Ha Noi strives to revive production, promote economic growth

29/06/2020

VGP – The Ha Noi authorities granted investment licenses to 229 projects worth a total of VND405.57 trillion (US$17.6 billion), and inked 38 memorandums of understanding on investment cooperation, projected at US$28.6 billion in value, with domestic and foreign investors at the recent investment promotion conference themed “Ha Noi 2020 – Investment Cooperation and Development”.

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The event is one of the solutions that Ha Noi has been implementing in recent times to boost economic recovery and development after the social distancing period, as well as striving to reach the highest possible socio-economic targets this year, achieve a gross regional domestic product (GRDP) growth at 1.3 times higher than the country’s average, and complete the 2020 budget revenue estimate at VND285 trillion (US$12.25 billion).

Welcoming a new investment wave

With the aim of soon building and developing Ha Noi into a modern city deserving to be one of the major centers in the region, since 2016, the capital city has designed support mechanisms and policies encouraging all economic sectors to participate in making investments to reduce budget spending.

Pushing for a high economic growth rate

The COVID-19 pandemic has seriously affected the economy of Viet Nam as a whole and Ha Noi’s economy in particular. To fulfill the growth targets in 2020 and the whole 2015-2020 term and maintain its position as one of the two leading economic hubs of the country, Ha Noi has directed the entire political system and called on the business community to drastically get involved in both combating the disease and developing the economy.

In parallel with the efforts to curb the pandemic and improve the business climate, Ha Noi has also cared for the work of ensuring social security. The city has promptly implemented a social security support package in the spirit of the Government’s Resolution No. 42/NQ-CP, aiming to help the disadvantaged people gradually stabilize their lives.

In addition, to promote economic growth after the social distancing period, right from early May, the capital city assigned its functional agencies to launch many domestic stimulus programs, aimed at promoting domestic goods consumption, strengthening support for exports, and removing difficulties for businesses.

Inspired by the economic growth performance in the first six months of 2020 and solutions to be deployed in the near future, Ha Noi will surely achieve its GRDP growth target of 6-6.5%, 1.3 times higher than the country’s average, as reported to the Government. This result demonstrates the city’s efforts and proactively in seizing opportunities to successfully realizing the “dual task”.

By Vien Nhu