Hanoi targets industry, trade to make up 23% of GRDP in next five years

In the next five years, industry, trade and construction are expected to make up 23% of Hanoi’s gross regional domestic product (GRDP), according to Secretary of the Hanoi Party Committee Vuong Dinh Hue.

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

The Ministry of Industry and Trade (MoIT) would cooperate with Hanoi in drafting the capital city’s development strategy for industrial sectors, focusing on those using modern and innovative technologies, stated Mr. Hue in a meeting with leaders of the MoIT on August 13.

Industry and trade are two major pillars for the development of Vietnam’s economy in general, and that of Hanoi in particular, that create jobs, keep inflation under control and stimulate growth in other sectors, Mr. Hue asserted.

Leaders of Hanoi and the MoIT sign agreement cooperation for the next period. Photo: Thanh Hai.

According to Mr. Hue, the MoIT is expected to support Hanoi in constructing new industrial parks in Soc Son, Dong Anh districts, and promoting foreign direct investment (FDI). Hanoi’s priorities are to attract processing and manufacturing projects that apply high technologies and commit to technology transfer, training human resources and forming linkages with local enterprises, Mr. Hue added.

In the field of energy, Mr. Hue asked the MoIT and the Hanoi Power Corporation (EVNHanoi) to soon implement new energy infrastructure projects to support Hanoi’s socio-economic development.

Hanoi's Party chief envisioned Hanoi to have a modern trade network, which is capable of meeting the city’s demand for global integration and asked the MoIT to aid Hanoi in managing logistics activities until 2025. During this process, Hanoi’s enterprises could take part in training courses organized by the MoIT in taking advantage of e-commerce and boosting cooperation with other provinces and cities in trade.

Minister of Industry and Trade Tran Tuan Anh. Photo: Thanh Hai.

To help Hanoi realize its objectives in developing trade and industry, Minister of Industry and Trade Tran Tuan Anh said the city should aim at creating a favorable framework and business environment for enterprises while nurturing a strong business community with high competitiveness.

Specifically, Minister Anh expected Hanoi to step up efforts in administrative reforms and applying e-government, saying this would lay a platform for future digitalization.

Additionally, Hanoi should finalize the master plan for the logistics sector and infrastructure system in trade, energy and transportation, among others, that will support socio-economic development.

Mr. Anh said in fact, Hanoi has been the country’s hub in e-commerce, but it would require further investment in e-commerce infrastructure, ranging from logistics to traditional trading activities, for sustainable development.