31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Hanoinews
Hanoi targets 7-7.5% GRDP growth in 2021-25 period
Hai Yen 19:56, 2021/09/22
By 2025, Hanoi envisions becoming a highly competitive city in the region by restructuring the growth model based on technological advancement and innovation.

Despite the severe Covid-19 situation, Hanoi continues to set a high gross regional domestic product (GRDP) growth of up to 7.5% during the 2021-2025 period.

 Hanoi from above. Photo: Pham Hung

Given the city’s estimated GRDP growth at around 3.97-4.54% in 2021, this would require Hanoi to achieve an average growth rate of 8.25-8.4% for the 2022-2025 period.

This was among two growth scenarios in Hanoi’s socio-economic development plan for the 2021-2025 period, which have been signed off by Secretary of the Hanoi's Party Committee Dinh Tien Dung.

In a less optimistic scenario, the city is expected to average economic growth of 6.5-7% during the period. This case is based on the fact that Vietnam could only contain the pandemic in the fourth quarter of 2021 and achieve herd immunity by the second half or late 2022. So, the growth rate for the 2022-2025 period is estimated at 7-7.77%.

The plan acknowledged the huge challenges that Hanoi is facing to realize the growth targets, especially the serious Covid-19 situation that has caused significant socio-economic impacts.

“It is important for Hanoi to make a comprehensive assessment of the Covid-19 situation to better prepare for future incidents, and also work on drastic solutions to address shortcomings left from the 2016-2020 period,” stated the municipal Party Committee.

The Party Committee requested local authorities to ensure feasible state budget plans in line with two growth scenarios, seen as key steps to keep social welfare intact and sufficient funds for economic recovery once the pandemic is fully contained.

Among priorities in the coming time, the plan stressed a focus on fighting the Covid-19 outbreak and putting public health first.

 Director of the municipal Planning and Investment Do Anh Tuan at the session. Photo: Thanh Hai

Director of the municipal Planning and Investment Do Anh Tuan at the second session of the 16th Hanoi People's Council held today [September 22] said the city is aimed at clearing hurdles in mobilizing resources for development while continuing to push for higher disbursement of public investment funds.

By 2025, Hanoi envisions becoming a highly competitive city nationwide and of the region by restructuring the growth model based on technological advancement and innovation.

In the past five-year period, despite making up only 1% of the country’s land and 8.5% of the population, Hanoi contributes 18.5% to the country's budget revenue, 16% of GDP, and 8.6% trade turnover annually.

RELATED NEWS
TAG: Vietnam Hanoi Covid-19 pandemic GRDP growth
Other news
17:02, 2022/02/29
Hanoi wants to make Red River Delta a Southeast Asia modern services hub
The capital city, home to the nation’s largest research institutes, universities, hospitals, and cultural centers, is set to become a financial, trade, services, and tourism center of the region and the world.
11:38, 2022/38/29
Hanoi teacher devotes life to teach students in southern battlefield
Pham Thi Hai Am realizes that the more thorny and challenging the path to happiness is, the greater and more sustainable the value of joy will be.
07:19, 2022/19/29
Building a creative city with thousand-year cultural identity
Hanoi, with its strength as a major cultural center where the quintessence of the whole country converges, has become a pioneer in perceiving and disseminating new intellectual and technologies in recent years.
20:56, 2022/56/28
Hanoi should expand green space for sustainable urban development: Experts
Hanoi needs to develop green belt through urban agriculture solutions.
18:12, 2022/12/28
Hanoi rebuilds tourism for future
Hanoi is among the few cities and provinces with the fastest tourism growth in Vietnam. Director of the Hanoi Tourism Department, Dang Huong Giang, shares with The Hanoi Times her plans to promote the image of Vietnam and its capital city via new tourism packages.
15:55, 2022/55/28
Hanoi advances public investment at year-end: Mayor
The capital city aims to disburse 90% of the total public funds of VND51.58 trillion (US$2.07 billion) allocated for the year.