Ensure coupons target

Hanoi and Ho Chi Minh City are urged to remain alert in the Covid-19 fight, including tight control over people entering Vietnam.

The Vietnamese government has urged local authorities to continue pursuing the dual target of containing the pandemic and boosting economic growth in the final months of the year, aiming to realize the GDP growth target of 2.5 – 3% for 2020.

Vietnam targets GDP growth of 2.5 – 3% for this year. Photo: Chien Cong.

Meanwhile, the country’s two biggest cities Hanoi and Ho Chi Minh City are requested to stay alert in the Covid-19 fight, including tighting control over people entering Vietnam and the enforcement of face mask wearing rule in public places, stated a resolution recently released by the government following its monthly meeting on October 30.

The Ministry of Planning and Investment is tasked with cooperating with related ministries and agencies in accelerating the disbursement of public funds, including official development assistance (ODA) and preferential loans.

Additionally, more efforts are needed to promote private investment and new business models.

The State Bank of Vietnam (SBV), the country’s central bank, would continue to manage monetary policy in a flexible manner to stabilize macro-economic environment and support economic growth.

The resolution urged the SBV to ensure sufficient credit support for the economy while guaranteeing credit quality and pushing for non-cash payment.

Focusing on trade

The Ministry of Industry and Trade (MoIT) is in charge of working with related agencies and localities in resuming supply chains, as well as the development of the logistics sector and supporting industries.

The MoIT should support local enterprises in taking advantage of free trade agreements, especially the CPTPP and EVFTA, to penetrate new export markets.

For the rest of the year, the MoIT is responsible for promoting domestic consumption and ensuring efficient functioning of distribution channels related to the “Vietnamese prefer Vietnamese goods” campaign, along with a focus on e-commerce development.

The Ministry of Transport is requested to speed up the pace of upgrading projects at Noi Bai and Tan Son Nhat airports, and soon start the construction of Long Thanh International Airport.

The Ministry of Labor, War Invalids and Social Affairs should continue to carry out efficiently the instruction of Prime Minister Nguyen Xuan Phuc on providing support for the people and enterprises affected by the Covid-19 pandemic.

The Ministry of Information and Communications is set to step up efforts in developing e-government and upgrading digital infrastructure to prepare for the nationwide implementation of 5G network.

This year, the International Monetary Fund (IMF) predicted Vietnam to remain the only economy in the Southeast Asian region to register positive growth of 1.6%, taking the country’s economic size to US$340.6 billion and leapfrogging Singapore to be the fourth largest economy in the region.

The World Bank and Standard Chartered have released forecast for Vietnam’s economic growth similar to that of the government, which is in range of 2.5 – 3% in this year.

PetroVietnam’s first-quarter online meeting connected different locations

On April 7, 2021 PetroVietnam hosted a periodical online meeting with leaders of its member units to review production and business activities in March and the first quarter, as well as discuss operation plans in April and in the upcoming quarters.

The meeting was presided over by PetroVietnam CEO Le Manh Hung, with the presence of chairman of the Members’ Council Hoang Quoc Vuong, other executives of the group and leaders of related member units.

The leaders heard that in the first quarter of this year, PetroVietnam outperformed all consolidated financial targets, with the group contributing more than VND19 trillion($826 million) to the state coffers, reaching 118 per cent of the quarter’s set projection and up 3 per cent on-year.

17 out of its 22 units have been operating profitably, and 12 of these 17 units posted fair growth compared to the same period in 2020. To post such positive results, the units have taken drastic cost-saving measures, helping to curtail as much as VND2.835 trillion ($123.26 million) in operating costs.

In the whole first quarter, PetroVietnam has closely followed its set plans and targets in production and business activities. Other facets such as ensuring oil and gas security, participating in the building of related policies and mechanisms and the revision of the new Law on Petroleum, or cultivating business culture at the workplace have reached the set plans. All member units belonging to PetroVietnam have managed stable production and business with absolute safety.

PetroVietnam chairman Hoang Quoc Vuong delivering remarks at the online meeting

Delivering remarks at the online meeting, PetroVitnam chairman Hoang Quoc Vuong praised the Board of Management and member units for their effective performance.

“As multiple hardships still exist in the forthcoming months, businesses must keep close tabs on the actual situation to deliver appropriate management decisions to optimise production and business efficiency. Efforts must gear towards continued restructuring to save costs, raise operational efficiency, take advantages in core areas, and strive to maintain and increase exploitation capacity to ensure future sustainable development,” said Vuong.

PetroVietnam labourers are working at oil and gas projects across the country

PetroVietnam CEO Hung commented on the achievements posted in the first quarter, detailing the challenges that might affect PetroVietnam’s operations in the next months, and urged businesses to continue optimising governance efficiency and keeping close eyes on opportunities and risks in the domestic and international market.

“PetroVietnam and member units need to further scale up market share, fostering investment portfolio management and investment alliance, particularly strengthening internal cooperation for further sustainable development,” Hung noted.

