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Vietnamese capital to enjoy 6-year high economic growth in 2016

Xinhua, December 6, 2016 Adjust font size:

Despite failing to hit the yearly target of 8.5-9 percent, Vietnamese capital Hanoi's economic growth is expected to reach its highest level in six years of 8.03 percent in 2016, according to Hanoi authorities Tuesday.

The service sector grew by 8.1 percent while industry-construction and agriculture witnessed increases of 8.8 percent and 2.21 percent, respectively, Vietnam's state-run news agency VNA quoted Nguyen Doan Toan, Deputy Chairman of Hanoi municipal People's Committee as saying.

The figures were released at the ongoing third session of the 15th Hanoi People's Council from Monday to Thursday.

According to Toan, over the past year, foreign-invested capital on projects reached 2.8 billion U.S. dollars, increasing 2.6 times compared to last year.

However, the city has been facing slowdown in industry growth and pressing issues such as pollution at industrial parks and traditional craft villages, fires, explosions and traffic accidents.

At the session, a resolution on 2017 socio-economic development plan was adopted, with Gross Regional Domestic Product (GRDP) hoped to reach 8.5 to 9 percent.

Meanwhile, GRDP per capita is targeted at 86-88 million Vietnamese dong (3,820-3,900 U.S. dollars) while trade revenue is expected to grow 4-5 percent in 2017.

At the same time, health insurance coverage is hoped to reach 82.8 percent across the capital next year. Enditem