Prime Minister urges Ha Noi to become a major hub in East Asia by 2045

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Prime Minister Nguyen Xuan Phuc (fourth from left), Deputy Prime Minister Pham Binh Minh (third from left) and other delegates attend the “Ha Noi 2020 - Investment and Development Cooperation” conference, June 27. (Photo: VGP)

PM Phuc underlined the point on June 27 at the “Ha Noi 2020-Investment and Development Cooperation” conference which attracted the participation of 1,300 foreign and domestic business representatives.

From that perspective, the capital city must rise up to compete with other cities in the region, not just other localities, Phuc said.

The city has to introduce quality institutions and effectively utilize advantages of the specific mechanisms such as the Law on Capital City and the National Assembly’s recently approved Resolution on specific financial-budgetary policies and mechanisms to accelerate development.

The capital should uphold its geopolitical and economic advantages, enhance connectivity with other localities, and involve strategic partners like intellectuals and businesses in its development course.

He stressed the need to build a competitive economy in which top priorities should be given to improving economic strength and structure, business environment, institutional quality, governance capacity, human resource quality, and financial system.

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It is vital to set up a worth-living city with a good environment, advanced education and healthcare system, good social welfare and modern transport infrastructure, he said.

The city should also nurture spiritual values and enhance innovation and start-up by creating an environment conducive to new innovative ideas.

In his opening remarks, Vuong Dinh Hue, Secretary of the Ha Noi Municipal Party Committee said the city's economy expanded 7.3-7.5% on average between 2016 and 2019 and the GRDP per capita reached US%5,420.

The economic growth rate dipped to 3.39% in the first six months this year due to heavy impacts of the COVID-19 pandemic, Hue added.

Foreign investment inflows stood at US$1.56 billion between January and May while there were about 12,260 new firms with total registered capital of 181.4 trillion VND (US$7.78 billion), down 10% in number but up 9% in capital compared to the same period last year.

Also at the conference, the municipal authorities granted investment certificates to 229 projects, worth VND405,570 billion (or US$17.6 billion).

As many as 38 memoranda of understandings were signed with the expected investment capital of US$28.6 billion. Bamboo Airways signed a memorandum of understanding with Ha Noi to launch tourism promotion programs to stimulate tourism in the post-coronavirus period.

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