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Nov 21, 2022 / 15:28

Hanoi’s GRDP growth set to expand by 8.8% in 2022

A timely shift in the Covid-19 response to safe and flexible adaptation to the Covid-19 pandemic helped the city attain positive results in socioeconomic development.

Hanoi’s gross regional domestic product (GRDP) is set to expand by 8.8% year on year in 2022, surpassing the target of 7-7.5% for this year and the highest in recent years.

 Vice Chairman of the Hanoi People’s Committee Ha Minh Hai at the meeting. Photos: Thanh Hai/The Hanoi Times

Vice Chairman of the Hanoi People's Committee Ha Minh Hai briefed the meeting on the capital's socio-economic development results this year and the target for 2023.

According to Hai, the city has completed a vast amount of work for both short- and long-term, including efforts for socio-economic recovery, the revision of the city’s construction planning, preparation for the Ring road No.4 project, and starting the investment procedures for projects in education, healthcare, and culture.

“A timely shift in the Covid-19 response to safe and flexible adaptation to the Covid-19 pandemic helped the city attain positive results in socio-economic development,” he said.

“Hanoi has effectively contained the Covid-19 pandemic, helped stabilize people’s lives and ensured social welfare,” Hai stated.

In addition to high economic growth, Hai highlighted a positive state budget revenue that surpassed the year’s estimate of 6.8%.

 Overview of the meeting. 

“This helped the city ensure sufficient funds for capital expenditure, regular spending, and other tasks on pandemic prevention and economic recovery,” Hai said.

The speedy socio-economic recovery has also resulted in high retail and services revenue, with an expansion of nearly 11% year on year.

This year, Hanoi is set to complete all 22 economic indicators, five of which would exceed their respective year’s targets.

However, Hai pointed to several shortcomings, including inefficient cooperation among districts, units, and local agencies in administrative work and slow digitization.

"Most of the criteria for evaluating the application of information technologies in public operation towards the realization of digital government have been below expectations," Hai said while expressing concern about the low disbursement of public funds, the overload of urban infrastructures and the little progress in the creation of digital databases.

Containing inflation and promoting growth

According to the vice chairman, priorities for Hanoi in 2023 would be to ensure macro fundamentals, contain inflation, and promote growth.

“Hanoi would continue its economic restructuring efforts, developing new growth engines and business models, and enhance economic resilience against future shocks,” he said.

Along with economic targets, Hai expected the city to prioritize the comprehensive development of culture, education, effective control of diseases, and improved people’s living standards.

The city would draft three growth scenarios for next year, including a GRDP growth of 7%, higher than the national average of 6.5%; GRDP per capita at VND150 million ($6,042); export growth of 6%; inflation rate at 4.5%; and poverty reduction rate at 30% against 2022.

For long-term goals, Hai expected the city to speed up the urban planning process, promote digital infrastructure development, and tighten land management, resources, and environmental protection.

He stressed the significance of continued administrative reform to enhance efficiency in state apparatus and streamline the organization, prevent corruption and waste.