Hanoi takes initiative in leading economic recovery

06:05 | 16/07/2020 Economy

(VEN) - The Hanoi Department of Industry and Trade has been implementing Vietnamese goods supply-demand connection activities to help boost domestic production and sales and provide new investment opportunities.

hanoi takes initiative in leading economic recovery
Deputy Director of the Hanoi Department of Industry and Trade Tran Thi Phuong Lan (right) visits a Fruit and Farm Produce Week

Trade, production recovery

Tran Thi Phuong Lan, Deputy Director of the Hanoi Department of Industry and Trade said that in the first several months of 2020, domestic enterprises encountered difficulties due to the Covid-19 pandemic. Many industrial enterprises and trading and service companies had to halt operations, greatly slowing Hanoi’s industrial, trade and service growth in the first four months of this year.

The pandemic has been controlled inside Vietnam, and the country has entered a new period of economic recovery, in accordance with Prime Minister Nguyen Xuan Phuc’s instructions. Hanoi has set a target of reaching a gross regional domestic product (GRDP) growth 1.3 times the country’s average. Lan said the capital's economy displayed signs of recovery in May, with its index of industrial production (IIP) growing 12.3 percent compared to April, taking growth in the first five months of 2020 over the same period last year to 2.6 percent.

The department is strengthening goods supply-demand connection to restore production and trading activities as soon as possible. A Vietnamese goods promotion event in late May, for example, attracted a large number of key industrial enterprises, consumer goods producers, and representatives of nurseries, handicrafts, farm produce, food, tourism, service and insurance businesses, as well as of banks, members of business associations, urban and suburban districts, towns and localities throughout Hanoi.

Immediately after that event, the department held Fruit and Agricultural Product Weeks in Hanoi that introduced products from different provinces and cities. Each event included more than 60 booths displaying and selling fruit and agricultural products from almost 20 provinces and cities across the country.

The products, which drew thousands of consumers to the events, included high quality lychees from Bac Giang, Hung Yen and Hai Duong, mangoes and plums from Son La, Ninh Thuan grapes, and guava, papaya and mangoes from Dong Thap, seafood from Quang Ninh and Nam Dinh, farm produce of Hanoi. Thousands of tonnes of fruit and other agricultural products were sold out at two farm produce weeks in Hanoi.

Domestic market

Vu Ba Phu, Director of the Ministry of Industry and Trade’s Vietnam Trade Promotion Agency (VIETRADE) praised Hanoi for its initiative in helping the post-pandemic recovery of production and trading.

Deputy Director of the Hanoi Department of Industry and Trade Tran Thi Phuong Lan said the department’s Vietnamese goods supply-demand connection activities were designed to help cooperation programs themed “Hanoi for the whole country, the whole country for Hanoi”. These programs are designed not only to promote the city’s economic growth in the remaining months of 2020, but also to stimulate domestic demand, balance goods supply and demand in the city, and increase sales of provinces’ farm produce in the capital. While the pandemic continues to spread outside Vietnam, local businesses must turn their attention to investing and stimulating the domestic market of almost 100 million people, Lan said.

Enterprises and cooperatives participating in the department’s trade promotion events said the events helped them find markets and buyers for their products, especially fruits and other agricultural produce.

Hanoi will work with provinces around the country to hold additional trade promotion events, including conferences, trade fairs and exhibitions. The city will help event organizers survey locations, sign contracts and sell products.

Tran Thi Phuong Lan, Deputy Director of the Hanoi Department of Industry and Trade:

The Hanoi Department of Industry and Trade has prepared plans to boost trade and services in the remaining

months of this year by stimulating domestic consumption. The department has prepared 18 stimulus

programs, including Vietnamese goods sales and consumption promotion programs, scheduled for June,

July, and November 2020.

Nguyen Duyen