Hanoi is determined to achieve high growth targets in 2024, including a GRDP growth of 6.5-7% for the year.

Hanoi from above. Photo: The Hanoi Times

The figure was mentioned in a decision signed off by Chairman of the Hanoi People’s Committee Tran Sy Thanh, outlining socio-economic development goals, as well as projections for the city’s 2024 budget revenues and expenditures.

Other key targets include a 6.64-7.23% increase in services, a 7.00-7.50% growth in industry, an 8.00-8.50% rise in construction, and per capita GRDP of VND160.8-162 million ($6,626-6,676). Additionally, investment capital in the area is expected to increase by 10.5-11.5%, merchandise export turnover by 4.0-5.0%, and the consumer price index to remain below 4%. The targeted budget revenue for the area is set at VND408.5 trillion ($16.83 billion).

Each unit, and agency are expected to ensure accurate and complete delivery, meeting or exceeding the targets set by the city, stated the decision.

To monitor progress, monthly, quarterly, 6-month, and 2024 results are to be reported regularly to the City People's Committee through the Reporting Information System. Each department, committee, branch, and People's Committee at various levels is required to propose five key tasks with priority and time-bound, to the Department of Planning and Investment for synthesis.

The Department of Planning and Investment will coordinate with relevant authorities to advise the municipal people's committee e on an Action Program,  in accordance with the government's direction and the city's resolutions.

The focus will be on directing and managing socio-economic development and state budget estimates to achieve the planned targets for 2024.

In terms of budget revenue and expenditure, Hanoi’s mayor emphasizes adherence to the decentralization of revenue sources and budget expenditure tasks according to the City People's Council Resolution. Strict financial discipline is urged, emphasizing the leaders' responsibility in financial management and the implementation of directives to strengthen order and discipline in compliance with financial laws.

Efforts will be made to effectively collect taxes, reduce tax arrears, implement tax administrative reforms, and manage tax refunds to ensure compliance with the law. The Department of Finance will accelerate the equitization and divestment of state capital in enterprises, while the Department of Natural Resources and Environment will address challenges in land processes and procedures.

Public assets will be managed and utilized efficiently, with a focus on auctions during asset transfers and adherence to legal provisions. For investment projects financed by district and town budgetary funds, the district-level people's committees shall,  in accordance with the decentralization principle and city support capital,   allocate estimates for public investment expenditures. This allocation must adhere to the principle of providing sufficient capital to settle all outstanding construction debts  (if any) in accordance with the law and provide sufficient funds for projects that have been completed and handed over for use before 2024.

The remaining capital should be allocated adequately allocated to transition projects scheduled for completion in 2024, with priority given to those projects that demonstrate good disbursement progress.

No new construction projects should be initiated unless sufficient capital has been allocated for the payment of construction debts and the completion of transition projects according to the prescribed schedule and implementation capacity.