Vietnam Capital City to Spend $168.2M to Boost Economy

Vietnam’s capital city of Hanoi is planning a second stimulus package worth VND3 trillion ($168.2 million) in a bid to spur the economic growth, state media reported, citing a senior official.

 

The package is of great significance to businesses, which will help them overcome challenges and sharpen competitiveness, Nguyen Manh Hoang deputy head of the Hanoi Department of Industry and Trade said.

 

Although the city’s economy is expected to grow 8.26% in the third quarter, higher than 5.1% in the second and 3.1% in the first, it is facing challenges such as an 11.2% drop in exports in the first nine months to $4.7 billion and a 10% fall in the number of foreign direct investment projects during the time.

 

Hoang noted that the city targets to export $600 million of goods a month in the rest of the year.

 

The city authorities implemented the first stimulus package valued at VND3.58 trillion ($200 million) in the first months of the year, the Lao Dong newspaper said. (Labor, Capital Security)