Hanoi plans to spend VND18 trillion, or $1.05 billion, to prevent economic slowdown this year, it was announced at a conference on March 10.

Officials of government agencies in Hanoi committed to take action to prevent economic slowdown.

Senior Hanoi officials met on March 10 to discuss urgent measures to prevent economic downturn. This year, the city will spend $1.05 billion on infrastructure projects such as building roads and residential areas as well as houses for low-income earners. The capital will come from the city’s budget, bond issuances and other sources.

The city’s Chairman Hoang The Thao asked departments to quickly implement stimulus projects. He said that Hanoi is a big market and this is an opportunity for local businesses to expand market shares.

According to statistics, Hanoi’s industrial and service production value in the first two months of the year was lower than the same period of last year. The Hanoi Taxation Department forecast that this year the city’s budget revenue will fall by nearly VND10 trillion.

Speaking at the conference, Hanoi’s Chairman Nguyen The Thao said the shortage of tap water in the capital city will be solved by 2010. At present, 32,000 people in Dinh Cong ward, Hoang Mai district are using well water.

Le Nhung