Hanoi saves 88b dong from suspending automobile purchase

In the morning of March 29, Pham Quang Nghi, Politburo member, Secretary of the Hanoi Party Committee chaired the briefing between Hanoi Standing Committee, People’s Council, People’s Committee and leaders of districts and towns.



To carry out Resolution 11 of the government on curbing inflation, stabilising macro economy and ensuring social security, Hanoi decided to save 88 billion dong from suspending the purchase of automobiles and high value assets, and from working office repairs.



In addition to assigning districts and towns to save 10 percent of budget expenditure in the last nine months of 2011, Hanoi also decided to save an additional 10 percent of the city budget, equivalent to 280.3 billion dong.



The total saved capital is 88 billion dong. Departments, industries and districts of the city, after reviewing the basic construction projects, have proposed to suspend, postpone and expand project progress of 114 projects. Of that, 17 projects are directly managed by the city with total investment of 650 billion dong and 97 projects of districts and towns with total investment of 500 billion dong. Funding from these projects is transferred to carry out the site clearance tasks of the city’s key projects or allocated to urgent projects for people’s livelihood.



Morover, the city is completing the plan to stabilise prices of 10 essential commodities for businesses’ goods reserves, and launch 397 locations selling products at stabilised-prices with total advances of 477 billion dong.



Hanoi has set seven key tasks in the near future, such as to promote production, business and export; to drastically carry out measures to curb inflation and stabilise macro economy; and to strengthen measures to ensure social security.



Vice Chair of Hanoi People’s Committee Hoang Manh Hien said that the city has strictly and effectively implemented the measures to curb inflation; including operating and controlling credit growth, prioritising capital to areas of manufacturing, agricultural and rural, export, supporting industries, and small and medium enterprises; reducing the speed and proportion of lending to non-manufacturing sector, especially to real estate projects and securities investment, except projects for social housing.



Furthermore, the city also regularly carries out expenditure savings, stops purchasing unnecessary assets, continues to review the restructuring of basic construction investments, delays and extents the progress of projects that are not really necessary.



In the first quarter of 2011, the city achieved relatively good economic growth. GDP growth is 9.2 percent, higher than the same period of two years ago, in which, industrial production and construction grew by 10.3 percent, services by 8.7 percent, agricultural, forestry and aquatic sector by 2.8 percent, and exports by 28.1 percent.



However, the consumer price index of the city in March rose by 2.42 percent compared to February. This is the highest level in many years, except for the 2.61 percent rise in February 2010.

Tags: Vietnam stock news

Posted by VBN on Mar 30 2011. Filed under Enterprises. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry