Hanoi is ready to restart and accelerate socio-economic activities as the Covid-19 situation in the city has been put under control.

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

Chairman of the Hanoi People’s Committee Chu Ngoc Anh gave the remarks at the city’s monthly meeting on March 4.

“The priority in March is to strictly comply with anti-Covid-19 measures and boost socio-economic development,” Ngoc Anh said.

Among measures to boost the local economy, the Hanoi’s mayor requested greater efficiency in global integration to boost exports, while adopting a more selective approach in attracting high quality foreign direct investment (FDI).

“Hanoi aims to create a favorable business environment to further attract investment capital, along with more support to spur the growth of the private sector and pubic investment,” he noted.

A corner of Hanoi. Photos: kinhtedothi

As public investment continues to be a key solution to aid economic recovery this year, Ngoc Anh urged local authorities to closely monitor the progress of public projects and those financed by ODA funds.

Ngoc Anh called for local governments to provide support for businesses affected by the pandemic, and review current existing supporting programs to ensure greater efficiency.

Hanoi’s economic performance in the first two months stayed positive with the Index of Industrial Production (IIP) expanding by 7.5% year-on-year, higher than the 5.8% rate recorded in the same period last year.

The city’s trade turnover also witnessed strong recovery as exports in the two-month period reached US$2.3 billion, up 12.7% year-on-year, staying in stark contrast with a contraction of 19% in first two months of last year.

Foreign direct investment (FDI) commitments to Hanoi in the year to February 23 hit US$58.9 million. The investors registered to pour US$14 million into 28 fresh projects, and an additional US$4.1 million into nine existing projects. They have also injected US$40.8 million to acquire stakes or contribute capital in local companies.

This year, Hanoi targets an economic growth of 7.5-8%, a strong rebound from the 3.98% in 2020.