Hanoi worked out an action plan for implementing the resolution effectively with a focus on five major tasks: tightening the monetary policy, keeping credit growth below 20 percent, ensuring credit capital for production and business, increasing budget revenues and reducing public spending.

In addition, the focus will also be on ironing out snags for businesses, saving energy, balancing the supply and demand of essential goods, stabilising the market, streamlining administrative procedures, boosting exports and limiting imports to ensure that import surplus is 1.65 times lower than the export surplus.

Participants underlined the need to implement social welfare policies properly to ensure a better life for low-income earners, people in difficult circumstances and social policy beneficiaries.

In his speech, Deputy Prime Minister Nguyen Sinh Hung praised Hanoi’s efforts in creating the action plan for implementing the resolution and asked municipal leaders to keep a close watch on the domestic economic situation and fulfill all the tasks set for this year.

If Hanoi successfully implements the Government resolution, it will help boost general socio-economic development as the city’s contribution accounts for 20 percent of the country’s total GDP, said Mr Hung.