Illustrative image (Source: VNA)
Hanoi (VNA) - Hanoi has stopped the issuance of bonds worth 4 trillion VND (177.8 million USD), which were to be used for municipal development in 2016.

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 5.9 trillion VND, while some 66.4 trillion VND came from domestic sources.

Budget spending in the city reached nearly 47.5 trillion VND as of May 31.-VNA