The global political and economic situation in the first quarter made recovery unclear in 2021 with uncertainties from geopolitical issues, trade tensions, and other unforeseen events. These factors are expected to negatively affect the world’s crude oil market in the upcoming period.

To ensure that the city stays on track to realize the public investment target for this year, the Hanoi’s Mayor requested local authorities to push for speedier construction progress and finalization of payment procedures for completed work items.

Chairman of the Hanoi People’s Committee Chu Ngoc Anh on December 24 issued a document urging districs to speed up the completion of their respective public investment targets for this year.

Nguyen Van Huyen – Hoang Quoc Viet overpass that was opened for traffic on August 28. Photo: Thanh Hai.

Seen as one of Hanoi’s top priorities to ensure economic recovery in the post Covid-19 period, Hanoi aims to disburse 100% of the target amount for this year, and the progress as of November stood at VND40.4 trillion (US$1.74 billion), up 3% year-on-year and 89% of the year’s target.

So far, several districts have completed the target, including Bac Tu Liem with disbursement progress of 122.2% of the target; Dan Phuong (110.5%); Thanh Xuan (106.2%); Ba Dinh (101%).

However, there remain localities with slow disbursement rate that are affecting the overall progress of the city, such as Chuong My district, Thach That, Thuong Tin, Tay Ho, and Nam Tu Liem.

To ensure that the city stays on track to realize the public investment target for this year, Chairman Anh requested local authorities to push for greater disbursement of public funds, including speedier construction progress and finalization of payment procedures for completed work items.

The committee leader required the State Treasury of Hanoi to support project owners in completing the payment procedures on time.

Localities with low disbursement rate are urged to ensure the works completed before the end of the year, stated Mr. Anh.

In late August, Prime Minister Nguyen Xuan Phuc warned officials would face punishment if their ministries and localities fail to realize their disbursement targets of public investment funds for this year.

The government targets to disburse the full amount of VND470.6 trillion ($20.32 billion) to aid economic recovery. The disbursed amount of public funds as of October stood at VND321.5 trillion ($13.8 billion) equivalent to 68.3% of the target set by Prime Minister Nguyen Xuan Phuc which is VND470.6 trillion ($20.32 billion).

By 2025, Hanoi targets to complete the industrialization process and reach a GRDP per capital of US$8,300-8,500.

To further contribute to the realization of targets set in the 13th National Party congress for the 2021-25 tenure, Vice Secretary of the Hanoi Party Committee Nguyen Thi Tuyen talked about the five orientations and three breakthroughs that could pave the way for Hanoi to become a global city by 2045 with international competitiveness.

Vice Secretary of the Hanoi Party Committee Nguyen Thi Tuyen. Photo: Gia Huy

In the tenure of the 12th National Party Congress, what was the contribution of Hanoi to the country’s achievements?

Over the years, Hanoi Party Committee, the local government and people had overcome difficulties and challenges to attain major results. The city’s economy maintained strong growth with a positive economic structure, which was reflected by greater productivity, quality and efficiency.

In the 2016-20 period, Hanoi’s gross regional domestic product (GRDP) was estimated at 7.39% year-on-year. This led to an estimated income per capita of VND127.6 million (US$5,420) in 2020, a 1.5-fold increase against that of 2015 and 1.8 times the national average.

State budget revenue in the past five year grew by 1.64 times against the 2011-15 period.

The city’s business and investment environment has been constantly improved with greater support for startups and innovation. In 2016-20, Hanoi attracted US$25 billion in foreign direct investment (FDI), a 4-fold increase against the 2011-15 period.

In rural areas, the GRDP per capita of locals stood at VND55 million (US$2,383), representing an increase of 1.36-fold against 2016.

Overally, the city has undergone substantial changes to become greener, more beautiful and modern.

The year of 2020 was full of challenges and difficulties given the Covid-19 pandemic, however, the city stayed focus on the dual target of both containing the pandemic and boosting economic recovery.

Such efforts resulted in a positive economic growth of 3.98%year-on-year in 2020, while drastic measures were taken to support the business community and people affected by the pandemic.

To contribute to the success of the 13th National Party Congress, could you point out the objectives and orientations of Hanoi in the 2021-25 period?

Hanoi’s 17th Party Congress for the 2020-25 tenure sets the main objective for the city to become a modern and green city with high competitiveness. By 2025, Hanoi would complete the industrialization process and reach a GRDP per capital of US$8,300-8,500.

By 2030, Hanoi would become a modern, green and smart city with high competitiveness and achieve GRDP per capita of around US$12,000-13,000.

Hanoi is expected to be a global city by 2045 with international competitiveness, high living standards and comprehensive and sustainable economic and socio-cultural development. The GRDP per capita at that time is expected to be over US$36,000.

To achieve these targets, Hanoi has outlined three breakthroughs and 10 major action programs set to be carried out in 2020-25.

Based on the actual situation and targets for each period of time, especially the resolution of the ongoing 13th National Party Congress, the Hanoi Party Committee will come up with specific plans and measures to focus on in the coming time.

Thank you for your time!