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.