Resolution on specific financial-budgetary mechanisms for Hanoi gets NA approval

The 14th National Assembly adopted a Resolution on specific financial-budgetary policies and mechanisms for Hanoi with 91.51 percent of votes on June 19 morning.

The Resolution will enter into force on August 15 and be valid for five years.

Under the resolution, the Hanoi People’s Council can decide to collect some types of fees specific to Hanoi which are not on the list of fees and charges issued along with the Law on Fees and Charges, and adjust the fees and charges on the list except for those belonging to the central budget.

According to the resolution, the ceiling of debts will be no more than 90 percent of revenue in the principle that the capital city must ensure its solvency.

The city will be allowed to use the financial reserve fund to invest in infrastructure projects in the medium-term public investment plan. It must ensure the recovery of the money within 36 months.

It will also be permitted to use the local budget’s fund for regular spending for the upgrade and building of essential items in existing facilities of administrative public non-production agencies and agencies under political-social organizations.

The city could use its budget to support other localities in the country.