Hanoi aims for high economic growth this year

Hanoi aims to reach high economic growth this year while ensuring that inflation stays below the target.

A corner of Hanoi. Photo: Viet Dung

The view was mentioned in document No.3324 signed off by Chairman of the Hanoi People's Committee Tran Sy Thanh on efforts to boost socio-economic growth during the new context.

Under the document, Hanoi's authorities would continue to manage the macro-economy in a flexible, playful, and creative manner to maintain stability amid growing global uncertainties.

"The local Government needs to anticipate risks and negative impacts from both domestic and external fronts on the economy to timely intervene, if needed," stated the document.

The Hanoi's mayor, meanwhile, expected the city to continue pursuing global integration by stepping up cooperation with international partners.

With macro stability among critical priorities for Hanoi, the document stressed the city's need to keep a cautious approach to monetary policy management, which should be harmonious with an expansionary fiscal policy.

"This is to contribute to the stability of the economic fundamentals, contain inflation, boost growth and ensure key balances of the economy," it noted.

At the same time, Hanoi woud strive to maintain the safety and security of the finance-banking, food, security, and information sectors and promote driving forces for growth from both supply and demand sides (consumption, investment, and exports).

The city would also enhance supervision of prices of strategic commodities, especially fuel and oil, refine the legal framework, apply IT applications, digital transformation, and a green transition, and support diversification of supply chains and export markets.

"Hanoi continues to foster innovation and startups for greater productivity, quality, and the overall efficiency of the economy," stated the document.

The city also noted its determination to adapt as best as possible to the new situation and overcome current challenges to socio-economic growth while taking drastic measures to address long-standing issues that are proving to be hindrances to growth.

Hanoi expected higher efficiency in the operation of the local apparatus by raising discipline among public servants and through decentralization in the decision-making process at different agencies.

Another critical task for the city is to strictly comply with Covid-19 preventive measures and stand ready to deal with any new diseases, keep social welfare intact and constantly improve people's living standards.

Hanoi's gross regional domestic product (GRDP) growth during the third quarter of 2022 expanded by 15.71% yearly, taking the city's nine-month economic growth to 9.69%.

Such a strong performance was thanks to the city's active efforts in safe and flexible adaptation to the pandemic and pushed for socio-economic recovery. The city is in a favorable position to realize and surpass the growth target of 7-7.5% this year.