Hanoi and TP. How has Ho Chi Minh City grown after 10 years?
Hanoi
In the period 2011-2015, Hanoi’s economy had a relatively high growth rate, the average GRDP reached 9.3%/year, 1.5 times higher than the national average. In the 2016-2020 period, the city’s economy continuously grows and reaches a good level. The average gross domestic product (GRDP) of the whole period is estimated to increase by 7.39%/year, reaching the set target (from 7.3 – 7.8%).
According to the Hanoi Department of Planning and Investment, in the 2016-2020 period, although the city accounts for only 1% of area and 8.5% of population, Hanoi contributes over 16% of GDP and 18.5% of revenue. State budget. Therefore, Hanoi increasingly deserves its role as a major center of economy and international transactions, a development engine of the Red River Delta region and the whole country.
Total social development investment capital of Hanoi in the 2016-2020 period accounted for 39.2% of GRDP, 1.65 times higher than in the previous period, achieving the set target.
According to Mr. Nguyen The Hung, Vice Chairman of the City People’s Committee. Hanoi, a city that has developed a fast and sustainable economy; attach importance to comprehensive and harmonious cultural and social development; focus on synchronous and modern development of urban and rural infrastructure; promote administrative reform.
In addition, Mr. Hung affirmed, Hanoi will be determined to perform well its role as a national political-administrative center, a major center for culture, science, education, economy and international transactions. contribute to accelerating the industrialization and modernization of the country.
City. Ho Chi Minh City
According to the City Party Committee. In Ho Chi Minh City, in the period 2011 – 2015, the city’s economy maintained a relatively high growth rate, the average GRDP reached 9.6%/year, 1.63 times higher than the national average.
Jones Lang LaSalle Group (JLL) said that high foreign direct investment (FDI) and infrastructure spending have contributed to the city’s growth. Ho Chi Minh City became the city with the largest growth margin in 2015.
Mr. Jeremy Kelly, JLL’s director of global research said, TP. Ho Chi Minh City has emerged as an important and growing economic center in Asia. Investment in infrastructure of the city. Ho Chi Minh City contributes to Vietnam’s growth.
What helps the city. Ho Chi Minh City’s positive achievements are the result of 35 years of renovation. Especially in the 2016-2020 period, TP. Ho Chi Minh City’s economy has grown quite rapidly, with good growth quality, at an average rate of 6.41% per year in the 2016-2020 period, contributing over 22% of GDP and 27% of total State budget revenue.
As a dynamic city, attracting many sources of private investment. In the period 2016-2020, the total social investment capital of the city. Ho Chi Minh City accounted for 33.5% of GRDP, exceeding the plan by 30%. The structure has shifted in the direction of reducing the proportion of the state sector to only 16.7%, increasing the proportion of non-state investment to 69.1%, the proportion of the FDI sector remaining stable at 14.2%.
According to the Secretary of the City Party Committee. Ho Chi Minh City, HCMC. Ho Chi Minh City is a special city, with an economic growth rate higher than the national average for many years, which confirms its solid role as an economic locomotive.
Growth rates of Hanoi and Ho Chi Minh City. Ho Chi Minh City for the period 2011-2021. Source: Cities Bureau of Statistics.
Thereby, in the period 2011 – 2015, the average growth of the city. Ho Chi Minh City is higher than Hanoi, but in the 2016-2020 period, Hanoi’s average growth rate is higher than that of Ho Chi Minh City. HCM.
In terms of GDP per capita, after a period of constant development from 2011 to 2015, Hanoi’s average GDP reached about 3,613 USD in 2015, an increase of 2.3 times in 2010 and 1.9 times higher than the national average. country. Along with that, after the 2016 – 2020 development period, the city’s average GDP is estimated at 5,420 USD in 2020, about 1.5 times higher than in 2015 and 1.8 times higher than the national average.
With City. In Ho Chi Minh City, after the period 2011 – 2015, the average GDP reached 5,217 USD in 2015, 1.7 times higher than 2010 and 2.2 times higher than the whole country. After the 2016-2020 period, the city’s average GDP will reach $6,328 in 2020, about 1.2 times higher than in 2015 and twice the national average.
In 2021, Hanoi’s growth will reach 2.95%, lower than the 2021 plan (7.5%) and lower than the growth rate of 2020 (4.18%). However, in the context of the complicated developments of the Covid-19 pandemic, especially in the third quarter of 2021, when the fourth wave of the epidemic broke out. Cities and many provinces and cities across the country implemented social distancing, economic activities almost stopped, this is a positive result.
Total state budget revenue in the city. Hanoi in 2021 is estimated to realize 241,896 billion VND, reaching 102.7 percent of the central estimate and reaching 96.2% of the City Council’s estimate, equaling 84.1% of the implementation in 2020. Total budget expenditure the locality is estimated to implement 85,600 billion VND, reaching 78.8% of the estimate assigned by the City Council. The registered capital of newly established enterprises is estimated at 345,000 billion VND (down 16%) with about 25,190 enterprises (down 5%).
For the City. In Ho Chi Minh City, the GRDP growth rate in the third quarter of 2021 dropped sharply, negative 24.97% over the same period and the whole year 2021 grew negative 6.74% compared to 2020. According to the City People’s Committee. In Ho Chi Minh City, the Covid-19 pandemic pushed the economy in Ho Chi Minh City to the bottom of the decline, the largest decrease since 1986.
Total state budget revenue in the city in 2021 is estimated at VND 383,703 billion, exceeding 5.2% of the estimate and increasing by 3% compared to 2020. Regarding the number of businesses, the city has licensed 30,829 businesses with total registered capital of 517,694 billion VND. Compared to the previous year, the number of licenses decreased by 23.5% and capital decreased by 53.5%.
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