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Hanoi Aims to Reach $12,000 in Average Income in Next Decade

Hanoi is aiming to double the city’s per capita income in the next 10 years by leaning on the encouraging economic growth rates of recent years.

On October 12, the 17th Congress of the Hanoi Party Organization took place in the capital. During the meeting, Hanoi officials looked back on the city’s economic progress over the past half-decade and presented new development goals for the next decade and more.

According to a political report delivered by Standing Vice Secretary of the Hanoi Party Committee Ngô Thị Thanh Hằng, from 2016 to 2020, Hanoi’s gross regional domestic product (GRDP) increased by 7.39%, meeting the set goal of 7.3–7.8%. The metropolis’ annual GRDP per capita at the end of the period reached US$5,420 (VND125.6 million), amounting to a 1.5-fold increase compared to 2015.

Tourism has been a standout sector during this time, with a yearly rise of 12.1% in revenue. Hanoi’s industrial sector also grew by 8.3% a year on average; while manufacturing accounts for the majority of the capital’s industrial production (91%).

In the next five years, Hanoi plans to push its annual GRDP per capita over the US$8,300 (VND192.4 million) mark by achieving yearly growth of 7.5–8%. According to the vision, by 2025, Hanoi’s economic makeup will move away from agriculture, forestry and aquaculture (1.4–1.6%) into more services (65–65.5%); and industrial production and construction (22.5–23%).

Looking further ahead, Hanoi is aiming to reach GRDP per capita rates of US$12,000–13,000 in 2030 and US$36,000 in 2045.