Hanoi’s budget revenue in 2022 stood at VND332 trillion (US$14 billion), surpassing the year’s estimate by 6.8% and up 2.7% year on year.

Vice Chairman of the Hanoi People's Committee Ha Minh Hai at the conference. Photo: The Hanoi Times

Vice Chairman of the Hanoi People’s Committee Ha Minh Hai released the information at a national conference on the country’s finance-budget performance on December 19.

According to Hai, Hanoi's active measures to ensure safe and flexible adaptation to the pandemic in 2020 have laid the groundwork for economic reopening since March 15 and eventually for a steady recovery process.

The city's GDP in 2022 is forecast to grow by 8.89%, a record high in recent years and higher than the national average estimated at 7.2-8%, while the consumer price index (CPI) would grow below the year's target of 4%.

Hai said the city would continue to streamline the operation of the local apparatus to speed up the decision-making process, especially in developing long-term policies in subsequent years.

In this regard, Hanoi has embarked on drastic decentralization, with over 700 administrative procedures under the city's jurisdiction- and district levels set to be settled by grassroots agencies.

Locals at Thanh Xuan District's Department of Taxation. Photo: The Hanoi Times

Among key priorities, Hanoi has issued an action plan to realize the Politburo’s resolution No.15 on the vision and objectives for the capital’s development until 2030, with a vision to 2045; and starting the planning for Hanoi in the 2021-2030 period, with a vision to 2050.

“Cultural development has also seen positive progress, with an investment plan being mapped out for three fields of education, healthcare, and culture in the 2022-2025 period,” he said.

Hai also focused on IT application and digitalization, including adapting e-cabinet and reporting systems.

Under the instruction of the Ministry of Finance, 99,5% of companies and 99.9% of individual business households in Hanoi have successfully registered to use e-invoices.

Digitalization serves as a driving force for growth

The Vice Chairman said 2023 would serve as a key milestone for Hanoi to realize the five-year socio-economic development plan in the 2021-2025 period.

In this context, Hai stressed Hanoi would focus on addressing the concerns of businesses and people, accelerating administrative reform, and improving the business environment to ensure a steady income source for the state budget.

“In the process of socio-economic development, digitalization should serve as the driving force for growth, including the promotion of new business models, science-technology, innovation, and startups,” Hai said.

Regarding budget management, Hai expected a higher level of IT application in budget-finance operation and continued streamlining of regulations in public finance management for greater efficiency in state governance.