Hanoi budget income exceeds 2015 goal

The information was released at a recent meeting on the city's implementation of socio-economic development and State Budget tasks during the 2011-2015 period, as well as socio-economic development plans for 2016. 

The event reviewed the outcomes of the city's socio-economic development performance and budget execution in 2015. 

According to a report by the committee, State budget expenditure was estimated at VND70 trillion (US$3.1 billion), meeting 118% of the annual forecast. 

Hanoi People's Committee Chairman Nguyen Duc Chung said the city maintained a stable growth rate in the reviewed period, with gross regional domestic product (GRDP) estimated to rise 9.3% by year-end, the highest level over the past four years.

Hanoi is expected to collect nearly VND147 trillion (US$6.5 billion ) for the State budget since the beginning of the year, completing 103% of the yearly target (Source:baomoi)

The committee's report said the city's index industrial production, largely contributing to the overall economic growth, increased by 8.05% over the same period last year. 

The construction industry also experienced a solid growth of 12.14%. The service sector grew by 9.91%, and the agriculture sector saw growth of 2.47%. 

According to the report, commodity prices are kept under control. The total retail revenue of goods and services increased 11.7%. 

Export turnover was calculated to rise 2.5% to US$11.4 billion, and the consumer price index was estimated to climb 1%. 

The capital has so far welcomed nearly 2.24 million international tourists, a year-on-year rise of 9.6%. 

The city strives to record a gross regional domestic product (GRDP) growth of between 8.5% and 9%, and a GRDP per capita ranging from VND85 million and VND87 million (US$3,772-US$3,861) in 2016. 

Despite these achievements, the city is still facing many difficulties such as ineffective administrative procedures, illegal construction and encroachment on public land, insufficient firefighting systems, food safety issues and environmental pollution, Chung said. 

He highlighted that 2016 would be the first year of implementing the socio-economic development plans for the 2016-2020 period. 

Chung asked the municipal authorities to promptly take measures to speed up the economic restructuring process, ensure macroeconomic stability, improve the local investment climate and ensure social welfare, while striving to fulfil or surpass the yearly economic growth target.