Hanoi is doubling down on fiscal discipline and wastefulness elimination as it chases a gross regional domestic product (GRDP) growth target of more than 11% in 2026.
Under the plan, average per capita income is set to hit VND198 million (US$7,600) a year, while state budget revenue is projected to stand at around VND546.93 trillion. At the same time, the city is refining its institutional framework while preparing a capital master plan with a 100-year vision.
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Customers shop in a supermarket in Hanoi, January 2023. Photo by VnExpress/Ngoc Thanh |
A key step is tighter control of state budget spending. In addition to a 10% cut in regular expenditures to create funding for salary reform, departments, agencies, and local authorities are required to save an additional 10% of regular expenditures to support social welfare policies in accordance with directions from the Government.
For public investment, Hanoi has imposed an immediate 5% cut on allocated capital outlays, redirecting those funds specifically to the strategic Lao Cai–Hanoi–Hai Phong railway project.
The capital is also accelerating the disbursement of public investment funds, giving priority to nationally critical projects, key infrastructure and inter-regional connectivity projects. Trimming bureaucracy through organizational streamlining, workforce reduction and civil service restructuring has been flagged as a top priority to boost state management efficiency.
Meanwhile, Hanoi is channeling resources toward digital transformation and sci-tech advancement, while cultivating a broad culture of thrift and anti-waste mindset throughout public agencies and urging residents to embrace savings in both production and daily consumption.
Source: vnexpress.net