Hanoi’s gross regional domestic product (GRDP) is estimated to have expanded 3.27% year-on-year in the first nine months of 2020, 1.54 times as high as Vietnam's (2.12%), according to Nguyen Doan Toan, vice chairman of the Hanoi People’s Committee.

Overview of the meeting. Photo: Thanh Hai.

Hanoi's economic performance remains higher than Ho Chi Minh City's GRDP growth of 0.77% during the same period, though both cities are suffering severe impacts of the Covid-19 pandemic.

In the third quarter, Hanoi’s economic growth stood at 3.05% year-on-year, 1.16 times the national average which is 2.62%. The growth rate is lower than that of the first quarter (4.43%) and higher than the 2.41% recorded in the second quarter.

This evidenced the strong efforts by the authorities, business community and the people to take the economy back on track, said Mr. Toan at a meeting on September 30.

Between January and September, Hanoi’s exports stood at US$12.14 billion, up 0.9% year-on-year, while imports declined by 9.5% to US$20.78 billion, resulting in a trade deficit of US$8.64 billion.

Additionally, nearly 20,000 enterprises were established in the January – September period with a combined registered capital of VND260.8 trillion (US$11.28 billion).

Vice Chairman of the Hanoi People's Committee Nguyen Doan Toan. Photo: Thanh Hai.

According to Mr. Toan, Hanoi has set up five task forces specialized in accelerating the disbursement progress of public funds and state budget collection.

As of present, total social investment capital in the city is estimated at VND265.32 trillion (US$11.44 billion), up 7.3% year-on-year, while budget revenue declined by 7.2% year-on-year to VND176.9 trillion (US$7.63 billion).

Based on the actual economic conditions, Hanoi targets an economic growth rate of at least 5% in the fourth quarter, on the assumption that the Covid-19 pandemic is fully contained.

Mr. Toan suggested Hanoi is determined to pursue the dual target of both containing the pandemic and boosting economic growth, including the realization of targets in tax collection and budget expenditure.