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Hanoi draws up three scenarios to minimize impact of coronavirus

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HCMC – As the coronavirus pandemic has taken a heavy toll on several sectors and hindered Hanoi City’s economic growth, the city has mapped out three scenarios to minimize the impact of the pandemic and revive the economy, heard attendees at a teleconference chaired by Hanoi Chairman Nguyen Duc Chung today, April 6.

The city’s economic growth in the first quarter of 2020, in terms of gross regional domestic product and tourist arrivals, among other things, is lower than that seen in the same period of 2019, Nguyen Manh Quyen, director of the Hanoi Department of Planning and Investment, noted at the teleconference.

The modest socioeconomic performance was mainly attributable to the development of Covid-19, the disease caused by the novel coronavirus, Nguoi Lao Dong newspaper reported.

Based on the nation’s projected scenarios for the coronavirus pandemic, Hanoi City has drawn up three scenarios of its own to minimize the damage caused by the virus.

Under the first, if the disease is brought under control soon, the city’s economic growth will rebound in the second quarter. The city could then fulfill its full-year economic growth target of 7.5% as several sectors are expected to make strong gains in the third and fourth quarters.

In the second scenario, if the disease is contained in the third quarter and the city’s economy continues to be affected, its economic growth will amount to 6.42% this year, 1.08 percentage points lower than the target set earlier this year.

The figure could be 5.34%, 2.16 percentage points lower than the original, if the disease lasts until the end of the year, under the third scenario.

As such, the Hanoi City government will assign the relevant agencies to take stronger actions to fight the coronavirus, promptly remove barriers facing local manufacturers and businesses and ensure social welfare.

To revive the city’s economy, the municipal government also directed its departments and agencies to review public investment projects and point out difficulties and hiccups faced by the projects to lift them as soon as possible.

It is necessary to cut at least 5% of regular spending and make a detailed review of financial management, Quyen said.

The authorities of districts and the city’s departments were told to simplify administrative procedures and launch online public services while combating the coronavirus.

The city has also encouraged producers to turn out medical equipment, including face masks, hand sanitizers, ventilators and medicine, to serve the local market and help drive economic growth.

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