Hanoi records impressive socio-economic results in nine months

A corner of Hanoi from above

The capital city of Hanoi recorded impressive socio-economic development results in the first nine months of this year, with a gross domestic product (GDP) growth of 7.35 percent, up from the 6.95 percent expansion recorded in the same period last year.
The information was revealed by Director of the municipal Department of Planning and Investment Nguyen Manh Quyen at an October 1 teleconference to review the city’s performance in the third quarter and the first nine months as well as launch tasks for the rest of the year.

The city welcomed 21.55 million tourists during the nine-month period, a rise of 9.5 percent year-on-year. Among those, 4.71 million were foreigners, up 10.1 percent.

Especially, Hanoi led cities and provinces nationwide in receiving foreign direct investment (FDI) by luring 6.23 billion USD, or 23.5 percent of the total FDI that Vietnam got in the period, Quyen said.

Its total social investment hit 245.8 trillion VND (10.63 billion USD), a year-on-year increase of 12.9 percent, he added.

Regarding the new-style rural area building, six districts and 325 out of 386 communes or 84.2 percent were recognized as new-style rural areas. Three communes satisfied advanced criteria for new-style countryside.

Hanoi’s total State budget revenue was estimated at over 185 trillion VND (8 billion USD), equaling to 70.3 percent of the estimate and up 14.3 percent compared to the same period last year.

The urban management and development continued to be enhanced, with 57 out of 68 projects approved. The city also paid attention to protecting the lake and river environments and maintaining waste collection.

The social and cultural work received due attention while social security was ensured.

Besides the achievements gained, Hanoi also revealed many shortcomings such as slow equitisation and divestment, low disbursement, worsening air quality and increasing traffic congestion, among others.

Concluding the teleconference, Chairman of the municipal People’s Committee Nguyen Duc Chung asked departments, agencies, districts and towns to focus on taking measures to realise all socio-economic development targets set for 2019.

Earlier in January, the municipal People’s Committee set 22 targets for the city’s socio-economic development in 2019, focusing on State budget restructuring, improvement of its investment and business environment, and promotion of the innovation and startup ecosystem.

The capital city’s gross regional domestic product (GRDP) is planned at 7.4-7.6 percent in 2019 and export growth is projected at 7.5-8 percent.

In 2018, the capital city accomplished all 20 socio-economic development targets. Its GRDP increased 7.61 percent, highest in the last three years, and export grew 21.6 percent (much higher than its initial target of 7.5-8 per cent). The city’s foreign investment attraction topped the country for the first time after more than 30 years, expected at 5.6 billion USD.

According to the city’s action programme on socio-economic development and State budget estimation in 2019, this year is a turning point to complete the five-year plan for 2016-20. This has great importance in the context of complicated and unpredictable developments in the region and the world.

The programme focuses on nine tasks and solutions, with priority given to improving the quality of the local investment and business environment, as well as encouraging and promoting innovation and startups.

Enterprises in the locality will be developed in both quantity and quality.

The city will continue its economic restructuring in association with a changing growth model and improving productivity, efficiency and competitiveness.

The programme emphasises the task of restructuring the State budget, focusing on efficient tax collection, fight revenue losses, especially having measures to collect tax arrears, detect and handle price transfer actions, and closely monitor movements on the forex market to ensure the implementation of business and import-export plans.

Other priorities include urban planning and development, application of information technology in administration and management, stepping up administrative reform, downsizing payrolls, drastic anti-corruption and wastefulness, development of education, healthcare services and culture, ensuring national defence and social order, as well as improving the efficiency of foreign affairs and international integration./.