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Vietnam PM: Hanoi must become East Asian centre by 2045

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Vietnamese Prime Minister Nguyen Xuan Phuc said Hanoi must have transformed itself into one of the political,economic and cultural centres in East Asia by 2045. VIETNAM NEWS AGENCY/VIET NAM NEWS

Vietnam PM: Hanoi must become East Asian centre by 2045

Hanoi must have transformed itself into one of the political, economic and cultural centres in East Asia by 2045, when Vietnam becomes a developed country, Prime Minister Nguyen Xuan Phuc said on Saturday.

He made the remark while addressing the “Hanoi 2020 – Investment and Development Cooperation” conference that aimed to promote post-Covid-19 economic recovery and development in the Vietnamese capital.

The conference looked to press on with administrative reforms and improvement of the local business climate and competitiveness so Hanoi can achieve strong socio-economic results, with its gross regional domestic product (GRDP) growth 1.3 times faster than the whole country’s gross domestic product expansion, and the budget revenue target of 285 trillion dong ($12.3 billion) this year.

Phuc said: “Hanoi authorities have actively dialogued with and created optimal conditions for all economic sectors to develop. Thanks to their dynamism, the city has attracted a number of foreign-invested and large-scale projects.

“With its new stature, Hanoi now should not merely be the political, economic and cultural centre of Vietnam but one of the centres in Southeast Asia, and by 2045, among such hubs in East Asia.”

The target for Hanoi was no longer to compete with other Vietnamese localities but with other cities in the region like Bangkok, Jakarta, Shanghai and Manila, he said.

“The city needs to have good institutional quality and capitalise on existing special mechanisms, especially the National Assembly’s recent resolution on piloting some specific financial and budgetary mechanisms and policies for the capital.

“The city should also make full use of opportunities and be more proactive to seek new development models and engage in global value chains.

“It needs to maximise the geo-political and economic advantages of Vietnam and the Capital Region while cooperating with other localities and considering them partners for common development as each of them has specific advantages,” said Phuc.

He also asked the city to create a competitive and institutionally efficient and effective economy and become a liveable city.

Local per capita income has approximated $5,500 each year, and if the average annual growth rate of nine per cent is sustained, Hanoi will be able to become a high-income locality by 2030, 15 years ahead of the same target for Vietnam, he said.

At the conference, municipal People’s Committee chairman Nguyen Duc Chung said the city had gone 72 days without community transmission of Covid-19, with life back to normal for the most part.

Chung said despite the severe impacts of the pandemic, the GRDP of Hanoi grew by 3.39 per cent with 12,650 newly registered enterprises in the first half of the year.

Total registered capital also reached 175 trillion dong, up nine per cent over the same period last year.

“Foreign direct investment attraction in the six months reached $4 billion. The state budget revenue for the six months is expected to meet 50 per cent of the estimate,” said Chung.

He also announced a list of 282 projects in eight fields calling for an investment of 483.1 trillion dong, including industry, trade and services, infrastructure, and the environment.

Authorities also presented investment certificates to 229 projects worth 405.57 trillion dong at the conference.

Vietnam Chamber of Commerce and Industry chairman Vu Tien Loc told Viet Nam News: “Hanoi is one of the first cities in the world to curb the Covid-19 pandemic and has started to restore economic activities, which is considered a miracle.

“This conference is held in the context that Vietnam begins a new phase of development, welcoming new investment capital. With its advantages, the capital will be the frontline in receiving this new wave of investment.

“Hanoi needs to best serve the projects of existing businesses to promote the city’s economic development, but the friendliness of civil servants is not highly appreciated. The city should research and develop a district-level competitiveness index to better serve citizens and businesses,” he said.

Korea Chamber of Business in Vietnam chairman Kim Han-yong said the business community in Vietnam had been seriously affected by the Covid-19 pandemic, especially the aviation and tourism industries.

He said he highly valued Vietnam’s effective containment of the Covid-19 pandemic. The country had supported businesses to stabilise production and soon resume operations as well as extending tax payment deadlines.

However, local and Korean businesses in Vietnam still face many difficulties. Kim urged the government to deliver more supportive policies to assist businesses, especially those in tourism.

He said South Korea can support Vietnam in digital transformation so the country can become a digital society and added that Korean businesses would like to work with Hanoi authorities to contribute to the development of the capital.



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