Hanoi’s 2020 gross regional domestic product (GRDP) growth was estimated to reach 3.98% year-on-year, up around 1.5 times against the country’s average level. This has been attributed to the strong economic recovery of the city in the fourth quarter of last year following the sharp fall in the three first quarters.
Hanoi’s 2020 gross regional domestic product (GRDP) growth was estimated to reach 3.98% year-on-year.
Among sectors, construction posted an on-year rise of 8.66%, followed by industrial production with 5.64%; agricultural production with 4.2%, services with 3.1%.
In 2020, Hanoi around USD3.72 billion in foreign direct investment (FDI) was poured into Hanoi, making the city to be the second largest destination of FDI in Vietnam in the year.
Nguyen Manh Quyen, vice chairman of the municipal People’s Committee, said that over the past three years, Hanoi has seen great strides in the ranking of the Provincial Competitiveness Index (PCI), maintaining its position among the top ten localities in the index.
The capital city ranked ninth among 63 localities in the latest PCI rankings (for 2019) announced by the Vietnam Chamber of Commerce and Industry in May 2020.
Among 10 criteria used for the PCI assessment in 2019, Hanoi saw an improvement in eight factors such as land use and vocational training.
Last year, Hanoi set aside 49% of the State budget for capital expenditure against the national average rate of 27%.
In the year, the city generated 18,600 new jobs, up 16% compared to the year plan and cut the unemployment rate to 2.3%.
Hanoi has targeted 23 socio-economic development criteria this year, including the GRDP growth target of 7.5%.