Hanoi will need between USD180-190 billion to invest in various investment projects during the next decade.
Hanoi to prioritise sustainable development
The Government on July 6 approved a master plan for socioeconomic development in Hanoi through 2020 and a vision for further development until 2030.
Under the plan, Hanoi is estimated to need between VND1,400-1,500 trillion (USD67.73-72.6 billion) for projects for the 2011-2015 period, with VND2,500-2,600 trillion (USD120.9-125.78 billion) needed for 2016-2020 period.
The capital city’s economic growth rate is expected to reach 12-13% per year between 2011 and 2015, 11-12% for the 2016-2020 period, and 9.5-10% between 2021 and 2030.
Sustainable development
The city plans to prioritise investment in tourism, services and high-tech sectors in the next decade. Development will be based on domestic resources to try and ensure sustainability.
The inner city will be devoted to wholesale, while attention will be paid to the development of financial, banking, insurance and securities services.
Hanoi will encourage the development of supporting industries for major industries including engineering and electronics.
By 2015, the city will have built nine more industrial parks, with 15 industrial parks constructed by 2030 with priority given to environmentally-friendly industries.
Services will play the most important role in the municipal economy by 2015, accounting for 54-55% of its GDP. By 2020, services will contribute more to the city’s economic growth with a declining proportion of GDP sourced via agriculture.
Population boom
The city will face a population boom by 2030
Hanoi will be developed into an urban cluster that will include the central city and satellite urban areas, including Hoa Lac, Son Tay, Xuan Mai, Phu Xuyen and Soc Son. Rural areas will remain to be located in the city’s boundaries.
The city’s population will climb to 7.2-7.3 million people by 2015. The figure will mount to 7.9-8 million by 2020, and around 9.2 million in 2030.
Per capita GDP is estimated at USD4,100-4,300 in the next five years, rising to USD7,100-7,500 by 2020 and USD16,000-17,000 by 2030.