rate, Hanoi is projected to have export growth rate of 25.8% year-on-year in 2019 to US$17.5 billion, higher than the growth rate of 18.83% recorded in 2018.

Notably, the city’s business environment is improving consistently, with the city’s provincial competitiveness index (CPI) ranking in 2018 reaching the all-time high of 9th out of 63 provinces and cities. The result exceeded the original target of entering the top 10 PCI index ranking by 2020 set by the municipal People’s Council.

Hanoi is projected to maintain its top spot in terms of foreign direct investment (FDI) attraction nationwide for the second consecutive year in 2019, recording a 30-year high of US$8.05 billion.

In 2019, Hanoi expects to have seven out of 22 socio-economic development indicators exceed the targets, including the GRDP growth rate, total investment, exports, voluntary social insurance coverage, poverty reduction, unemployment rate in urban areas, and clean water coverage in rural areas

Such high growth rates in 2019 and 2020 would help Hanoi achieve an average annual GRDP growth rate of 7.33% - 7.41% in the 2016 – 2020 period, which is in line with the city’s five-year socio-economic development plan.