Hanoi devises two growth scenarios for H2

Tuesday, 2020-06-30 17:42:42
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Politburo member and Secretary of the Hanoi Municipal Party Committee Vuong Dinh Hue delivers his speech at the meeting. (Photo: NDO/Duy Linh)
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NDO – Hanoi authorities have devised two growth scenarios for the remaining six months of the year, as the Municipal Party Committee convened its 24th session on June 30.

>>> Hanoi’s economy expands 3.39% in first six months

Politburo member and Secretary of the Hanoi Municipal Party Committee Vuong Dinh Hue, along with his deputies, chaired the event.

At the conference, the capital city’s authorities are expected to discuss and approve several important issues related to Hanoi’s socio-economic development in 2020.

Based on the outstanding socio-economic results that Hanoi achieved in the first half of the year, albeit in the context of having to focus on combating the COVID-19 epidemic while carrying out multiple important tasks at the same time, the local authorities have devised two growth scenarios for the second half of the year.

In the first and also the most optimistic scenario, the capital city could achieve a growth rate of 5.9%, 1.3 times higher than the nation’s optimistic growth scenario from 4.4-5.2%, if growth rates in the third and fourth quarters reach 7.8% and 8.4%, respectively.

In the second scenario, Hanoi’s gross regional domestic product (GRDP) would expand by 5.4%, 1.3 times higher than the nation’s average growth scenario of 3.6-4.4%, if the city’s economy expands 6.9% and 7.4% in the third and fourth quarters, respectively.

The city offered nine groups of specific solutions to achieve the proposed scenarios.

Delegates attending the conference. (Photo: NDO/Duy Linh)

Speaking at the event, Hanoi Secretary Hue said that as Hanoi has been taking the lead in successful control of COVID-19, without any infections in the community over the past 70 days, the capital city will strive to be the pioneer and is determined to also win on the economic recovery front.

Hue added that Hanoi’s economy plunged deeply in April due to COVID-19, but started to rebound in mid-May and grew quite strongly in June, with gross regional domestic product in the first six months increasing by 3.39% - a relatively high growth rate as it is much higher than the national average (1.81%) in the context of a global growth forecast at minus 4.9% according to the latest IMF projections.

State budget revenue in the capital city was estimated at over VND142 trillion, accounting for 50.9% of the estimate and up 9.9% over the same period last year, while disbursement of investment capital at VND14.8 trillion, reaching 33% of the set plan and up 64.4% over the same period in 2019.

As COVID-19 rages around the world and this may affect the economy of the whole country and Hanoi in the remaining months of 2020, Hue suggested that the city’s Party Committee focus on proposing solutions to restore and boost the city’s economy under current conditions.