70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Hanoinews
Hanoi achieves good economic performance despite severe Covid-19 havoc: Party official
Ngoc Thuy 14:50, 2020/04/24
Hanoi is determined to ensure quick containment of the pandemic so that the economy could start the recovery process as soon as possible, said Hanoi's Party chief Vuong Dinh Hue.

Despite severe impacts of the Covid-19 on the economy and growing global uncertainties, Hanoi has achieved encouraging socio-economic results, according to the Secretary of the Hanoi Party Committee Vuong Dinh Hue.

 Secretary of the Hanoi Party Committee Vuong Dinh Hue at the meeting. 

This included GRDP growth of 3.72% year-on-year in the first quarter (Q1), which was made possible thanks to the industry – construction and services sectors that expanded 5.46% and 3.2%, respectively, Hue said at the meeting of the municipal Party Committee on April 22.

Total social investment capital during the period stood at VND63.04 trillion (US$2.68 billion), up 5.2% year-on-year, while state budget revenue in the city climbed 6.7% year-on-year to VND71.38 trillion (US$3.03 billion).

Economic sectors less affected by the pandemic such as industrial production supporting anti-pandemic measures, IT, financial services, banking, insurance, and logistics, among others, are expected to rebound strongly.

Meanwhile, Hanoi is determined to prepare the best conditions for economic recovery in the post-pandemic period, targeting an economic growth rate 1.3 times the national average, Hue stressed.

To achieve this target, the utmost priority would be to mobilize all resources for quick containment of the pandemic so that the economy could start the recovery process as soon as possible, Hue added.

During this process, Hue requested local authorities and the business community to provide much-needed support for the poor, social beneficiaries and workers in the frontlines against the pandemic.

Hue referred to Prime Minister Nguyen Xuan Phuc’s instruction that Hanoi must set the best example nationwide in both combating the Covid-19 pandemic and reviving economic growth afterwards.

In the immediate future, Hanoi would continue to set up growth scenarios and solutions to realize socio-economic targets for 2020, including the GRDP growth of 7.5%, a key step for the capital city to achieve its five-year socio-economic plan in the 2016 – 2020 period, Hue added.

As part of the measures, Hue considered a speedier disbursement of public investment fund a key task, along with incentive policies to attract private and public-private partnership (PPP) investments.

Hue asked Hanoi's agencies to focus their support on the development of sectors having high demand during the pandemic as well as innovative startups and fields in the Industry 4.0.

To achieve the 4% growth target of the agriculture sector, Hue said urgent matters include a quick repopulation of pig herds and agricultural restructuring towards high-added value products.

More importantly, the municipal party chief noted the city must take more drastic measures to reform administrative procedures and improve the business environment.

According to Hue, administrative red tape could pose the same damage as the Covid-19 pandemic, especially as Hanoi is starting to relaunch the economy.

RELATED NEWS
TAG: Hanoi Party chief Vuong Dinh Hue covid-19 coronavirus nCoV pandemic economic recovery GRDP
Other news
20:44, 2024/03/27
Hanoi promotes cooperation in developing specialty crop varieties
Hanoi is encouraging rural areas to promote the value chain of high-quality rice varieties, while attracting enterprises to join the rice specialty chain for export.
20:28, 2024/03/27
French education group Odyssey keen on strengthening cooperation with Hanoi
Odyssey Education Group and Hanoi are set to sign a memorandum of cooperation to implement French language teaching and educational programs in the capital.
14:44, 2024/03/27
Hanoi, Shanghai strengthen investment cooperation
Building and consolidating relations with China and its regions have always been a high priority for Hanoi.
05:00, 2024/03/27
A host of activities await visitors to Hanoi on Liberation Day
The city is a magnet for both local and international visitors during the autumnal days of October.
20:29, 2024/03/26
Hanoi kicks off communication contest on Dien Bien Phu victory
A vast array of activities will be held to commemorate the 70th anniversary of the Battle of Dien Bien Phu in 1954.
13:44, 2024/03/25
Hanoi to build more than 140 national-standard schools
The number of schools in the city's districts and towns on track to meet national standards is 141 this year, up from a target of 114.