Hanoi plans to hold an investment promotion conference by the end of June to stimulate investment and economic recovery in the city, according to Chairman of the Hanoi People’s Committee Nguyen Duc Chung.

Overview of the meeting.

At the event, the city will issue investment certificates for some 100 projects. Among them, domestic investors are expected to commit nearly VND330 trillion (US$14.28 billion), including 26 social housing projects worth VND72 trillion (US$3.11 billion) for low-income buyers, Chung said at a national online conference on May 9.

Chung also revealed the city would issue investment certificate for foreign-invested projects worth US$3.5 billion.

According to Chung, the city is calling for investment in IT, logistics and e-commerce.

As the city has gradually contained the Covid-19 pandemic, Chung said the local authorities are committed to boosting economic recovery with the same anti-Covid-19 mindset.

Despite suffering severe consequences from the pandemic, the business community in Hanoi is actively involved with the local government’s efforts to fight the pandemic and fulfil social responsibilities, Chung noted.

While the city has gone through 24 consecutive days without new cases of Covid-19 infection, the city is determined to achieve an economic growth rate that is 1.3 times higher than the national average.

So far, Hanoi has set up three growth scenarios, with a focus on social security, education, national defense and economic growth, Chung added.

Among measures to boost economic growth, Chung stressed the city would continue to enhance its competitiveness by helping enterprises apply advanced technologies, diversify sources of input materials and export markets.

Since February, Hanoi has allocated VND1.02 trillion (US$44.15 million) to the Vietnam Bank of Social Policies so that the bank could provide loans at zero interest rates for small and medium enterprises and business households affected by the pandemic.

Chung tipped that from late May to early June, Hanoi would hold goods supply – demand connection programs with other provinces and cities, along with promotional activities to boost domestic consumption and tourism.

The mayor noted the city is determined to disburse 100% of the target amount for public investment in 2020, which is set at VND37 trillion (US$1.56 billion).

Meanwhile, the city would continue to push for administrative reforms, with a view to providing 100% of online public services at advanced stages of 3 and 4 out of the four-scale level.

Chung informed Hanoi would cut an additional 10% in regular spending, taking the target rate to 15%, while putting in places measures to ensure the rate of qualified workforce at 75%.

Director of the municipal Department of Planning and Investment Nguyen Manh Quyen previously said in order to realize the GRDP growth target of 7.5% in 2020, Hanoi’s economy needs to expand by an average 8.6% in the last three quarters, which is an uphill task but remains feasible.

On April 16, Secretary of the Hanoi Party Committee Vuong Dinh Hue presided over a dialogue with representatives of 100 enterprises in Hanoi to address their issues and concerns.