Hanoi focuses on growth quality and competitiveness
Hanoi has been maintaining a steady economic growth in recent years, creating favorable conditions for trade facilitation, investment attraction, tourism and service development.
From 2016 to 2017, Hanoi witnessed a 7.23% growth rate of the average gross regional domestic products (GRDP), while the rate was 7.07% in the first six months of 2018, up 0.43 percentage points year-on-year, according to the municipal Statistics Office.
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In addition to an increase in the number of tax payers, enterprises with production expansion have contributed positively to the state budget revenue, which was estimated at VND117 trillion (US$5.14 billion), equivalent to 49.1% of the year's estimate and up 10.7% year-on-year.
In 2018, Hanoi aims to achieve a GRDP target of 7.3-7.8%. The city also expect to have over 50,000 newly established enterprises (including business households transformed into enterprises). Along with this target, Hanoi strives to grow its service sector by 6.9-7.5% and those of industry and construction sectors by 8.2%-8.7%. Additionally, export turnover growth is expected to reach 7.5-8%.
To achieve these objectives, Hanoi will push forward with expanding business and production, focusing on manufacturing and processing, hoping to deepen its integration in the global value chain, said the local authority.
In the future, enterprises will continue to receive supports from the city in accessing market information, policies from Vietnam's trading partners, as well as in gaining a better understanding of Vietnam's commitment to free trade agreements.
With regard to the service sector, Hanoi will focus on developing logistics infrastructure and tourism, and, in turn, increasing the capital inflow from both domestic and foreign investors.
Particularly, Hanoi will speed up the approval process of investment procedures and providing private sectors with necessary assistance.
Hanoi identified science and technology as a vital tool to achieve all socio-economic development targets set for 2018. Consequently, information and technology (IT) will be applied to all fields and sectors, from administrative procedures to transport, healthcare, tourism to transform Hanoi into a livable place for citizens.
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