Hanoi’s economy estimated to grow by 3.94% in 2020

Sunday, 2020-11-29 15:10:50
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A promotional event in Hanoi to boost retail sales
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NDO - The economy of Hanoi is projected to expand by just 3.94% in 2020 due to the impacts of Covid-19, but the figure is still higher than other provinces and cities, according to the municipal government.

As a result, the average growth rate for the 2016-2020 period is expected at 6.67%, which is lower than the 7.36% recorded during the 2016-2019 period but still higher than the national average of 5.9%.

The scale of the capital city economy in 2020 is estimated at US$43.5 billion, with income per capita reaching US$5,250, a rise of 1.43 times compared with 2015, said Hanoi Vice Chairman Nguyen Doan Toan.

The industry and construction sector is expected to record growth of a decent 6.76%, bringing the average growth during the 2016-2020 period to 7.65%.

Thanks to the uninterrupted supply of goods and commercial promotion campaigns, growth in trade and service activities have been sustained, with strong growth in e-commerce and technology-based payment methods.

Total retail sales are estimated to increase by 2.4%, exports by 3.5% and services by 3.1%, while the consumer price index will be kept at below 2.8%.

Agriculture continues to affirm its role as the pillar of the economy amid difficulty, growing by an estimated 4.2% in 2020, the highest growth rate in recent years.

As a result, the city’s government revenue in 2020 is expected to increase by 3.5% over last year.

In 2021 Hanoi will continue to pursue the double goals of preventing Covid-19 effectively and capitalising on opportunities to boost economic recovery, striving for a growth rate of 7.5%.