Capital introduces two growth scenarios for the 2021-2025 period

22/09/2021

VGP - By 2025, Ha Noi will become a highly competitive city in the region by restructuring the growth model based on technological advancement and innovation.

Secretary of the Ha Noi's Party Committee Dinh Tien Dung signed a resolution which sets two growth scenarios for Ha Noi's socio-economic development plan in the 2021-2025 period. 

In the less optimistic scenario, the city is expected to see average economic growth of 6.5-7% during the period. This case is based on the fact that Viet Nam could only contain the pandemic in the fourth quarter of 2021 and achieve herd immunity by the second half or late 2022. So, the growth rate for the 2022-2025 period is estimated at 7-7.77%.

In the more optimistic scenario, despite the severe COVID-19 situation, Ha Noi continues to set a high gross regional domestic product (GRDP) growth of up to 7.5% during the 2021-2025 period. Given the city’s estimated GRDP growth at around 3.97-4.54% in 2021, this would require Ha Noi to achieve an average growth rate of 8.25-8.4% for the 2022-2025 period.

The plan acknowledged the huge challenges that Ha Noi is facing to realize the growth targets.  

The Party Committee requested local authorities to ensure feasible state budget plans in line with two growth scenarios, seen as key steps to keep social welfare intact and sufficient funds for economic recovery once the pandemic is fully contained.

Among priorities in the coming time, the plan stressed a focus on fighting the COVID-19 outbreak and putting public health first.

In the past five-year period, despite making up only 1% of the country’s land and 8.5% of the population, Ha Noi contributes 18.5% to the country's budget revenue, 16% of GDP, and 8.6% trade turnover annually.

Earlier, the city has relaxed restrictions, allowing takeaway after undergoing four extensions of the shelter-in-place order under Directive 16 except for emergencies and the purchase of drugs and food.

In the ongoing outbreak that flared up in late April, the city has confirmed more than 4,000 cases./.

By Kim Loan