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 …
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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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Agriculture, a bright spot in grim economic picture
Impressive achievements According to Nguyen Xuan Cuong, Minister of Agriculture and Rural Development (MARD), the agriculture sector faced many difficulties and challenges caused by the Covid-19 pandemic, which directly affected production and export, import and consumption of agricultural products. The combined efforts of the Party, the National Assembly, the Government, the Prime Minister, localities, the business community and farmers helped the agriculture and rural development sector realize dual goals, both increasing growth and effectively combating the pandemic. As a result, the sector’s gross domestic product (GDP) grew 2.65 percent, total export turnover reached US$41.25 billion, over 62 percent of communes achieved the status of new-style rural communes, forest coverage rate reached 42 percent, rural residents’ annual income reached VND43 million per capita. In terms of cultivation, the crop structure was converted more efficiently by promoting intensive farming and application of advanced science and technology, especially for key crops, and controlling and increasing the use of new and high quality seed varieties. Rice production output reached 42.7 million tonnes, not only fully meeting the demand for domestic consumption but also meeting the needs of processing for animal feed and export. In particular, high-quality rice accounted for over 85 percent of exported rice, raising the average export price from US$440 per tonne in 2019 to US$496 in 2020. The year 2020 saw a restructuring of the agricultural sector, improved production scale and level and a strong shift to commodity production on the basis of each region’s advantages. Notably, the consumption market for agricultural, forestry and fishery products continued to develop, and the domestic market was expanded significantly. Nine commodity groups maintained an export turnover of over US$1 billion, with five recording a turnover of over US$3 billion, including timber and wood products, …
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