Despite the severe Covid-19 situation, Hanoi continues to set a high gross regional domestic product (GRDP) growth of up to 7.5% during the 2021-2025 period.
|Hanoi from above. Photo: Pham Hung|
Given the city’s estimated GRDP growth at around 3.97-4.54% in 2021, this would require Hanoi to achieve an average growth rate of 8.25-8.4% for the 2022-2025 period.
This was among two growth scenarios in Hanoi’s socio-economic development plan for the 2021-2025 period, which have been signed off by Secretary of the Hanoi's Party Committee Dinh Tien Dung.
In a less optimistic scenario, the city is expected to average economic growth of 6.5-7% during the period. This case is based on the fact that Vietnam could only contain the pandemic in the fourth quarter of 2021 and achieve herd immunity by the second half or late 2022. So, the growth rate for the 2022-2025 period is estimated at 7-7.77%.
The plan acknowledged the huge challenges that Hanoi is facing to realize the growth targets, especially the serious Covid-19 situation that has caused significant socio-economic impacts.
“It is important for Hanoi to make a comprehensive assessment of the Covid-19 situation to better prepare for future incidents, and also work on drastic solutions to address shortcomings left from the 2016-2020 period,” stated the municipal Party Committee.
The Party Committee requested local authorities to ensure feasible state budget plans in line with two growth scenarios, seen as key steps to keep social welfare intact and sufficient funds for economic recovery once the pandemic is fully contained.
Among priorities in the coming time, the plan stressed a focus on fighting the Covid-19 outbreak and putting public health first.
|Director of the municipal Planning and Investment Do Anh Tuan at the session. Photo: Thanh Hai|
Director of the municipal Planning and Investment Do Anh Tuan at the second session of the 16th Hanoi People's Council held today [September 22] said the city is aimed at clearing hurdles in mobilizing resources for development while continuing to push for higher disbursement of public investment funds.
By 2025, Hanoi envisions becoming a highly competitive city nationwide and of the region by restructuring the growth model based on technological advancement and innovation.
In the past five-year period, despite making up only 1% of the country’s land and 8.5% of the population, Hanoi contributes 18.5% to the country's budget revenue, 16% of GDP, and 8.6% trade turnover annually.