Ho Chi Minh City

HCMC beefs up public investment disbursement

SGGP
Director of the HCMC Department of Planning and Investment Le Thi Huynh Mai said that Ho Chi Minh City has allocated VND41,691 billion (US$1.7 billion) for public investmen to beef up public construction projects.

Director of the Department of Planning and Investment Le Thi Huynh Mai (Photo: SGGP)

Director of the Department of Planning and Investment Le Thi Huynh Mai (Photo: SGGP)

By middle of July, Ho Chi Minh City has disbursed VND18,836 billion accounting for more than 45 percent of the plan and it was praised by the Prime Minister.
Investors and contractors have been completing paperwork for final account of VND1,470 billion reaching nearly 49 percent of the plan set by the government.
The sum is the government’s reciprocal capital for projects which cost hundreds of thousands of billion mobilized from social contribution; therefore if project speed is slow, the capital will bounce causing a loss for the state budget.
Soon after the plan for public investment in 2020 was approved, HCMC authorities has stuck to the rule that capital must be spent on the city’s key projects especially on the seven breakthrough program.
Despite the coronavirus, city authorities have defined that one of solutions to achieve goals of socio-economic growth is to beef up public investment disbursement with focus on key construction projects such as projects to ease traffic congestions, flooding, pollution, education and healthcare.
Leaders of projects are held accountable for speed of the project. Specifically, the municipal People’s Committee convene a meeting with investors and contractors weekly to listen to the project’s speed from which city authorities will help to remove difficulties during the procedure.
Furthermore, city authorities pay a visit to construction sites to east hiccups along the way.
Before, according to the Law of Public Investment released in 2014, the Prime Minister will decide the investment policies for projects of the group A but presently, the city People’s Council will decide it according to the government’s resolution 54 and the Law of Public Investment issued in 2019 to help reduce time for assessment and related paperwork.
Additionally, the Law of Public Investment’s clause 7 of article 17 also stipulates that when necessary, People’s Committee is assigned to decide investment policies for projects of the group B and group C provided that the city’s state budget is used properly for the city’s growth goal and financial ability.

By Han Ni - Translated by Dan Thuy

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