(Photo: congthuong.vn)

Hanoi has developed scenarios to grow 3.97-5.54% this year and has designed two growth scenarios until 2025 based on the pandemic situation. Under scenario 1, Hanoi will grow 7.5% by 2025 despite the pandemic. In a less optimistic scenario, with the pandemic continuing to spread and not being contained until 2023, the city will only grow 6.5-7% during the period.

Ho Van Nga, Head of the Budget Economic Committee of the Hanoi People’s Council, said, 'It’s important to have specific scenarios for certain sectors if the pandemic continues to spread. We need to pay more attention to the recovery and development of production and business in the new normal, solutions to develop the digital economy, and improving the quality of planning and management to develop sustainable, smart urban areas.'

By solving problems, promoting economic growth, and maintaining production chains amid the pandemic, Hanoi increased its gross regional domestic products 6.6% in the second quarter of this year and its industrial production 6.3% against last year.

Hanoi has paid special attention to helping businesses restore their operation. Nguyen Thi Lan Huong, Chairwoman of the Board of Directors of Viet Phuc Import-Export-Production JSC, said, 'Hanoi has nearly 300,000 SMEs, which account for a majority of local businesses. If we help only 100,000 SMEs, which employ 10 to 20 workers each, we have already supported 1 to 2 million workers.'

Hanoi plans to review public investment projects and accelerate ongoing projects to stimulate socio-economic development. The city will implement more production recovery programs, boost domestic consumption, and enhance supply chains while enhancing administrative reform and improving the business environment.