Ho Chi Minh City

HCMC disburses US$962.2 million in public investment

SGGP
The office of the Ho Chi Minh City People’s Committee yesterday announced the city has disbursed nearly VND23 trillion (US$962.2 million) in public investment by September 22, meeting 54.2 percent of the assigned target of VND42 trillion.

Despite impact of Covid-19, the city’s public investment activities have showed positive signs in 2020 with disbursement rate increasing 1.89 times that during the same period last year.
However, the city’s public investment disbursement has failed to meet the government’s requirement due to delays in sluggish site clearance.
The municipal People’s Committee said that it has assigned the Department of Planning and Investment to consult the committee about adjustment of the public investment plan in 2020 giving priority to implementation of  projects with high disbursement rate as well as reviewing of the medium-term public investment plan for the 2016-2020 period.
Moreover, the Department should consult the city People's Committee on passing investment from impossible projects to others to finish the medium-term plan.
Last but not least, related state competent agencies and district people’s committees should continue to recheck regulations relating to formalities of public investment and disbursement to have timely suggestions of changes or amendments.
Additionally, related agencies must accelerate progress and shorten administrative procedure for assessment of investment projects, designs, tender selections, and technique designs.

By Quoc Hung - Translated by Dan Thuy

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