Hanoi’s gross regional domestic product (GRDP) growth is on track to reach a four-year high of 7.46% in 2019, higher than the growth rate of 7.37% recorded last year, according to Vice Chairman of the Hanoi People’s Committee Nguyen Doan Toan.

Vice Chairman of the Hanoi People's Committee Nguyen Doan Toan speaks at the conference.

In 2019, Hanoi expects to have seven out of 22 socio-economic development indicators exceed the targets, including the GRDP growth rate, total investment, exports, voluntary social insurance coverage, poverty reduction, unemployment rate in urban areas, and clean water coverage in rural areas, Toan said at a conference discussing Hanoi’s socio-economic performance in 2019 held today [November 23].

Hanoi maintained its top spot in terms of foreign direct investment (FDI) attraction nationwide for the second consecutive year, recording a 30-year high of US$8.05 billion.

Data: FIA. Graphic: Ngoc Thuy.

This is evidence of Hanoi’s efforts to improve the business environment, particularly with the provincial competitiveness index (PCI) in 2018 at the city's all-time high ranking of 9^th out of 63 provinces and cities. The result has exceeded original target of entering the top 10 PCI index ranking by 2020 set by the municipal People Council, stated Toan.

According to Toan, the industrial production index is estimated to grow 8% year-on-year, higher than the 7.5% recorded last year, while total revenue for retail sales and services would expand 10.8% (versus 9.7% last year).

Notably, Hanoi’s exports are projected to hit US$17.5 billion, up 25.8% year-on-year (versus 18.83% last year).

The number of tourists to Hanoi in 2019 is estimated at 28.94 million, up 10.1% year-on-year, including a growth rate of 17% in terms of foreign tourists.

Hanoi targets GRDP growth rate of 7.5% in 2019 and 2020, leading to average annual GRDP growth of 7.33% - 7.41% in the 2016 – 2020 period, which is in line with the city’s five-year socio-economic development plan.