The Hanoitimes - Hanoi’s mayor called for local governments to provide support for businesses affected by the pandemic, and review current existing supporting programs to ensure greater efficiency. Hanoi is ready to restart and accelerate socio-economic activities as the Covid-19 situation in the city has been put under control. Chairman of the Hanoi People's Committee Chu Ngoc Anh speaks at the meeting. “The priority in March is to strictly comply with anti-Covid-19 measures and boost socio-economic development,” Ngoc Anh said.Chairman of the Hanoi People’s Committee Chu Ngoc Anh gave the remarks at the city’s monthly meeting on March 4. Among measures to boost the local economy, the Hanoi’s mayor requested greater efficiency in global integration to boost exports, while adopting a more selective approach in attracting high quality foreign direct investment (FDI). “Hanoi aims to create a favorable business environment to further attract investment capital, along with more support to spur the growth of the private sector and pubic investment,” he noted. A corner of Hanoi. Photos: kinhtedothi As public investment continues to be a key solution to aid economic recovery this year, Ngoc Anh urged local authorities to closely monitor the progress of public projects and those financed by ODA funds. Ngoc Anh called for local governments to provide support for businesses affected by the pandemic, and review current existing supporting programs to ensure greater efficiency. Hanoi’s economic performance in the first two months stayed positive with the Index of Industrial Production (IIP) expanding by 7.5% year-on-year, higher than the 5.8% rate recorded in the same period last year. The city’s trade turnover also witnessed strong recovery as exports in the two-month period reached US$2.3 billion, up 12.7% year-on-year, staying in stark contrast with a contraction of 19% in first two months of last year. Foreign …
How much economic growth differs around the world
IMF: Indonesia’s economic outlook is positive
A corner of Indonesia's Jakarta (Photo: AFP) Jakarta (VNA) - The Indonesian economy is gradually recovering, owing in part to a bold, comprehensive, and coordinated policy response to address the socio-economic hardship inflicted by the COVID 19 pandemic in the first half of 2020, according to the International Monetary Fund (IMF). The country’s GDP is projected to expand by 4.8 percent in 2021 and 6 percent in 2022. Meanwhile, inflation is set to rise gradually to 3 percent (y/y) at the end of 2021. The current account deficit is expected to widen to 1.5 percent of GDP in 2021, reflecting higher imports driven by economic recovery. IMF Executive Directors commended the authorities’ containment measures and supportive macroeconomic policies, which have been instrumental in cushioning the economic impact of the pandemic. They noted that Indonesia’s strong fundamentals and prudent macroeconomic policy track record have contributed to its economy’s resilience./. VNA …
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ADB provides US$176 million for Vietnam’s socio-economic development
PANO - The Asian Development Bank (ADB) and the Vietnamese Government on January 17 th signed four loan agreements valued at $176 million to help the Vietnamese Government on capacity building to strengthen public-private partnerships (PPP) and infrastructure investments, enhance competitiveness of towns along Greater Mekong Subregion (GMS) economic corridors, improve food safety, as well as develop national capacity to mitigate HIV risks. With the first loan agreement, ADB provides US$20 million from its Asian Development Fund (ADF) to fund the Public Private Partnership Support Project. The project will use the fund to establish a Project Development Facility (PDF) to help bring efficient PPP projects to the market. Ministries and government agencies will use the PDF to fund PPP project preparation activities, including pre-feasibility studies, full feasibility studies and the engaging of transaction advisors to structure deals to bring to the private sector for bidding. The signing ceremony. Photo: baohaiquan.vn The second loan of US$130 million will help transform the GMS corridor towns of Dong Ha, Lao Bao and Moc Bai into economic hubs by improving urban-environmental infrastructure and strengthening institutional capacities of provincial and local authorities. The GMS Corridor Towns Development Project will finance 10 sub-projects in the three towns. To help Vietnam improve food safety, ADB provides $11 million in ADF loans to finance the Trade Facilitation, “Improved Sanitary and Phytosanitary Handling in GMS Trade Project”. The project will support the country to establish, strengthen and implement surveillance and inspection programs for food safety, including safe food handling in the tourism industry, and regional cooperation and harmonization of sanitary and phytosantary management in food trade in the GMS. The final loan of US$ 15 million from ADF is to finance GMS Capacity Building for HIV/AIDS Prevention Project to …
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