Hanoi may not fulfil six yearly targets

Reporting to a delegation of the municipal People’s Council on September 16, he said the city’s regional gross domestic product (RGDP) growth in 2016 is estimated at 7.73%, lower than the set target of 8.5%-9%, and the per capita GRDP is predicted at about VND85 million compared to the target of VND87 million.

Total social investment is expected to increase by only 9.9% instead of the target 11%-12%, he said.

The city’s export value is predicted to shrink 0.4%, while the target is an increase of 7%-8%.

The official attributed the lower-than-expectation economic performance to unfeasible plans and ineffective management measures. In addition, inadequate attention to the development of industrial parks and export processing zones coupled with high investment costs and land price have made Hanoi less attractive to investors.

Nam also pointed to some bright spots in the city’s socio-economic situation in the first ninth months of 2016, with State budget collection totaling VND121.3 trillion, or 71.6% of yearly estimate. The city attracted VND131.4 trillion (US$5.9 billion) of foreign investment in the period, he noted.

In order to fulfil socio-economic goals for 2016, the Planning and Investment Department has rolled out a number of solutions, including expanding industrial parks and designing policies to support the training of workers.

At the same time, the city will continue improving its investment environment and removing obstacles facing production and business, striving for a 10.5% growth in the remaining months of the year, he said.

Hanoi will speed up capital distribution and enhance the efficiency of public investment to ensure the completion of the goal in budget collection and spending.

Chairwoman of the municipal People’s Committee Nguyen Thi Bich Ngoc urged the department to devise more specific measures in order to achieve the best possible outcomes in carrying out the yearly targets.