Hanoi Party chief considers public investment second priority after Covid-19 fight
Accelerating public investment is one of Hanoi’s key economic solutions this year which would help the city to achieve its objectives, said Hanoi Party chief Vuong Dinh Hue.
In addition to the fight against the Covid-19 pandemic, Hanoi considers public investment the second top priority to ensure economic growth, according to Secretary of Hanoi Party Committee Vuong Dinh Hue.
| Hanoi Party chief Vuong Dinh Hue at the meeting. Source: Thanh Hai. |
“Accelerating public investment is one of Hanoi’s key economic solutions this year and would help the city achieve its objectives of the ongoing [five-year] period,” Hue said at a meeting on April 8.
According to Hue, public investment does not depend on global supply chain, but the joint effort of relevant parties involved.
The growing impacts of the Covid-19 pandemic are severely affecting socio-economic conditions in Hanoi, damaging economic growth drivers such as trade and production, Hue added.
A report from Hanoi’s Department of Planning and Investment showed that the city’s public disbursement target remains unchanged at VND37 trillion (US$1.56 billion) in spite of potential losses to state budget revenue on the Covid-19 pandemic.
Hue said a full disbursement of the target amount would contribute positively to the city’s economic expansion in the second quarter.
In the first three months of 2020, the disbursement rate reached 9.8%, higher than the 7.2% rate recorded in the same period last year, but is still lower than expected.
Nguyen Quoc Hung, vice chairman of the Hanoi People’s Committee, said the major issue is slow progress in site clearance as well as the lack of responsibilities from local authorities in resolving investment procedures.
Chairman of the Hanoi People’s Committee Nguyen Duc Chung said more urgent measures are needed to address bottlenecks in public disbursement.
Among them, Chung said Hanoi would allocate funds from projects that suffer delays in disbursement to those implemented at a faster pace.
Chung suggested the central government to allow Hanoi to adopt a special mechanism in simplifying site clearance procedures similar to the one of Ho Chi Minh City, while the city is seeking authorization for direct contract for projects in a time of crisis.
Hanoi's Party chief Hue suggested that Hanoi should set up a tasks force with an aim of speeding up disbursement progress, adding each process must be closely related with individual’s responsibility.
- Cultural heritage to propel Hanoi’s future development
- Hanoi seeks UNESCO’s support in preserving cultural heritage
- Hanoi's taxi companies seek permission to operate electric cars
- Hanoi targets 100% disbursement of public investment plan in 2023
- Hanoi plans to restore local relics with US$593.6 million
- Innovation-centered approach boosts Hanoi's performance in socio-economic growth
- First heatwave to hit northern Vietnam this week
- Hanoi among cities with most trees in the world
- Hanoi's volunteers run in response to Earth Hour 2023
- Hanoi to hold scientific conference on mobilizing cultural resources for development
Hanoi seeks UNESCO’s support in preserving cultural heritage
Hanoi patriots recount memories of captivity
Fascinating look at Hanoi in black and white photo collection
Travel enthusiasts flock to Hanoi Tourism Festival 2023
Effective public investment as a top political mission: PM
Hanoi named among Vietnam's most beautiful places
Hanoi among cities with most trees in the world
2023 - a year of high-quality startups in Vietnam
Vietnam 12th International Photo Contest winners announced