Hanoi to slash public expenses to stay on growth track

Hanoi (VNA)- Hanoi will cut 167 billion VND (9.5 million USD) in public expenses as part of its plan to curb soaring inflation and stabilise the city's economy over the next six months.

The reduction plan was part of a nine-point solution the city had worked
out, with an aim to tackle current difficulties and stay on track with its
growth targets, according to Hanoi People's Council Deputy Chairman Hoang
Manh Hien.

Delegates to the 14th session of the People's Council's 13th tenure, last
week were unanimous that the city should tighten its market watch and keep
abreast with price stabilisation measures.

Some proposed a market stabilization fund as a measure to stay active
before any market fluctuations.

People's Committee chairman Nguyen The Thao pledged to realise the
socio-economic plan that had been mapped out for this year while properly
implementing the National Assembly resolution on Hanoi 's expansion.

Thao said the best efforts would be mobilised to control inflation and
keep the society in good order, while administrative reform and urban
management would be pushed forward.

Hanoi 's growth in the first six months was positive at 10.9
percent, and overall investment increased by 11.9 percent over the previous
period, with 145 new foreign-invested projects licensed. The State coffers'
collection accounted for 61.2 percent of the whole yearly plan.