Hanoi’s economic growth is expected to reach the 8.1 percent target set for this year, it was reported during a meeting between the Ministry of Planning and Investment (MPI) and the Hanoi municipal People’s Committee on August 15.

During the first half of this year, Hanoi’s gross domestic product (GDP) posted an increase of 7.67 percent with positive growth seen in such areas as services, industry-construction and agriculture.

The city’s social investment stood at more than 101 trillion VND (4.7 billion USD), representing a year-on-year rise of 11.4 percent.

However, Hanoi is forecast to miss the target in state budget collection due to the impacts of the ongoing economic turmoil and the Government’s tax cuts to support businesses and the market.

MPI Minister Bui Quang Vinh said the city’s budget failure is partially attributable to unrealistic projection, which is 20 percent higher the figure recorded last year.

He urged the capital city to seek resources to achieve the completion of unfinished projects.

Chairman of the Hanoi People’s Committee Nguyen The Thao agreed and asked the ministry to submit concrete credit solutions to the Government to promote investment and consumption, helping the city overcome its difficulties and achieve economic recovery.-VNA