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May 26, 2022 / 15:14

Hanoi focuses on transport infrastructure development to aid growth

Hanoi is a major contributor to Vietnam’s economic recovery in 2021, especially in pushing for drastic measures in the Covid-19 response and subsequently socio-economic development.

Hanoi would focus on developing transport infrastructure to boost inter-provincial linkage, along with more investment in tourism and services to support growth.

 Hanoi Party chief Dinh Tien Dung (r) at the discussion. Photos: The Hanoi Times

“The local authorities are committed to redoubling the development of healthcare and education systems, promoting cultural values, and addressing social concerns, including  old buildings renovation.”

Secretary of the Hanoi Party Committee Dinh Tien Dung gave the remarks at a group discussion on Vietnam’s socio-economic development of National Assembly deputies from Hanoi on May 25.

According to Dung, Vietnam has gained encouraging development results in 2021 despite severe Covid-19 impacts, to which the city’s Party chief attributed the Government’s Resolution No.128 on living with Covid-19 as a key factor.

“Hanoi has been among major contributors, especially in stepping up the vaccination campaign and drastic measures in Covid-19 response and later in socio-economic development,” he said.

He added the successful SEA Games 31 also showcased the effective state governance and active public participation in containing the pandemic.

“As of present, all social-economic activities have returned to normal,” he said.

Dung, however, anticipated major challenges for the economy in 2022, especially given the ongoing Covid-19 impacts and geopolitical tension from the Russia-Ukraine conflict.

He called for the Government to step up efforts in addressing risks to the economy, at the same time boosting public investment and supporting the business community.

 Deputy Nguyen Anh Tri.

Sharing Dung’s view, Deputy Nguyen Anh Tri expressed his delight at Vietnam’s success in putting the pandemic under control, which has laid the foundation for socio-economic recovery.

“The result is thanks to the determination and unity of the entire political system, with the highlight being the high vaccine coverage,” Tri said.

On measures to further boost tourism recovery, Deputy Bui Hoai Son noted relaxing visa procedure is one of the main factors attracting foreign tourists to Vietnam.

Son suggested the Government expand the list of countries eligible for visa exemption for a stay of 30 days instead of the current 15 to continue promoting tourism development.

Discussing the decision of the National Assembly to extend the validity resolution No.42 on pilot bad debt management until the end of 2023, Deputy Pham Duc An, chairman of the Vietnam Banking Association, said the move would help channel the capital into business and production activities.

 Deputy Pham Duc An speaks at the meeting.

“The pandemic caused severe consequences on most businesses, many of which went bankrupt or defaulted. The impacts from the Russia-Ukraine conflicts and a volatile global economic environment would result in high bad debts among the business community, for which the extension of the resolution is necessary,” he said.

An expected adequate legal framework for the banking sector to address rising bad debts which remains a huge risk to the economy.

Total bad debts treated under resolution No.42 from August 15, 2017, to December 31, 2021, averaged VND5.67 trillion (US$247.6 million) per month, higher than the figure of VND2.15 trillion ($94 million) recorded before the launch of the resolution.