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.
Hanoi targets an economic growth rate of 7.51 percent for 2020 (Photo: VNA)
Hanoi (VNA) – The COVID-19 pandemic is causingconsiderable impact on Hanoi’s economy, but the capital city still maintainsits growth target of 7.51 percent for this year.
Director of the municipal Statistics Office DauNgoc Hung said in the first two months of 2020, Hanoi recorded 1.7 billion USDin export revenue and 3.7 billion USD in import turnover, down 19 percent and20.7 percent year on year, respectively.
He forecast that if the outbreak is undercontrol in the first quarter, state budget collection in the city will decreaseby some 11.4 trillion VND (486.47 million USD). If it lingers on through Q2 orlonger, the revenue may fall 15 trillion – 19.5 trillion VND.
Nguyen Manh Quyen, Director of the municipalDepartment of Planning and Investment, said basing on the developments andimpact of COVID-19, Hanoi has built three growth scenarios for this year.
In the first scenario, if the pandemic ischecked in Q1, the city will have to regain growth momentum in Q2 so as to makebreakthroughs in the year’s last half and achieve a GDRP expansion rate of 7.51percent.
Meanwhile, the growth pace may slow down to 6.93percent and 6.42 percent if the situation worsens as in the two remainingscenarios.
At present, the growth target of at least 7.5percent is clearly a big challenge. However, Hanoi is determined to realisethis difficult mission, Quyen added.
At a working session between key officials ofthe city Party Committee and People’s Committee last week, Secretary of themunicipal Party Committee Vuong Dinh Hue requested the COVID-19 prevention andcontrol be set as the top priority.
He added in this period, the city needs toactively make preparations, sustain demand, promote investment and gear upprojects so that when the pandemic ends, it can swiftly stabilise productionand business activities and recover its economy.
The official also ordered a dialogue between thePeople’s Committee and businesses be organised in late March or early April soas to enhance coordination to achieve the growth target for 2020./.
The Government has directed ministries, agencies, businesses, localities and people to keep up with efforts to fulfil both goals of containing COVID-19 outbreak and socio-economic development, according to Minister and Chairman of the Government Office Mai Tien Dung.
Credit growth of the banking system in the first two months of this year reached only 0.06 percent, slowing significantly against the 1 percent rate in the same period last year, due to impacts of the COVID-19 epidemic, the State Bank of Vietnam (SBV) reported.
The European Union-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), scheduled to become effective in July, will help improve Vietnam’s business and investment climate and boost its institutional reform, thus contributing to fostering its growth in a long term, according to an official.
Hanoi is seeking to fulfill socio-economic targets in 2020 amid the complicated and unpredictable developments of the acute respiratory disease caused by SARS-CoV-2 (COVID-19).
The fallout of the coronavirus outbreak has been felt in many sectors, but not the timber industry as its export revenue in the first two months of 2020 reached 1.5 billion USD, up 10.1 percent year-on-year.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Hanoi targets an economic growth rate of 7.51 percent for 2020 (Photo: VNA) 
