Hanoi keeps growth target for 2020 unchanged hinh anh 1Hanoi targets an economic growth rate of 7.51 percent for 2020 (Photo: VNA)

Hanoi (VNA) – The COVID-19 pandemic is causing considerable impact on Hanoi’s economy, but the capital city still maintains its growth target of 7.51 percent for this year.

Director of the municipal Statistics Office Dau Ngoc Hung said in the first two months of 2020, Hanoi recorded 1.7 billion USD in export revenue and 3.7 billion USD in import turnover, down 19 percent and 20.7 percent year on year, respectively.

He forecast that if the outbreak is under control in the first quarter, state budget collection in the city will decrease by some 11.4 trillion VND (486.47 million USD). If it lingers on through Q2 or longer, the revenue may fall 15 trillion – 19.5 trillion VND.

Nguyen Manh Quyen, Director of the municipal Department of Planning and Investment, said basing on the developments and impact of COVID-19, Hanoi has built three growth scenarios for this year.

In the first scenario, if the pandemic is checked in Q1, the city will have to regain growth momentum in Q2 so as to make breakthroughs in the year’s last half and achieve a GDRP expansion rate of 7.51 percent.

Meanwhile, the growth pace may slow down to 6.93 percent and 6.42 percent if the situation worsens as in the two remaining scenarios.

At present, the growth target of at least 7.5 percent is clearly a big challenge. However, Hanoi is determined to realise this difficult mission, Quyen added.

At a working session between key officials of the city Party Committee and People’s Committee last week, Secretary of the municipal Party Committee Vuong Dinh Hue requested the COVID-19 prevention and control be set as the top priority.

He added in this period, the city needs to actively make preparations, sustain demand, promote investment and gear up projects so that when the pandemic ends, it can swiftly stabilise production and business activities and recover its economy.

The official also ordered a dialogue between the People’s Committee and businesses be organised in late March or early April so as to enhance coordination to achieve the growth target for 2020./.