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Oct 17, 2020 / 15:42

Hanoi stays firm on 4 – 4.5% economic growth target for 2020

The dual target of both containing the Covid-19 pandemic and boosting economic recovery continues to be Hanoi’s utmost priority, said Hanoi’s mayor.

In the final months of the year, Hanoi would carry out drastic measures to ensure the city’s gross regional domestic product (GRDP) growth at 4 – 4.5% for 2020, according to Director of Hanoi’s Department of Planning and Investment Nguyen Manh Quyen.

 Overview of the meeting. 

While the Covid-19 pandemic has exerted severe impacts on the economy, Hanoi achieved positive economic growth of 3.27% in the first nine months of 2020, 1.54 times as high as the national average, said Mr. Quyen at a meeting on October 16.

This came on the back of GRDP growth of 3.05% in the third quarter, lower than the growth in the first quarter which was 4.43% but higher than the one in the second quarter, which came at 2.41%, Mr. Quyen said, adding the economy is returning to a growing trend.

 Chairman of the Hanoi People's Committee Chu Ngoc Anh. 

In the January – September period, Hanoi’s state budget revenue stood at VND176.9 trillion (US$7.63 billion), down 7.2% year-on-year and equivalent to 63.5% of the year's target.

Disruptions of global supply chains as a result of the Covid-19 pandemic also led to a modest growth of 0.9% year-on-year in the city’s exports to US$12.14 billion and a 9.5% decline in imports to US$20.78 billion.

Mr. Quyen said the city has been focusing on supporting investors and enterprises during the time of crisis.

Nearly 20,000 enterprises were established in the first nine months of 2020, leading to a total of 297,558 as of now, while the rate of online business registration remained at 100%.

 Director of Hanoi's Planning and Investment Department Nguyen Manh Quyen.

At the meeting, Chairman of the Hanoi People’s Committee Chu Ngoc Anh said Hanoi would continue to give utmost priority to the realization of the dual target of both containing the pandemic and boosting economic recovery.

Mr. Anh requested local authorities to continue revising legal framework to ensure greater support for the business community while putting efforts on drafting socio-economic development plan for 2021.

Hanoi is determined to achieve socio-economic targets for 2020 as best as possible, stated Mr. Anh.