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Prime Minister Nguyen Xuan Phuc speaks at the conference. (Photo: VGP)

The PM underlined the point on June 27 while addressing the 'Ha Noi 2020 – Investment and Development Co-operation' conference which aimed at promoting post-COVID-19 economic recovery and development in the capital. The conference attracted the participation of 1,300 foreign and domestic business representatives, according to VNA.

Opening the event, Secretary of the municipal Party Committee Vuong Dinh Hue said that the conference hoped to press on with administrative reforms and stronger improvement of the local business environment and competitiveness so that Hanoi can achieve as high as possible socio-economic results. This year, it has achieved gross regional domestic product growth 1.3 times faster than Vietnam’s gross domestic product expansion, and the budget revenue target of VND285 trillion (nearly US$12.3 billion).

Prime Minister Nguyen Xuan Phuc attends the “Ha Noi 2020 - Investment and Development Cooperation” conference, June 27, 2020 (Photo: VGP)

According to PM Phuc, Hanoi authorities have actively dialogued with and created optimal conditions for all economic sectors to develop. Thanks to their dynamism, Hanoi has drawn a number of foreign-invested and large-scale projects.

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

The goal 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 added.

PM Phuc noted that Hanoi should have good institutional quality and capitalize on existing special mechanisms, especially the National Assembly's recent resolution on piloting specific financial and budgetary mechanisms and policies for Hanoi.

“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 co-operating with other localities and considering them partners for common development as each of them has specific advantages,” said PM Phuc.

Prime Minister Nguyen Xuan Phuc and delegates at the conference. (Photo: VGP)

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

Currently, each year, local per capita income has approximated $5,500, and if the average annual growth rate of 9 percent is maintained, Hanoi can become a high-income city by 2030, 15 years ahead of the same goal for Vietnam, reported by Nhan Dan.

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