Hanoi boosts production and business activities amid COVID-19

Despite the difficulties caused by the complicated developments of the COVI-19 epidemic, Hanoi is still promoting production and business activities in order to realise its economic development goals.

Workers on a production line at the Hanoi-based Thang Long Metal Wares Joint Stock Company. (Photo: NDO/Minh Ha)
Workers on a production line at the Hanoi-based Thang Long Metal Wares Joint Stock Company. (Photo: NDO/Minh Ha)

In May, total state budget revenue in the capital city is estimated at over VND110.6 trillion, equivalent to 44% of the plan. Local budget expenditure is estimated at VND23.7 trillion, 21.8% of the target.

Hanoi’s index of industrial production (IIP) increased by 1.8% compared to April and 5.1% over the same period last year. In the first five months of this year, IIP increased by 9.4% compared to the first five months of 2020.

Striving to exceed its GRDP growth target in 2021 (of more than 7.5%), the capital city has determined that in June and the coming months, along with continuing to prevent and control the epidemic, it will strengthen measures to regain growth momentum and restructure local economic sectors, of which focusing on developing fields with great potential and good growth prospects, such as the processing and manufacturing industry, will be a priority.

The city will focus on mobilising various resources, stimulating production and business activities, stepping up the reform of administrative procedures and cutting investment procedures in order to save time and cost, as well as strengthening supports and removing difficulties for enterprises.

Along with that, local authorities will also direct units to speed up the construction of local industrial clusters, implement sustainable budget collection solutions, facilitate the recovery of tax debts and land rent, exploit revenue, especially those sourced from land, land auctions and one-time payment of land rents, and ensure that budget expenditure is lawful, effective and timely.

The city will also review each public investment project to promptly remove difficulties, speed up the disbursement of investment capital and pour capital to where it is needed to stimulate socio-economic development activities.