Monday , December 11 2023

Vietnam sets economic growth target of 9% for Red River Delta

The government has set an economic growth target of 9% a year from now until 2030 for the Red River Delta, which includes Hanoi.

It is 1.06 percentage points higher than the average rate in 2005-20, Minister of Planning and Investment Nguyen Chi Dung said at a conference Sunday.

Industry and construction will remain the key sectors, contributing 47% to the growth, followed by services with 41%.

The government also targets per capita income to rise to VND274 million (US$11,624) by 2030 from VND103.6 million per person per year in 2020.

The delta, with 11 cities and provinces, accounts for 6.4% of Vietnam’s total area, and its population of 23 million accounts for 24%. Its per capita income is 1.3 times the national rate.

The government wants related agencies to put in place regional and inter-regional development institutions and policies to foster urban infrastructure development, technological innovation and digital transformation to boost the delta’s development.

In future special mechanisms will allow Hanoi and Hai Phong cities and Quang Ninh Province, all of which have major ports, to achieve a breakthrough in development.

Party General Secretary Nguyen Phu Trong said last November at a conference that the Red River Delta has always had a strategic importance in terms of politics, economy, culture, society, and security.

It is a gateway for Vietnam and other ASEAN members to trade with China, but its socio-economic development is not commensurate with its potential, he said.

He said the urban areas in the delta need to be interconnected in a smart and sustainable way.

The Politburo decided late last year to make the delta a modern area and the nation’s foremost center for education, technology, innovation, and healthcare, and a global economic and financial hub.

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