For the remaining months of 2021, Hanoi will accelerate economic development and grasp investment opportunities from major partners, targeting to realize and even exceed growth targets for the year.

Chairman of the Hanoi People’s Committee Chu Ngoc Anh. Photos: Kinhtedothi

Chairman of the Hanoi People’s Committee Chu Ngoc Anh stressed the view in the city’s monthly meeting on April 28.

“Current priorities should be attached to ensuring effective state budget collection and pushing for greater disbursement rate of public investment funds,” Anh said.

The Hanoi’s mayor pointed out the importance of the ongoing administrative reform to further improve the city’s rank in the Provincial Competitiveness Index (CPI).

Among issues needed to improve, Anh urged local agencies to continue providing transparent and updated information on master plans for land use, construction, economic sectors and administrative procedures for the people and enterprises.

Overview of the meeting.

Local economy on track for recovery

Giving a more detail look on Hanoi’s economic performance in the first four months of the year, Director of the municipal Planning and Investment Department Do Anh Tuan noted business activities are showing signs of recovery as the city aims to realize the twin targets of both containing the pandemic and boosting economic growth.

According to Tuan, Hanoi’s index of industrial production (IIP) in April rose by 1.6% against the previous month and 22.7% year-on-year.

This resulted in an expansion of the IIP by 11.1% year-on-year in the January – April period, significantly higher than the 2.3% rate recorded for the same period last year, Tuan said.

The manufacturing and processing sector, a key driving force for growth, continued the upward trend with production of electronics, computers and optic products surging by 21%; production of motorized vehicles by 22.6%, and chemical production by 22%.

During the period, Hanoi’s exports climbed 12% year-on-year to US$4.73 billion, posing a stark contrast to a contraction of 4.7% in the four-month period of 2020.

“While the city has put the Covid-19 pandemic under control, the tourism sector has been on the recovery path,” Tuan said.

In April, foreign tourists coming to Hanoi rose by 17.1% against March and nearly 4-fold increase year-on-year to 21,000, he added, noting the majority of them were experts, diplomats and investors.

Meanwhile, the number of domestic tourists was estimated at 620,000, up 2.5% month-on-month and a surge of 24-fold against last April.

Hanoi's the gross regional domestic product (GRDP) growth expanded by 5.17% year-on-year in the first quarter, 1.25-fold increase against the 4.13% recorded in the same period of 2020.