Hanoi targets an economic growth rate of 7.51 percent for 2020 (Photo: VNA)Hanoi (VNA) – The COVID-19 pandemic is causingconsiderable impact on Hanoi’s economy, but the capital city still maintainsits growth target of 7.51 percent for this year.
Director of the municipal Statistics Office DauNgoc Hung said in the first two months of 2020, Hanoi recorded 1.7 billion USDin export revenue and 3.7 billion USD in import turnover, down 19 percent and20.7 percent year on year, respectively.
He forecast that if the outbreak is undercontrol in the first quarter, state budget collection in the city will decreaseby some 11.4 trillion VND (486.47 million USD). If it lingers on through Q2 orlonger, the revenue may fall 15 trillion – 19.5 trillion VND.
Nguyen Manh Quyen, Director of the municipalDepartment of Planning and Investment, said basing on the developments andimpact of COVID-19, Hanoi has built three growth scenarios for this year.
In the first scenario, if the pandemic ischecked in Q1, the city will have to regain growth momentum in Q2 so as to makebreakthroughs in the year’s last half and achieve a GDRP expansion rate of 7.51percent.
Meanwhile, the growth pace may slow down to 6.93percent and 6.42 percent if the situation worsens as in the two remainingscenarios.
At present, the growth target of at least 7.5percent is clearly a big challenge. However, Hanoi is determined to realisethis difficult mission, Quyen added.
At a working session between key officials ofthe city Party Committee and People’s Committee last week, Secretary of themunicipal Party Committee Vuong Dinh Hue requested the COVID-19 prevention andcontrol be set as the top priority.
He added in this period, the city needs toactively make preparations, sustain demand, promote investment and gear upprojects so that when the pandemic ends, it can swiftly stabilise productionand business activities and recover its economy.
The official also ordered a dialogue between thePeople’s Committee and businesses be organised in late March or early April soas to enhance coordination to achieve the growth target for 2020./.
VNA
