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Preparing best conditions for economic recovery

Despite the strong impact of the novel coronavirus disease, Ha Noi still maintained a gross regional domestic product (GRDP) growth rate of 3.72% in the first quarter of 2020. This is also a high growth rate compared to other big cities in the country and the region. To realize the growth target of 7.5% for the whole year, Ha Noi will have to attain a GRDP growth rate of 8.6% for the remaining nine months, which is a very high target.

The city has developed three scenarios to promote growth in line with the evolution of the disease, in which it clearly identifies nine key tasks to be carried out, with strong determiantion to achieve the victory on the economic recovery and development front.

From now till the end of the year, Ha Noi will synchronously implement measures to maintain and restore economic development, including strengthening agricultural development, accelerating medical fields and the manufacturing of face masks and medical equipment to serve the pandemic prevention, and promptly recovering industrial production to create momentum for the following months.

The city is drastically implementing public investment projects and promoting the disbursement of foreign direct investment (FDI) capital. Efforts are also being made to facilitate the disbursement of VND1.3 quadrillion (US$55.63 billion) worth of social investment capital for 2016-2019 to contribute to growth, through the establishment of working groups to remove difficulties at the request of the Government, the Ha Noi Party Committee and the municipal People’s Committee.

Businesses and people accompany together

Ha Noi has been implementing many measures to restore production. With the determination of city leaders, people and the business community have both expressed their desire to join the city in realizing the economic growth target.

After more than two weeks of closure, many establishments trading in non-essential goods and trade centers in Ha Noi on April 23 resumed their operations with thorough preparations made to serve customers. Meanwhile, enterprises are also ready to smoothly run their business activities immediately after the pandemic is under control.

Commenting on Ha Noi’s post-epidemic economic recovery, Chairman of the Viet Nam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said that with the determination of the Party committees, authorities, businesses and the people, Ha Noi will rise strongly and set a development example for the whole country. 

“Not only realizing a GDP growth target 1.3 times higher than the country’s average, as expected by the city leaders, Ha Noi will also achieve the highest goal compared to the plan set for 2020, with a growth rate of 7.5%,” Loc said.

By Vien Nhu