Major balances ensured
According to a report by the Hanoi People's Committee, key industries are gradually recovering and developing from the impact of the COVID-19 pandemic. Hanoi's gross domestic product in the first quarter of 2022 increased by 5.83 percent, 16 percent higher than the country average (5.03 percent), three times higher than that of Ho Chi Minh City (1.88 percent), achieving the quarterly growth forecast (5.7-6.2 percent). These figures reflect the growth momentum in many industries and fields.
Many major balances have been ensured. The total state budget revenue of Hanoi in the first quarter of 2022 exceeded VND102.40 trillion, or 80.2 percent of the revenue estimate, representing a rise of 9.2 percent against the same period last year. Regarding investment capital disbursement, Hanoi disbursed more than VND4.11 trillion, reaching eight percent of the plan (up by 26.7 percent over the same period last year) as of March 31, 2022.
Notably, the business and investment environment has been improved. Total development capital in the first quarter of 2022 reached VND76.26 trillion, up by 7.8 percent, higher than that of Ho Chi Minh City (7.3 percent). There are 6,250 newly established enterprises with total registered capital of VND95 trillion, an increase of two percent in the number of enterprises; 4,500 enterprises resumed operations (up by two percent).
Truong Viet Dung, spokesperson of the Hanoi People's Committee, said the city was achieving a remarkable recovery after two years of difficulties. "In the first four months of this year, Hanoi's economy has recovered clearly, comprehensively, synchronously. Production and business showed many positive signs of recovery. The production indexes of most sectors increased sharply compared to the same period last year. Hanoi is effectively working on the economic recovery and development plan," Dung said.
Public investment disbursement
Given these positive signs of economic recovery, Hanoi People's Committee Chair Chu Ngoc Anh has asked city departments, sectors, and administrations to strive to reach the annual growth goal of 7-7.5 percent in 2022, while ensuring a balance between budget revenues and expenditures and controlling inflation below four percent.
Anh urged officials to accelerate economic development, focus on disbursing public investment and developing potential economic sectors, promoting key industries such as services, construction and industry, boosting imports and exports and carrying out the 2022 investment plan.
The Hanoi People's Committee has also requested implementation of solutions to remove difficulties for overseas development assistance (ODA) projects, foreign-invested projects, and off-budget investment in order to stimulate investment. It has also instructed officials to ensure major balances in implementing tax exemptions and reductions and enhance the circulation of commodities.
Authorities need to focus on removing difficulties for businesses through tax exemptions and reductions and interest rate support for enterprises, cooperatives, and household businesses under the economic recovery and development program.
Hanoi People's Committee Chair Chu Ngoc Anh:
The disbursement of capital construction investment is the key for each sector and district to accelerate local economic growth tasks in 2022.
- The Hill Poll: Voters blame president most for slow economic recovery
- Could a grant-funded Economic Recovery Coordinator help retain jobs in St. Cloud?
- Marion officials say area is on road to economic recovery
- Peter Bart: Industry’s Gender-Equality Movement Making Strides On Its Complex Path
- Europe’s bank chief lowers economic forecast on Brexit doubts
- Gilbert tops list for recovery in 100 cities after recession; Tucson near the bottom
- Trump Kim summit: What does a win for North Korea look like in Hanoi?
- Inside Trump's Hanoi heartbreak: A long road to nowhere
- Failed Hanoi Meeting Has U.S. Allies in Region Asking: What’s Next?
- Trump checks Kim Jong Un’s Hanoi peace ploy — for now
- Texas community celebrates boy's 'miraculous recovery' with superhero sendoff
- How Hanoi went from being bombed by Washington to hosting its summit
Hanoi makes strides in economic recovery have 623 words, post on ven.vn at May 14, 2022. This is cached page on VietNam Breaking News. If you want remove this page, please contact us.