With an estimated gross regional domestic product (GRDP) growth rate of 3.49% in the first eight months of 2020, 1.92 times Vietnam's, Hanoi expects its growth to range from 4.5% to 5% for 2020, according Secretary of the municipal Party Committee Vuong Dinh Hue.

Secretary of Hanoi Party Committee Vuong Dinh Hue at the meeting. Photo: Thanh Hai.

Local authorities are tasked to further support the business community and revise the economic plan of each sector to attain the highest possible growth rate, said Mr. Hue at a meeting on September 10 to discuss measures to boost Hanoi’s socio-economic development.

Thanks to the city’s efforts in containing the pandemic and supporting economic recovery,  Hanoi’s economic performance has been improving steadily, Mr. Hue asserted.

The number one priority for Hanoi is to focus on the Covid-19 fight and ensure the economic expansion would be 1.3-fold the national average, Mr. Hue added. 

Mr. Hue requested the municipal People’s Committee to realize the city’s state budget revenue target of VND260.4 trillion (US$11.23 billion) to ensure sufficient resources for development.

As public investment remains a key tool to boost economic recovery, Mr. Hue urged local authorities to fully disburse the target amount and leaders of each administrative agency to take responsibility for this task.

Overview of the meeting. Photo: Thanh Hai.

Regarding this issue, Hanoi's Party chief asked the local government to set up five task forces to support districts, wards and project management units in realizing their respective socio-economic objectives in 2020.

At the meeting, Director of Hanoi’s Department of Taxation Mai Son informed that in the January – August period, the city’s state budget revenue stood at VND147.04 trillion (US$6.34 billion), equivalent to 56.5% of the estimate and down 10.6% year-on-year.

The figure, albeit at a lower rate than last year, remains positive compared to other major cities in the country, said Mr. Son.

Meanwhile, Hanoi’s disbursement progress of public funds is slower than expected, reaching 45.41% of the target to date, which requires drastic measures to realize the disbursement target for this year.