Hanoi has targeted economic growth of at least 5% in the fourth quarter of this year, to ensure its annual growth is 1.3 times higher than in the country’s average, Vice Chairman of the municipal People’s Committee Nguyen Doan Toan has said.

Secretary of the Hanoi Party Committee Vuong Dinh Hue (standing)
speaks at the meeting on September 30.

Toan told an online meeting between the municipal administration and district-level authorities on September 30 that despite the strong impact of COVID-19, thanks to directions from all-level Party Committees and authorities as well as efforts by enterprises and citizens, production and business difficulties have gradually been tackled and the economy is in recovery.

The capital’s gross regional domestic product (GRDP) rose 3.05% in Q3, compared to 2.41% in Q2, resulting in nine-month growth of 3.27%, or 1.54 times higher than the country’s 2.12%.

More than VND50 trillion (US$2.1 billion) was collected for the State budget in the July-September period, for a nine-month figure of over VND176.93 trillion, representing 63.5% of this year’s target and 92.8% of the figure in the same period last year, he noted.

Toan also highlighted the city’s positive performance in agriculture, industrial production, construction, wholesale and retail, and banking.

For Q4, Hanoi will push ahead with drastic action to realise the twin targets of fighting the pandemic and recovering the economy, to record the best possible results in socio-economic development and the financial and budgetary situation this year, the Vice Chairman added.

In his remarks, Secretary of the municipal Party Committee Vuong Dinh Hue emphasised Hanoi’s growth target of 4-4.5% for the full year.

He ordered the continued implementation of outcomes from the city’s investment promotion conference in June, along with the facilitation of innovation and entrepreneurship.

Departments, sectors, and authorities also need to accelerate key transport projects, step up administration reform, and continue to guarantee social security, especially for the poor, Hue said.