A view of Ha Noi. The capital stopped the issuance of bonds worth $178 million, which were to be used for local development. -- Photo fica.vn

HA NOI (Biz Hub) — The capital stopped the issuance of bonds worth VNĐ4 trillion (US$177.8 million), which were to be used for municipal development in 2016.

Ha Noi 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 and the traffic projects, he said.

According to the treasury, budget revenue totalled more than VND73 trillion in Ha Noi during the first five months of this year, representing 43 per cent 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. — VNS