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Hanoi allowed to license US$40mil projects

Prime Minister Phan Van Khai on July 26 permitted Hanoi to approve foreign-invested projects up to US$40mil.

PM Khai and Deputy PM Vu Khoan met with Hanoi officials on July 26. The PM told the city to pay more attention to closely control development plans and solve obstacles to investors.

Vice Chairman of the Hanoi People’s Committee Nguyen Quoc Trieu reported to the PM and Deputy PM the capital’s socio-economic situation in the 2001-2004 period and the development orientations to 2010. For the past three years, the city’s annual GDP grew on average by 10.67%. The figure was 9.6% for the first half of this year.

PM Khai praised the success of the capital’s projects on administrative reform, raising economic effectiveness and social environment.

By the end of 2003, Hanoi’s economic structure was defined as follows: industry 40.4%, services 57.2%, and agro-forestry-fishery 2.4%. accounting for only 3.7% of the country’s population and 0.3% of the total area, the city contributed around 8% of Vietnam’s GDP, 10.1% of total industrial production value, 9.15% of export revenues, 10.2% of social investment capital, and 14.5% of budget revenue.

For the past three years, the city’s annual GDP grew on average by 10.67%.

VNS - (28/07/2004)

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