VGP – The National Assembly Standing Committee has agreed to issue a National Assembly resolution on piloting some special financial and budgetary mechanisms and policies to boost Ha Noi’s rapid and sustainable growth.
“The special mechanisms will make municipal authorities’ governance more proactive and flexible. More incentives should be created to facilitate the local business climate and small and medium-sized enterprises,” said National Assembly Vice Chairwoman Tong Thi Phong.
Under the proposal, loan debt ceiling will be raised from 70% to over 90% but the Capital has to ensure debt payment capacity. The city would be allowed to put aside financial reserve fund for infrastructure investment and revoke money within 36 months.Remaining wages would be spent on social security policies.
Earlier, in 2017 the National Assembly passed a resolution on piloting the special mechanisms and policies for Ho Chi Minh City, allowing its authorities to make decisions on many issues that are within the authority of the PM./.
By Kim Loan