WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / News
Hanoi exceeds the estimated budget revenue in 2016​
Translated by Anh Kiet 14:22, 2016/12/29
On December 28, Prime Minister Nguyen Xuan Phuc presided over the online conference with the task of implementing socio-economic plan and State budget in 2017.
At the point of Hanoi, the conference saw the attendance of Member of the Politburo, Party Secretary Hoang Trung Hai, Chairman of Hanoi People's Committee Nguyen Duc Chung, Chairman of the Hanoi People's Council Nguyen Thi Bich Ngoc and the leaders of the city's departments and branches.

Addressing the conference, PM Nguyen Xuan Phuc has directly pointed out ten positive achievements and nine weaknesses in the socio-economic performance in 2016.
 
PM Nguyen Xuan Phuc at the Government conference with local leaders on socio-economic performance and State budget
Firstly, the macro-economy was basically stable with major balances ensured. The economy expanded relatively with CPI hiting 4.74%, and GDP grwoing 6.21%, which was higher than the average rates of other Asian developing country with 5.5% and ASEAN member states of 4.5%. The outcomes were encouraging amidst difficulties facing mining and agricultural production (due to maritime environmental incident, natural disasters, and crude oil output drop around 1 million tone). Credit growth was around 17%. Foreign reserve hit US$ 41 billion, the ever record high. State budget collection met set target. Total social investment accounted for 33% of GDP. Export picked up 8.6%. Trade surplus valued at US$ 2.68 billion.

Secondly, business performance was thriving. For the first time in history, over 110,000 firms were founded in 2016 with a total registered capital of over VND 891 trillion, up 16.2% in number and 48.1% in value. Nearly 27,000 firms resumed operation.

Thirdly, FDI attraction also set a new record. As of December 26, Viet Nam had 2,556 new FDI projects with US$ 15.18 billion of registered capital. Generally, the amount of newly-registered and additional capital fetched US$ 24.4 billion, up 7%. Meanwhile, US$ 15.8 billion of FDI was disbursed, up 9% against the same period last year, making a record high.

Fourthly, the service and tourism sector progressed positively. The service sector grew 6.98%. Viet Nam welcomed over 10 million foreign guests, which was the highest number so far. Fifthly, the business environment was improved. Viet Nam ranked 82th out of 190 countries and territories in terms of the business environment, up 9 steps in comparison with 2015. Sixth, the new rural area building was optimistic. So far, 30 district-level units and 2,235 communes met new rural area standards. They made up over 25% of the total.

Seventhly, social affairs advanced significantly. The poverty rate in line with the multidimensional standards dropped to around 8.5%. Over 1.6 million jobs were created. Health insurance coverage reached an unprecedented rate of over 81%. In sports area, Viet Nam won two Olympic medals for the first time. Eighthly, law making received due attention. In 2016, 162 decrees were introduced to provide guidelines for important laws, especially on investment and business.

Ninthly, the prevention and response to natural disasters, climate change and environmental protection were focused. Under the leadership of the Government and PM, the whole political system joined to prevent natural disasters, droughts, saltwater intrusion; respond to climate change; and protect the environment. Tenthly, pressing issues were timely handled especially the maritime environmental incident in the four central provinces, food hygiene, anti-corruption.
 
the conference saw the attendance of Member of the Politburo, Party Secretary Hoang Trung Hai, Chairman of Hanoi People's Committee Nguyen Duc Chung
The conference saw the attendance of Member of the Politburo, Party Secretary Hoang Trung Hai, Chairman of Hanoi People's Committee Nguyen Duc Chung

However, besides the positive achievements, PM Phuc also pointed out nine weaknesses in 2016. Firstly, the mining industry declined sharply. Export turnover of crude oil dropped by 36.7% due to falling crude oil prices; Secondly, natural disasters, droughts, saltwater intrusion, and floods happened seriously; Thirdly, the maritime environmental incident caused severe consequences, especially in coastal area in the four Central provinces; Fourthly, economic losses of some VND 32.2 trillion (US$ 1.44 billion) of five major projects; Fifthly, weak commercial banks with high risks  were sold to the SBV at zero dong; Sixthly, serious fire and transport accidents; Seventhly, extremely serious criminal cases; Eighthly, wrongdoings in personnel work, like the Trinh Xuan Thanh case; Ninthly, Viet Nam dropped four places in the WEF’s Global Competitive Report to the 60th position and sixth in ASEAN. The country ranked 59th in the Global Innovation Index (GII) 2016, down seven notches compared to last year, out of 128 countries and territories and was positioned at fourth place in ASEAN.

Under the direction of the PM and government, the entire political system joined in efforts to prevent and mitigate natural disasters, climate change response and environment protection. The Government has closed natural forests and strictly punished forest destruction activities.

Urgent issues of public concern have been dealt with promptly, including the marine environment incident in the central region, food safety, and the fight against corruption and vested interest as well as wastefulness.

The nine outstanding problems in 2016 included a 64 percent slump in the mining industry’s production index, with crude oil output and export value tumbling 12 percent and 36.7 percent, respectively, due to the strong fall in world oil prices. Notably, the year 2016 was designed to be a Year of Start-up. 

Prime Minister Nguyen Xuan Phuc highly appreciated, in 2016, Hanoi has made good budget revenues; seriously implemented Resolution 39 of the Central about downsizing and restructuring the staff of servants. At the same time, Prime Minister Nguyen Xuan Phuc noted Hanoi need effective solutions to reduce traffic congestion, fire prevention, etc.
Other news
21:07, 2025/02/25
ASEAN Future Forum: Critical thinking essential for resilient ASEAN
The Vietnamese Prime Minister said that ASEAN must adapt by leveraging public investment to attract private capital, while enhancing connectivity through infrastructure, streamlined institutions, skilled talent, and effective governance.
20:34, 2025/02/25
Vietnam news in brief - February 25
Stay updated with the latest news from Vietnam with The Hanoi Times
10:18, 2025/02/25
Vietnam, Thailand work to make US$25-billion trade target attainable
Being both leading countries in ASEAN, the two countries enjoy strong comprehensive relations characterized by economic ties, political cooperation, and regional collaboration.
18:05, 2025/02/24
Vietnam news in brief - February 24
Read The Hanoi Times to keep up with the latest news in Vietnam
21:57, 2025/02/23
Vietnam news in brief - February 23
The Hanoi Times keeps you informed about current events in Vietnam.
21:30, 2025/02/23
Changes in Vietnam’s government apparatus seen through legislative efforts
Vietnam has ramped up government restructuring to boost efficiency and advance its goal of becoming a developed nation by 2045, as highlighted in the recent National Assembly plenary.