Economy
Hanoi has the highest Human Development Index among the cities in Vietnam.According to a recent ranking by PricewaterhouseCoopers, Hanoi will be the fastest growing city in the world in term of GDP growth from 2008 to 2025.
Industrial production in the city has experienced a rapid boom since the 1990s, with average annual growth of 19.1 percent from 1991–95, 15.9 percent from 1996–2000, and 20.9 percent during 2001–2003. In addition to eight existing industrial parks, Hanoi is building five new large-scale industrial parks and 16 small- and medium-sized industrial clusters. The non-state economic sector is expanding fast, with more than 48,000 businesses currently operating under the Enterprise Law (as of 3/2007).
Trade is another strong sector of the city. In 2003, Hanoi had 2,000 businesses engaged in foreign trade, having established ties with 161 countries and territories. The city's export value grew by an average 11.6 percent each year from 1996–2000 and 9.1 percent during 2001–2003. The economic structure also underwent important shifts, with tourism, finance, and banking now playing an increasingly important role. Hanoi's business districts are traditionally Hoan Kiem and the neighborhood; and a newly developing Trung Hoa Nhan Chinh in the southwestern part.
Similar to Ho Chi Minh City, Hanoi enjoys a rapidly developing real estate market. The metropolis's economy growth does not seem correlative to its infrastructure. Overloading population requires a much larger supply of accommodations, while the constructing celerities of both transport system and new urban areas are too low. Not surprisingly, as an effect of this problem, the apartment and real estate fever occur severely during the time. More widespread, the fever even influences Ha Tay, the neighboring province, considered the future development space of the capital. The current most notable new urban areas are central Trung Hoa Nhan Chinh, My Dinh, the luxurious zones of The Manor and Ciputra.
Agriculture, previously a pillar in Hanoi's economy, has striven to reform itself, introducing new high-yield plant varieties and livestock, and applying modern farming techniques.
Together with economic growth, Hanoi's appearance has also changed significantly, especially in recent years. Infrastructure is constantly being upgraded, with new roads and an improved public transportation system.
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)