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Ho Chi Minh City disburses 1 percent of allocated public investment in Jan-Feb

Ho Chi Minh City disburses 1 percent of allocated public investment in Jan-Feb

Tuesday, March 14, 2023, 14:25 GMT+7
Ho Chi Minh City disburses 1 percent of allocated public investment in Jan-Feb
Ho Chi Minh City is allocated VND70 trillion ($3 billion) in public investment this year, which is both a challenge and an opportunity for the city to prove its dynamism and creativity. Photo: Tu Trung / Tuoi Tre

Ho Chi Minh City disbursed merely VND369 billion (US$15.7 million) of the public investment budget in the first two months of this year, or only 1 percent of the target, according to the State Treasury in Ho Chi Minh City.

The disbursed public investment met only 0.52 percent of the total investment allocated by the government. 

Therefore, the municipal People’s Committee has issued an urgent directive, asking departments, agencies, and the People’s Committees of Thu Duc City and districts to accelerate public investment disbursement.

To reach a public investment disbursement target of at least 95 percent this year, the city requested departments, agencies, districts, and Thu Duc City to take the initiative in cooperation with relevant agencies to remove difficulties to speed up the execution of projects.

The municipal Department of Planning and Investment was assigned to coordinate with relevant units to review and urge investors to accelerate the progress of projects.

Ho Chi Minh City was allocated VND70 trillion ($3 billion) in public investment this year, double the figure last year.

The city set a target to disburse over 95 percent of that amount.

The city has proposed many policies to improve the public investment effectiveness.

In particular, the city suggested its People’s Council should be allowed to allocate the local budget in the mid-term and annual public investment plans.

In addition, the municipal People’s Committee should be authorized to make decisions on the investment in and adjustments to Group-C projects, which require an investment of below VND120 billion ($5.1 million) each.

Furthermore, the municipal People’s Committee is aiming to shorten the time for public investment procedures by at least 30 percent.

It also suggested clearly regulating the responsibility of management agencies and investors of projects.

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Thanh Ha - Cam Nuong / Tuoi Tre News

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