For the final month of the year, Hanoi continues to push for the realization of socio-economic targets in 2020, according to Chairman of the Hanoi People’s Committee Chu Ngoc Anh.

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

“In the past 11 months, the city achieved major results and remained steadfast in efforts to pursue the dual target of both containing the pandemic and boosting economic recovery,” stated Mr. Anh at a meeting on December 4.

Director of the municipal Planning and Investment Department Nguyen Manh Quyen said total budget revenue of the city in the January – November period stood at VND233.51 trillion (US$10.06 billion), equivalent to 83.8% of the estimate and down 1.1% year-on-year.

While the Covid-19 pandemic still exerts negative impacts on the economy, Hanoi’s exports in November rose by 8.3% month-on-month and 21.8% year-on-year to US$1.46 billion, in which the domestic-invested sector contributed US$875 million and US$590 million from the foreign peers.

Overall, the city recorded exports of US$14.6 billion in the first 11 months, up 1.2% year-on-year and imports of US$25.9 billion, down 9.5%.

As the city is pushing for economic recovery, the industrial production index expanded by 2.3% month-on-month and 6.3% year-on-year.

Domestic consumption is also a positive factor supporting economic growth, as revenue from retail sales and services of the 11-month period increased by 2.7% year-on-year to VND530.1 trillion (US$22.83 billion).

Overview of the meeting.

Ensure safe 2021 Lunar New year holiday

As the Covid-19 pandemic remains complicated globally and the emergence of local infections in Ho Chi Minh City, Hanoi is expected to push forward with anti-Covid-19 measures, including strict quarantine and tracing of suspected cases of infections, and boost production in the final month.

With public investment seen as a key solution to aid economic recovery, Hanoi aims to disburse 100% of the target amount this year, and set up six task forces specialized in this regard under the instruction of Secretary of Hanoi Party Committee Vuong Dinh Hue.

The Hanoi mayor requested the Department of Planning and Investment to continue speeding up public investment, as the disbursement progress so far having reached 89% of the target at VND40.4 trillion (US$1.74 billion).

The Department of Industry and Trade is tasked with supervising the market to stabilize goods prices and preventtrade frauds and fake products circulating in the market.

This year, Hanoi’s gross regional domestic product (GRDP) growth is estimated to reach 3.94% this year, which is lower than the year’s target of 7.5% but would be 1.5 times higher than the national average (2.5–3%).