Hanoi expects greater contributions from the business community to the agricultural sector, which holds huge potential for development, according to Nguyen Duc Chung, chairman of the Hanoi People’s Committee.

Chairman of the Hanoi People's Committee Nguyen Duc Chung at the meeting. Source: Hanoi's portal.

At present, the agricultural sector in Hanoi only meets 60% of demand of the city  for vegetables, 55% for meat and over 40% for seafood, while the growing number of tourists coming to the capital in the coming years would boost demand to a new height, said Chung at a meeting with the Hanoi Business Association on January 18, Hanoi’s portal reported.

Chung asked the association to realize its potential and further integrate in regional and international markets, in turn contributing a major part to Hanoi’s development.

In 2019, Hanoi achieved all 22 socio-economic development targets, eight of which exceeded the year’s estimates, including the GRDP growth rate, total investment, exports, voluntary social insurance coverage, poverty reduction, unemployment rate in urban areas, among others.

Notably, Hanoi’s GRDP reached a four-year high of 7.62% in 2019, exceeding the year’s target of 7.4 – 7.6%, while the city continues to hold the crown in foreign capital attraction nationwide.

Chung stressed the local business community has played a major part in the overall achievements of Hanoi in 2019.

According to Chung, Hanoi has been consistently adopting measures to support the development of enterprises. As of December 31, 2019, Hanoi has 286,000 enterprises, of which 176,000 were profitable and have become growth engines for Hanoi’s sustainable development.

“Hanoi acknowledges the efforts and significant contributions of the business community to its development and that of the country in general. In addition to high contribution to the state budget and job creation, local businesses have excelled in social responsibilities,” Chung stressed.

As the Fourth Industrial Revolution is playing out, Chung requested Hanoi’s enterprises to continue reforming and catch up with technological advances, which are key to enhance productivity and better meet demands from domestic and foreign markets.

Hanoi sets GRDP to grow at least 7.5% in 2020, resulting in income per capita of VND136 million (US$5,871), higher than the country’s GDP per capita of US$3,000 in 2016 – 2020 and an estimated of US$4,688 in 2021 – 2025.

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.