Hanoi’s authorities have devised two growth scenarios for the remaining six months of the year.

In the first and also the most optimistic one, 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 a second Hanoi’s gross regional domestic product (GRDP) would expand 5.4 %, 1.3 times higher than the nation’s neutral 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.

Speaking at a teleconference on June 29, Chairman of the municipal People’s Committee Nguyen Duc Chung stressed that in the time ahead, Hanoi will strengthen management and address shortcomings in planning, land, construction order, urban order, environmental protection, education, clean water, and employment.

He highlighted the importance of stepping up the administrative reform, and creating all favourable conditions for investors.

Despite severe economic impact of the COVID-19 pandemic, Hanoi’s GRDP is estimated to have expanded 3.39 % in the first half of 2020, the slowest 6-month growth in many years, according to Nguyen Manh Quyen, director of the municipal Department of Planning and Investment.

The growth rate, however, remains among the highest nationwide and is significantly higher than the national growth average of 1.81 % during the period.

Also during the period, Hanoi’s Index of Industrial Production (IIP) grew 3.5 % year-on-year, significantly lower than a rise of 7.4 % recorded in the same period last year.

As tourism is one of the hardest-hit groups by the pandemic, the total number of the tourists to Hanoi plunged 65.4 % year-on-year to 4.93 million in the January – June period, including a decline of 68.8 % in foreign tourists and a contraction of 61.5 % in revenue from tourism activities.