Hanoi economy is expected to grow at 7.8 percent during the first half of this year - the fastest pace in four years, reported the Ha Noi Moi (New Hanoi) daily newspaper.

The gross domestic product expansion in the first six months has seen nearly all sectors with a higher growth pace than 2014, according to a draft report read at a regular meeting of the municipal People’s Committee on June 4.

Industrial production rebounded with an expected value increase of 6.7 percent while budget revenue will exceed 72.43 trillion VND (3.33 billion USD), excluding collections from dividends and remaining profits of State-owned companies.

The draft reveals that the capital city succeeded in ensuring demand and supply balance of goods and price stability, especially during the Lunar New Year holiday in mid-February.

Hanoi still faced major problems despite such substantial progress, said Chairman of the municipal People’s Committee Nguyen The Thao, pointing out business bottlenecks, export declines and the prevalence of small-scale foreign-invested projects.

He added sluggish basic construction and administrative reform, along with mismanagement of land, construction and investment.

He stressed that for the remainder of the year, municipal agencies need to continue addressing business difficulties, improving the investment climate and harnessing resources to complete key projects.

More attention should also be paid to solving pressing civil issues, ensuring social welfares, creating jobs and reducing the rate of low-income households, Thao noted.-VNA