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Hanoi announces stimulus package
Hanoi authorities have announced an 18.2 trillion VND stimulus package to promote consumption, prevent further economic decline and ensure social security.
At a conference of the Hanoi People’s Committee on preventing the economic downturn on March 10, Director of the Planning and Investment Department Nguyen Van Suu said the funding will be used to help the poor, repair damaged houses – particularly replacing thatched cottages with brick materials -, support unemployed farmers and workers, and stimulate trade and investment.
Part of the package will also be used to promote urban and transport infrastructure projects and add to projects to celebrate the millennium anniversary of Thang Long-Hanoi, he added.
Municipal agencies will focus on support for businesses in marketing and trade promotion, seeking new markets, and improving product quality.
A commitment to cooperate in efforts to implement urgent measures to prevent further consequences of this year’s downturn was signed by the chairs of 29 district People’s Committees and general directors and directors of major companies in the city.
Confirming that the capital’s economy has been hard hit this year, the Chairman of Hanoi’s People’s Committee Nguyen The Thao said the city has failed to take systematic measures to prevent the downturn. He called on businesses to be more dynamic and flexible to maintain market stability and promote production.
In the first two months of this year, Hanoi ’s export value fell by nearly 4 percent, and import value fell by 33 percent, compared to the same period last year.
Over the past two months, Hanoi licensed only 30 foreign investment projects, with a combined registered capital of 40 million USD, about 7 percent of the figure reported for the same period last year./.
Vietnamplus
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