31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Hanoinews
Hanoi’s 2020 GRDP growth target of 7.5% highly challenging but feasible: Official
Ngoc Thuy - Thuy Tien 08:24, 2020/04/24
Hanoi’s economy needs to grow at an average of 8.6% in the last three quarters to ensure the full year growth of 7.5% in 2020.

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 and requires strong efforts, said Nguyen Manh Quyen, director of the municipal Department of Planning and Investment.

 Director of Hanoi's Department of Planning and Investment Nguyen Manh Quyen at the meeting. Source: Thanh Hai. 

Failure to reach the 7.5% GRDP growth in 2020 means Hanoi would be unable to achieve the GRDP growth rate of 7.33 – 7.8% in the 2016 – 2020 period, a target set in the city’s five-year socio-economic plan, said Quyen at a meeting on April 22.

Quyen suggested Hanoi should support the development of sectors with high potential in the current crisis such as agriculture and production of medical equipment, e-commerce, e-payment, and online study, among others.

For the agriculture sector to reach the 4.04% growth target this year, Quyen suggested the priority should be given to repopulating pig herds and boosting livestock production.

Meanwhile, it is essential to speed up disbursement of both public and foreign-invested projects, which could be done via simplification of administrative procedures.

The city is determined to reduce an additional 5% of regular spending, taking the total savings in public spending to 15%.

According to a report from Hanoi’s authorities, as the Covid-19 impacts were limited in the first two months, the industry-construction sector and services were growth driving forces in the first quarter, growing 5.46% and 3.2% year-on-year, respectively.

This was key to help the city’s GRDP to expand 3.72% year-on-year in the January-March quarter, which is the slowest pace in many years and much lower than an expansion of 6.99% recorded in the same period last year.

To date, Hanoi has set up three growth scenarios, with the most optimistic one envisioning a 7.5% economic growth rate.

TAG: Hanoi covid-19 coronavirus nCoV pandemic GRDP GDP growth target Vietnam
Other news
12:38, 2022/38/19
Administrative reform a key objective for Hanoi: Mayor
The determining factor for the success of the administrative reform is the attitude of public servants towards the people and companies, based on current work procedures.
12:03, 2022/03/19
Hanoi Agriculture Fair 2022 takes place until August 21
The second promotion fair is displaying specialties and products under the One Commune, One Product (OCOP) program in Ha Dong District, Hanoi.
17:08, 2022/08/17
Hanoi supports 20 locations in promoting sales of OCOP products
A trade fair promoting agricultural products under the One Commune, One Product (OCOP) program and regional specialties will run until August 20 in Hanoi.
17:07, 2022/07/17
Hanoi targets 9% increase in tax revenue by 2023
Hanoi expects positive economic performance in 2023 would result in the higher budget collection.
10:27, 2022/27/17
Urban planning plays a key role in sustaining prosperity in Hanoi: Experts
The goal is to ensure the effective use of different resources to serve the capital city’s development goals for the 2021-2030 period and subsequent years.
21:02, 2022/02/16
Cultural industry designed as spearhead economic sector of Hanoi
All 30 districts citywide can develop cultural industry, making it a spearhead economic sector by 2030.