Econ
Hanoi's five-month economy shows possitively
According to a draft report read at a regular meeting of the municipal People’s Committee, Hanoi`s economy is expected to grow at 78.9% during the first half of this year. The gross domestic product expansion in the first five months has seen nearly all sectors with a higher growth pace than 2015.
Hanoi drew US$1.6 billion in newly-registered and additional capital from foreign direct investment (FDI) projects in the first five months of this year. The figure represents a three-fold increase from the same period in 2015 and meets 78.9% of the target.
From January to May, up to 9,367 businesses were established in Hanoi with combined capital of VND74.6 trillion (US$3.36 billion), up 59% over the same period last year. FDI worth nearly US$10.16 billion flowed into Vietnam in the first five months of this year, an increase of 136.4% from the same period last year, according to the Ministry of Planning and Investment.
Over the past years, Hanoi’s economy has been growing remarkably. The city’s gross domestic product (GDP) has increased 9.23% per year on average, 1.58 times higher than the country’s average. The city’s gross regional domestic product (GRDP) in 2015 was estimated to reach 27.6 billion USD and income per capita is approximately 3,600 USD, 1.8 times higher than that of 2010.
Progress has been seen in urban planning and development. The city’s socio-economic development master planning scheme and strategy and a planning for the city’s general growth to 2030 with a vision to 2050 have been approved by the Prime Minister.
The city has completed the planning of sectors, fields, and urban areas, the overall planning of districts, towns and satellite urban areas; comprehensively developed and gradually modernised technical infrastructure and social foundations.
The urban management and law enforcement in the spheres of construction, traffic safety and social order and security have been reinforced. Due attention has been given to the management and use of natural resources, especially land. The building of new rural areas has achieved positive results and the life of Hanoi farmers and welfare services have been significantly improved.
Party building and political system consolidation have been renovated and yielded important results. Politics and society have been kept stable while security and defence, external relations have been cemented.
Since its administrative boundary expanded as allowed by the National Assembly in its Resolution 15, Hanoi has increasingly asserted its role as the national political-administrative nerve centre as well as a cultural, scientific, education, economic and international trading hub, contributing importantly to the country’s achievements.
Industrial production rebounded with an expected value increase of 6.7 percent while budget revenue will exceed 72.43 trillion VND (3.33 billion USD), excluding collections from dividends and remaining profits of State-owned companies. Municipal agencies need to continue addressing business difficulties, improving the investment climate and harnessing resources to complete key projects.
The entire political system’s determination coupled with the people’s unity, consensus, material contributions, and brainpower have brought about significant socio-economic developments for Hanoi over the past five years.
