Hanoi aims to accelerate economic growth based on revising growth model as well as economic restructuring on the foundations of innovation and technologies from the Industry 4.0.

Vice Chairman of the Hanoi People’s Committee Ha Minh Hai. Photo: Thanh Hai

The view was among priorities set in the city’s draft action program No.02 on “Focusing on revising of the growth model, economic restructuring and global integration, with a view to improving productivity, efficiency and competitiveness of Hanoi’s economy towards rapid and sustainable development in 2021-25” that the Vice Chairman of the Hanoi People’s Committee Ha Minh Hai put forth at a meeting on March 11.

“Greater application of technological advancement and innovation from the Industry 4.0 would help Hanoi improve productivity, quality and the city’s economic competitiveness,” Hai said. 

For the time being, Hai expected the city to focus on some specific targets, including the effective containment of the Covid-19 pandemic and providing support for the economy to return to the upward trend.

According to Hai, the city should step up efforts in attracting investment capital for further modernization of the infrastructure system.

Among 12 major economic indicators set in the action program, Hanoi targets to achieve an average economic growth of 7.5-8% during 2021-25 period, which would result in a gross regional domestic product (GRDP) per capita of US$8,300-8,500.

By 2025, services sector is set to make up 65-65.5% of the GDP, industry and construction to represent 22.5-23%, and agro-forestry-fishery, 1.4-1.6%.

Hanoi plans for digital economy to contribute 30% to the city’s GRDP, and the value of hi-tech products to make up 70% of the GRDP.