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Hanoi remains driving force for Vietnam’s northern key economic region
Ngoc Thuy 12:46, 2019/06/26
The capital city`s GRDP expanded 7.19% on average in the 2016 – 2018 period, higher than the average rate of 6.74% recorded in the 2011 – 2015 period and Vietnam`s at 6.7%.
Hanoi continues to be the driving force for Vietnam’s northern economic region and its importance for the economy in overall is growing, according to Nguyen Duc Chung, chairman of the Hanoi People’s Committee. 
 
Chairman of Hanoi People's Committee Nguyen Duc Chung.
Hanoi has been playing an active role in drafting and implementing the master planning for socio-economic development in the northern region, informed Chung at the conference discussing the potential growth of Vietnam’s northern economic region on June 25. 

In terms of infrastructure development, a number of roads have been built to enhance connectivity among provinces and cities, in addition to promoting trade and investments among localities in the region, Chung added. 

As of 2016, Hanoi’s economy has maintained a high growth rate and contributed significantly to the country’s high economic performance. 

The GRDP’s of the capital expanded 7.19% on average in the 2016 – 2018 period, higher than the average rate of 6.74% recorded in the 2011 – 2015 period and Vietnam's at 6.7%. 

The city is on track to fulfill its economic objectives set by the municipal city council in the 2016 – 2020 period, Chung continued. 

According to Chung, the city’s growth model has been shifted towards greater productivity and efficiency, while the contribution of total factor productivity (TFP), which is determined by how efficiently and intensely the inputs are utilized in production, has been improved compared to previous periods. 

In the 2016 – 2018 period, TFP contribution into Hanoi’s GRDP reached 51.9%, higher than that in the previous period at 31.2%, while that of capital and labor was 44.6% and 3.6%, respectively. 

Hanoi had also mobilized VND927.88 trillion (US$39.73 billion) in capital for investment in 2016 – 2018, equivalent to 36.4% of the city’s GRDP. A total of nearly 98% of the capital was poured into services, industry and construction sectors. 

Notably, in 2018, Hanoi maintained its second place nationwide in the 2018 Public Administration Reform (PAR) index with a combined score of 83.98%

Over the past few years, Hanoi has been pushing for greater IT application, with 100% applications for business registration and over 98% of tax declarations are now processed online, while the processing time for administrative procedures has been reduced to within three working days, and in some cases to two days. 

Additionally, Hanoi is now home to 3,530 technology companies which generate revenues of VND244.26 trillion (US$10.44 billion) in 2018, indicating the capital’s effort in attracting major technology companies for the goal of building a smart city. 

The city’s Satisfaction Index of Public Administration Services (SIPAS) 2018 also climbed 16 places compared to last year. 

For the first time since the launch of the provincial competitiveness (PCI) index report in 2005, Hanoi has been named among the top 10 rankings nationwide in the report for 2018, claiming the 9th rank out of 63 provinces and cities with a score of 65.40. 

With such achievements, Hanoi continues to cement its place as a major driving force for Vietnam’s economic growth, Chung asserted. 
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