Hanoi's regional gross domestic product (GDP) is projected to grow by 7% by 2023, above the country's target of 6.5%.

Overview of the session. Photos: Thanh Hai

Vice Chairman of the Hanoi People's Committee Ha Minh Hai made this forecast today [December 8] at the 10th session of the municipal People's Council.

According to Hai, such a prediction is based on anticipation of the complicated global situation and the country’s GDP forecast at 6.5%.

“Out of the three scenarios, the 7% growth target – a 1.08-fold higher than the national average- is deemed suitable to the situation,” Hai said.

Faced with growing concern from businesses, especially the lack of access to working capital, Hai said Hanoi would continue to create policies to support economic activities while closely monitoring the global and domestic situation to ensure the job security of the local population, especially in rural areas and industrial parks.

In addition, Hai said Hanoi would promote craft village development and expand the investment in craft village industrial clusters, move production activities out of residential areas, and create a favorable legal environment to attract capital into industrial parks.

Hai expects Hanoi to develop transport infrastructure next year, especially projects to boost inter-provincial connections and ring roads to create new growth spaces, along with economic production facilities of industrial parks, shopping malls, hotels, and financial service centers.

Hai shared with deputies that the city's rapid and sustainable development should be based on high technologies, innovation, and digitalization, forming three pillars: digital government, society, and economy.

As part of efforts to improve the efficiency of the local apparatus, Hai stressed the need for Hanoi to continue promoting administrative reform and decentralization.

"Hanoi will continue to apply IT and digitalization, starting with the reporting system and a shared city database for greater transparency," he said.

Deputies vote on the resolution.