Hanoi is seeking to fulfill socio-economic targets in 2020 amid the complicated and unpredictable developments of the acute respiratory disease caused by SARS-CoV-2 (COVID-19).

Secretary of Hanoi Party Committee Vuong Dinh Hue (standing)
speaks at the meeting (Photo: VNA) 

At a meeting in the city on March 12, Secretary of the municipal Party Committee Vuong Dinh Hue said while the top task at present is to contain the COVID-19 epidemic, another important task is to prevent the decline in economic growth.

The Party board of the municipal People’s Committee reported that tourism is hardest hit due to strong declines in the numbers of visitors from three main markets - China, the Republic of Korea (RoK), and Japan where the virus is raging through. Tourists from the three markets make up 37% of the total number of foreigners to Hanoi.

Industrial production also suffered when 15% of exports and 50% of imports depend on China and the RoK. 

Investment from Japan, the RoK and China, which accounts for 41.5% of the total foreign investment in Hanoi, is forecast to decline.

On the other hand, agriculture expects a 3% growth. The production of medical supplies and health products as well as the pharmaceutical industry are also forecast to post high growth.

Besides, the wave of shifting investment out of China due to the epidemic and the China-US trade tension is also an opportunity for Hanoi.

Based on the outcomes in January-February, Hanoi has drafted three growth scenarios and selected the first one to strive for, under which, the city aims for a 7.51% GDP growth in 2020 and 7.37% on average during 2016-2020.

The key solutions are well controlling the disease, promoting business production, and intensifying administrative reforms.

The city will also work to improve business and investment environment, remove difficulties for businesses, attract more investment, and speed up the implementations of major projects.