Hanoi seeks to promote economic growth despite COVID-19 outbreak

Hanoi seeks to promote economic growth despite COVID-19 outbreak

At a meeting in the city on March 12, Secretary of the municipal Party Committee Vuong Dinh Hue said while the top task at present is to contain the COVID-19 outbreak, another important mission is to prevent the decline in economic growth.

The Party board of the municipal People’s Committee reported that tourism is hardest hit due to strong declines in the numbers of visitors from three main markets - China, the Republic of Korea (RoK), and Japan where the virus is raging through. Tourists from the three markets make up 37 percent of the total number of foreigners to Hanoi.

Industrial production also suffered when 15 percent of exports and 50 percent of imports depend on China and the RoK.

Investment from Japan, the RoK and China, which accounts for 41.5 percent of the total foreign investment in Hanoi, is forecast to decline.

On the other hand, agriculture expects a 3 percent growth. The production of medical supplies and health products as well as the pharmaceutical industry are also forecast to post high growth.

Besides, the wave of shifting investment out of China due to the epidemic and the China-US trade tension is also an opportunity for Hanoi.

Based on the outcomes in January-February, Hanoi has drafted three growth scenarios and selected the first one to strive for, under which, the city aims for a 7.51 percent GRDP growth in 2020 and 7.37 percent on average during 2016-2020.

The key solutions are well controlling the disease, promoting business production, and intensifying administrative reforms.

The city will also work to improve business and investment environment, remove difficulties for businesses, attract more investment, and speed up the implementations of major projects.