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Vietnam Today

Hanoi's GRDP increase highest in four years

Released at: 13:55, 02/12/2015

Hanoi's GRDP increase highest in four years

Gross regional domestic product rises 9.24 per cent this year, or 1.58 times higher than average GDP.

by Hoai An

The 14th session of the Hanoi People`s Council (XIV Tenure) officially opened in Hanoi on December 1 and will run to December 5, looking into the implementation of socioeconomic and defense-security development plans and the State budget in 2015 and next year.

According to Deputy Chairman Vu Hong Khanh, the city’s gross regional domestic product (GRDP) is estimated to stand at about $27.6 billion, an increase of 9.24 per cent compared to the previous year and 1.58 times higher than the country’s average GDP, reaching its highest level for four years. Income per capita is approximately $3,600, 1.8 times higher than in 2010.

Social investment capital in the city in 2015 was estimated at VND353 trillion ($15.8 billion), up 12.6 per cent compared to 2014. The number of newly-registered enterprises increased significantly, by 33.7 per cent. Budget collections were estimated to total nearly VND147 trillion ($6.5 billion), 3.5 per cent higher than planned.

The State collected about VND714.5 trillion ($32 billion) over the year, an increase of 7.1 per cent. The city was successful in implementing price stabilization, reducing interest rates and keeping inflation under control. The consumer price index was estimated to have risen 1 per cent.

The city still saw weaknesses, however, including ineffective and inattentive management and administration at some levels, limitations in market forecasts, poor business strategies, inadequate financial resources and corporate governance, and low competitiveness.

In term of directions and tasks for 2016, the city is aiming at GRDP growth of 8.5-9 per cent and GRDP per capita of between VND85-87 million ($3,740-$3,828).

To successfully implement these goals Mr. Khanh said that Hanoi will improve its investment and business environment, enhance investment attraction, and support businesses to boost production and integration. The city will also conduct reform in the areas of planning, investment, land, construction, business registration, and investment licensing, simplifying procedures for the issuance of investment certificates to attract foreign direct investment (FDI).

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