Hanoi focuses on implementation of Government resolution

Hanoi held a conference on March 5, to implement the Government’s Resolution 11 on curbing inflation, stabilizing the national economy and ensuring social-welfare in 2011.

Deputy Prime Minister, Nguyen Sinh Hung and Secretary of the Hanoi’s Party Committee, Pham Quang Nghi attended and chaired the conference.

To carry out an action plan for implementing the resolution effectively, the Hanoi People’s Committee assigned various tasks to the city units and agencies and fixed a time deadline to complete the tasks.

The resolution focuses on five major tasks; tightening the monetary policy, keeping credit growth below 20 percent, ensuring credit capital for production and business, increasing budget revenues and reducing public spending.

Nguyen Thi Mai Suong, Director of State Bank of Vietnam in Hanoi said that besides measures to ensure a suitable credit growth, the capital intends to strengthen and inspect the implementation of monetary policies and coordinate with the police to punish violators of currency regulations.

A representative from the Hanoi Taxation Department said that the department will urge companies to check balance-sheets of 2010.

The department will also check foreign-investment companies to avoid any loss of income caused by tax evasion.

To ensure social-welfare, Hanoi will deploy a job program in the period 2011-2015, aimed to create jobs for 137,000 laborers.

The capital will also increase loans for the poor to develop production with a maximum VND20 million ($100) loan per household.

Speaking at the conference, Deputy PM Hung praised Hanoi’s effort in creating the action plan for implementing the resolution and asked municipal leaders to keep a close watch on the domestic economic situation and fulfil all the tasks set for this year.

He said that State budget revenue was around VND600,000 billion ($30 billion) per year, of which Hanoi holds 20%, so curbing inflation is the government’s number one priority. He added that if the move was successful it would help improve people’s lives and ensure macro-economic stability and sustainable development.

By M.Ngoc, translated by Mong Quynh

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