Hà Nội maintains higher economic growth

The Hà Nội Party Committee conference yesterday reviewing the city’s 2024 socio-economic development achievements and its development plan for 2025. Photo laodongthudo.vn

HÀ NỘI – The capital’s economy is expected to maintain a higher growth rate in 2024 compared to the previous year, said Hà Minh Hải, vice chairman of the Hà Nội People's Committee.

The Gross Regional Domestic Product (GRDP) for the first nine months grew by 6.12 per cent compared to 5.99 per cent for the same period last year, Hải said.

He was delivering a report on the city’s 2024 socio-economic development achievements and its development plan for 2025 at the Hà Nội Party Committee conference yesterday.

The annual GRDP growth is projected to reach over 6.5 per cent compared to 6.27 per cent in the previous year, he said

Hà Nội has ensured balanced budget revenues and expenditures, as well as funding for development investments.

Total state budget revenue reached approximately VNĐ492 trillion (US$20.1 billion), an estimated 120.5 per cent of the target and up 19.6 per cent compared to 2023.

Domestic revenue amounted to VNĐ462 trillion ($18.9 billion), a 21.2 per cent increase, accounting for 93.8 per cent of total revenue, while local government revenue under regulatory allocation reached VNĐ143.57 trillion ($5.87 billion), achieving 111.3 per cent of the target and up 34 per cent from the previous year.

Additionally, the city effectively implemented financial and credit policies, promptly meeting capital needs for production and business.

Out of 24 targets, 23 were achieved, with only the 'Public Transport Passenger Rate' indicator facing challenges.

Social welfare efforts were ensured, and the city led the nation in caring for the disadvantaged, policy beneficiaries and people with meritorious contributions.

Social policies were timely and effectively implemented, ensuring full coverage of the intended groups.

The city created jobs for over 196,000 workers, achieving 118.9 per cent of the annual plan and over VNĐ10 trillion ($409 million) was allocated through the Social Policy Bank to provide loans to more than 96,000 underprivileged households and policy beneficiaries.

The city also supported other provinces, such as Tuyên Quang and Phú Thọ, to eliminate dilapidated housing with total aid amounting to VNĐ265 billion ($10.8 million).

Combatting wastefulness and administrative reform

The municipal authority has intensified efforts to address inefficiency and waste.

Hà Nội was the first city nationwide to establish a Steering Committee for Anti-Waste Measures in November 2024.

The city reviewed 712 delayed projects which were causing resource waste and public discontent.

Administrative reforms and digital transformation, linking with the Government digitalisation project 06, on developing citizen data, electronic identification and authentication systems, for the national digital transformation with a vision to 2030, are a breakthrough bringing substantial benefits to citizens and businesses.

The city also resolved challenges faced by businesses, accelerating land allocation, leasing and project implementation to avoid delays, waste or abandonment that help generate significant state revenue.

Advancing into the new era

While acknowledging achievements, Hải noted limitations such as disparities in the competence of officials, lack of dynamism and creativity, and a tendency to avoid responsibilities in some agencies.

Administrative procedures remained cumbersome, significantly hindering public investment disbursement.

Additionally, Hà Nội’s rankings in the Provincial Competitiveness Index (PCI) and Provincial Governance and Public Administration Performance Index (PAPI) declined due to complex regulatory barriers.

To align with General Secretary Tô Lâm’s directive of advancing Việt Nam into a 'New Era', Hà Nội plans to reform its governance, encourage creativity and foster development, making the capital a leading symbol of the nation’s progress.

According to the vice chairman, the city forged 25 indicators, of which five are general economic indicators, 14 socio-cultural ones and five urban, rural and environmental ones. In 2025, the city proposes one more target, setting the total number of houses and area of ​​social housing completed in the year.

The city has set three growth scenarios for 2025 including GRDP growth of 6.0-6.5 per cent, with per capita GRDP of VNĐ171.5-172.4 million ($7,013-7,049), GRDP growth of 6.5-7.5 per cent, with per capita GRDP of VNĐ172.4-174 million ($7,049-7,121), and GRDP growth exceeding 8 per cent, with per capita GRDP over VNĐ175 million ($7,169).

To achieve these goals, Hà Nội has set ten key tasks and solutions on economic development, controlling inflation, ensuring major balances of the capital's economy, reviewing investment projects, removing difficulties for businesses, and attracting investment into Hà Nội, Hải said. VNS