Hanoi stops issuance of US$178 million in bonds

Hanoi State Treasury Director Dao Thai Phuc said although the local People’s Council had adopted the issuance of the five-year bonds, it was then stopped to save costs, reduce public debts and avoid capital dispersal in capital construction.

The city would use its existing resources to complete the scheduled construction traffic projects, he said.

According to the treasury, budget revenue totalled more than 73 trillion VND in Hanoi during the first five months of this year, representing 43 percent of the annual quota. Revenue from import-export activities reached some VND5.9 trillion, while some VND66.4 trillion came from domestic sources.

Budget spending in the city reached nearly VND47.5 trillion as of May 31.