Hà Nội devises two growth scenarios for second half of year

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A sales board in front of Tràng Tiền Plaza. In the most optimistic scenario, Hà Nội's gross regional domestic product could achieve a growth rate of 5.9 per cent. — VNS Photo Mai Hương

HÀ NỘI — Hà Nội authorities have devised two growth scenarios for the remaining six months of the year.

In the first and the most optimistic scenario, the capital could achieve a growth rate of 5.9 per cent, 1.3 times higher than the nation’s optimistic growth scenario from 4.4 – 5.2 per cent, if growth rates in the third and fourth quarters reach 7.8 per cent and 8.4 per cent, respectively.

In the second, Hà Nội’s gross regional domestic product (GRDP) would expand 5.4 per cent, 1.3 times higher than the nation’s neutral growth scenario of 3.6 – 4.4 per cent, if the city’s economy expands 6.9 per cent and 7.4 per cent in the third and fourth quarters, respectively.

Speaking at a teleconference on Monday, chairman of the municipal People’s Committee Nguyễn Đức Chung said that Hà Nội would strengthen management and address shortcomings in planning, land, construction order, urban order, environmental protection, education, clean water, and employment.

He highlighted the importance of stepping up administrative reform and creating favourable conditions for investors.

Despite the severe economic impacts of the COVID-19 pandemic, Hà Nội’s GRDP is estimated to have expanded 3.39 per cent in the first half of 2020, the slowest six-month growth in many years, according to Nguyễn Mạnh Quyền, director of the municipal Department of Planning and Investment.

The growth rate, however, remains among the highest nationwide and is significantly higher than the national growth average of 1.81 per cent.

Also during the period, the city's Index of Industrial Production (IIP) grew 3.5 per cent year-on-year, significantly lower than a rise of 7.4 per cent recorded in the same period last year.

As tourism is one of the hardest-hit groups by the pandemic, the total number of the tourists to Hà Nội plunged 65.4 per cent year-on-year to 4.93 million in January – June, including a decline of 68.8 per cent in foreign tourists and a contraction of 61.5 per cent in revenue from tourism activities. — VNS

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