National Assembly (NA) Chairwoman Nguyen Thi Kim Ngan has praised the efforts and determination of Hanoi in regard to economic development, with its GDP expanding 3.39 % in the first half of 2020, higher than Vietnam’s average of 1.81 %.

NA Chairwoman Nguyen Thi Kim Ngan addresses the event (Photo: VNA) 

Addressing the opening of the 15th meeting of the Hanoi People’s Council on July 6, the NA leader said the success of an investment promotion conference in the city in late June affirmed its pioneering role in economic recovery and development now that the COVID-19 pandemic has been controlled.

Along with the Capital Law and Resolution No 97 issued on November 27, 2019 on the pilot implementation of the urban government model in Hanoi, the NA approved a resolution on a number of specific finance-budget policies and mechanisms for the capital during the 9th NA session, which allows it to apply on a pilot basis several policies and mechanisms in State budget collection and spending, outstanding loans, and finance reserve fund use.

The NA leader advised the city to make full use of the specfic finance-budget policies and mechanisms in NA Resolution No 115, which will take effect from August 15, and therefore make faster and more sustainable development while contributing more to the country’s overall growth.

The NA leader underscored the significance of enhancing the role and responsibility of the People’s Council in making decisions on important issues for the city, especially those relating to finance and budget.

According to the Chairwoman of the Hanoi People’s Council Nguyen Thi Bich Ngoc, in the early months of 2020 the city faced extreme difficulties from the COVID-19 pandemic, which badly damaged socio-economic activities around the globe and in Vietnam.

The city applied various measures to prevent and fight the pandemic as well as solutions to support economic activities and guarantee social security, she said.

The city’s economy slumped in April but then recovered in May before expanding strongly in June. The sharpest growth was seen in the field of industry-construction, at about 6 %. Budget collection in the first half was estimated at 143.47 trillion VND, up 11 % against the same period last year.

At the same time, administrative reform has been promoted via the application of IT, while the investment and business environment has improved and enterprises and investors have been supported to overcome this difficult period.

Attendees at the meeting pointed to eight limitations facing the city, including increased unemployment and low satisfaction among local people about public services.

Secretary of the Hanoi Party Committee Vuong Dinh Hue underlined that, with strong determination, the city will not adjust its socio-economic development targets for 2020. It has built growth scenarios for the remainder of the year and 2020 as a whole. The city anticipates 5.9 % growth for the year in one scenario and 5.4 % in the other.