Public Funds

The Covid-19 pandemic was among main reasons causing a stagnation in the construction progress.

Due to the city’s budget constraints, it is essential for local authorities to ensure the utmost efficiency in the spending of public money, the Hanoi’s mayor has said.

Considered as Hanoi’s top priority to ensure economic recovery in the post Covid-19 pandemic era, the city is aiming to disburse 100% of the target amount this year.

As of November 10, the disbursed amount of public funds in Hanoi stood at VND22.35 trillion (US$965.35 million), or 57.5% of the target set by the government.

Hanoi has set up six task force teams specialized in accelerating disbursement of public funds.

The result shows strong improvements in disbursing public funds in the first nine months this year.

On the back of the estimated GRDP growth rate of 7.46% in 2019, a four-year high, Hanoi targets the GRDP in 2020 to grow at least 7.5% onwards.