Hanoi weighs budget as it seeks to contain virus and boost economy

Friday, 2020-04-24 16:22:48
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Hanoi Party Secretary Vuong Dinh Hue speaking at the meeting
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NDO - Key leaders of Hanoi met on April 24 to discuss the capital city’s budget for 2020 as it seeks to bring the coronavirus outbreak under control while bolstering economic growth.

Hanoi’s government revenues in the first quarter met targets but are projected to fall sharply in the coming months due to stagnant business activity.

In order to support enterprises and residents affected by Covid-19, the city is planning to cut regular spending to balance the budget and allocate part of its municipal revenues to districts unable to balance their local budgets.

Speaking at the meeting, Hanoi Party Secretary Vuong Dinh Hue asked the city government to make the greatest possible effort to maximise its revenues in 2020.

For the 2021-2025 period, expenditure will be based on the ability to collect revenues, with spending to be focused on human services, social policies, environmental protection and social order.

The city’s Party chief noted that budget considerations must meet the double goals of combating the epidemic and restoring economic activity.