A bank in Hanoi. The Vietnamese capital needs at least US$112 billion for development works in 2016-2020. Photo: Ngoc Thang
Hanoi will need VND2,500-2,600 trillion (US$112-116.47 billion) for infrastructure and social works in the next five years, nearly twice the amount it spent in the previous five, the city authority has said.
About VND590 trillion ($26.43 billion) would be earmarked for infrastructure, the media quoted Ngo Van Quy, director of the city Department of Planning and Investment, as saying at a meeting Sunday.
But the city is likely to mobilize only 45 percent of the amount from its revenues, official development loans, and bond sales, he said.
The capital city hopes to achieve average economic growth of 8.5-9 percent over the next five years and targets gross domestic product per capita of $6,700-6,800 by 2020.
For the past five years the Hanoi economy has been growing at 9.23 percent, nearly 1.6 times the national average, according to official figures released at the meeting.
Its GDP was estimated at around $27.6 billion this year, and per capita income at $3,600.