Hanoi tightens fiscal belt

Hanoi People’s Committee Chairman Pham The Thao

The information was announced by the committee’s Chairman, Nguyen The Thao, at a meeting held on November 12, addressing the city’s socio-economic and budget targets for 2013.

Municipal agencies have been also urged to stop sending officials abroad, said the Chairman.

According to the Chairman, a total VND81 billion (USD3.9 million) which has already been allocated for such activities can be spent on rural development.

Investors of projects which face sluggish implementation or squander capital will have to take full responsibility and possible punishment, according to regulations.

Next year, the city will focus on inflation control and the stabilisation of the marco-economic picture, along with its focus on business and production activities, in an attempt to relieve financial hardships for SMEs and create job-growth.