70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Hanoinews
Hanoi acts to support economic growth
Ngoc Mai - Viet An 18:50, 2020/03/03
Each agency and unit under the Hanoi People’s Committee are tasked with implementing plans to stimulate economic growth.

Hanoi is taking specific steps to support economic growth as the impacts of the Covid-19 epidemic are already being felt, said the municipal People’s Committee in a press announcement on March 2.

 Illustrative photo. 

In the announcement, the Hanoi People’s Committee requested its subordinate agencies to diversify investment promotion activities from the third quarter of 2020 to stimulate a stronger inflow of foreign direct investments (FDI).

Each agency and unit are tasked with implementing plans to stimulate economic growth via  cuisine festivals, trade fairs, business-matching events, among others, to attract tourists and help the tourism sector to recover.

The move is expected to stimulate domestic consumption and spur economic growth in the final six months this year, said the Committee.

Specifically, the municipal Department of Planning and Investment is responsible for assessing the impacts of Covid-19 epidemic to the city’s economic performance; focuses on addressing concern of the business community and speeding up the approval process for public investment, domestic and foreign invested projects.

The local government assigned the Department of Finance to provide financial incentives to stimulate domestic consumption and simplify administrative procedures for regular spending.

Additionally, the Department of Industry and Trade is requested to ensure the construction progress of industrial parks goes as scheduled, while project management units in Hanoi must speed up the disbursement of public investment funds.

The Department of Tourism is tasked to continue preparing for tourism promotion activities in 2020 and searching for new markets; cooperating with tour operators to provide new tourism products; setting up plans to organize events in the framework of Vietnam’s 2020 ASEAN Chairmanship and the 41st General Assembly of ASEAN Inter-Parliamentary Assembly (AIPA 41).

Nguyen Manh Quyen, director of the municipal Department of Planning and Investment, said in a meeting on February 28 tourism is the hardest hit sector in Hanoi by the Covid-19 epidemic as arrivals from China, South Korea and Japan, which account for nearly 40% of total tourists coming to the capital, have fallen.

Quyen added the industrial production also suffers direct impact, adding these three East Asian markets make up 50% of Hanoi's exports and 30% imports.

To mitigate impacts from the Covid-19 epidemic, the authority would continue with administrative reform, particularly removal and simplification of business conditions, Quyen said.

Hanoi gives strong priority to addressing businesses’ concerns while mobilizing resources to support production, consumption and tourism, Quyen stressed.

RELATED NEWS
TAG: Hanoi economic growth covid-19 coronavirus nCoV
Other news
16:13, 2024/06/13
Hanoi's narrow alleyways make firefighting and rescue challenging
Many of the capital's 4,500 alleys are extremely narrow, making fire scenes inaccessible to fire trucks.
20:23, 2024/06/12
Hanoi to enhance cultural and trade cooperation with Peru
Peru is currently Vietnam's 6th largest trade partner in the Latin American region, while Peruvian culture is also increasingly spreading to the Vietnamese people.
17:43, 2024/06/12
Integrating cultural and human values into Hanoi's urban planning: Key to sustainable development
Hanoi, with its thousand-year heritage and uniquely historical and cultural layers along the Red River, stands as one of Southeast Asia's most vibrant cities.
14:24, 2024/06/12
NA Standing Committee makes further comments on Hanoi Master Plans
Under the two master plans, Hanoi aims to become the center of socio-economic growth in the region by 2065.
21:12, 2024/06/11
Hanoi's northern district revives cultural space for tourism growth
Some 134 cultural relics of national importance are expected to catapult tourism in Hanoi's Dong Anh District.
15:01, 2024/06/11
Exhibition showcases 28 outstanding green building concepts
With the motto "Touch life - Architecture is nature", the Top 10 Awards 2023 seek to identify, reward and promote interior and architectural ideas that satisfy the public's preferences and promote sustainable living values.