Hanoi eyes $8,500 average income by 2025

By Vo Hai, Nguyen Quy   October 6, 2020 | 07:39 pm PT
Hanoi eyes $8,500 average income by 2025
People sit by the Sword Lake in downtown Hanoi, October 2020. Photo by VnExpress/Giang Huy.
Hanoi has set a target of increasing its per capita income to $8,500 by 2025 before striving to become a global city by 2045 with income topping $36,000.

Speaking to reporters on Tuesday Nguyen Van Phong, head of the Hanoi Party Committee's Commission for Information and Education, said that by 2030 the capital would become a modern, green and smart city with GDP per capita of $12,000 – 13,000, more than double the current estimated $5,700.

Its economy grew by 7.62 percent last year compared to country's 7.02 percent rate. GDP per capita was $5,200.

Phong also said that in 2021-25 Hanoi would continue to invest in transport and socioeconomic infrastructure and information technology.

It would seek to improve the quality of its human resources and turn science and technology into a spearhead of the digital economy, he said.

Starting next year it would trial a new public administration model approved by the National Assembly last year, which would help streamline the government apparatus, promptly handle urgent issues, clearly define leaders’ responsibilities, and reduce the expenditure on salaries, he said.

HCMC Party chief Nguyen Thien Nhan said recently that the country's largest city and economic engine seeks to become an Asian economic and financial hub by 2045 and increase per capita income to $40,000.

Last year Prime Minister Nguyen Xuan Phuc had expressed the hope Vietnam would become a high-income country by 2045.

It is poised to enter the club of upper middle income economies that have an average income of $3,996-12,375. The group includes China, Malaysia, Mexico, South Africa, and Thailand.

Vietnam's GDP per capita was $2,740 last year, according to official statistics.

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