Public investment remains crucial for economic growth: PM

Public investment  stands out as a key driver of economic growth in today's challenging economic environment.

The Ring Road No.2 section Nga Tu Vong - Vinh Tuy in Hanoi. Photo: Giang Huy/The Hanoi Times

"This is particularly important in an increasingly complex and unpredictable global context characterized by the lingering effects of the Covid-19 pandemic, disrupted supply chains, increasing competition among major countries, high inflation rates, and declining markets such as the US and EU."

The view was mentioned in Government Office Announcement No. 175, which released the Prime Minister's instruction on the implementation of national infrastructure projects.

Within the country, Chinh acknowledged the fact that difficulties and challenges outweigh opportunities, with slow growth in many provinces/cities due to declining industrial production and processing.

To address these challenges, accelerating public investment projects, especially in national key infrastructure works, will have multiple benefits, Chinh said.

He expected efficient disbursement of public investment capital and timely implementation of projects would boost production and enterprises, create jobs, improve people's livelihoods in project areas, and create new development opportunities for urban and industrial areas and service sectors.

In 2021-2025, a significant portion of public investment capital will be allocated to transportation projects, including the construction of expressway systems in all regions of the country, such as the North-South and East-West routes.

As the current favorable weather conditions provide an excellent opportunity to accelerate the progress of these transportation projects, Chinh called for Government agencies and localities to speed up the execution while preventing waste and corruption during the process.

The Prime Minister has instructed the Ministry of Transport (MoT) and localities, including Hanoi, Ho Chi Minh City, Bac Ninh, and Hung Yen, to promptly complete investment preparation procedures for assigned projects.

"Relevant agencies should take responsibility for project implementation," Chinh said.

The Ministry of Planning and Investment (MPI) and the MoT should work closely with local authorities to ensure the completion of documentation for highway projects under the PPP mechanism. The Nam Thang Long - Tran Hung Dao urban rail project in Hanoi must be reviewed and submitted to the Prime Minister by May 2023.

For projects that have already been approved, including Chau Doc - Can Tho - Soc Trang, Bien Hoa - Vung Tau, Khanh Hoa - Buon Ma Thuot, Ring Road No. 4 - Hanoi Capital Region, and Ring Road No. 3 - Ho Chi Minh City, the Ministry of Transport and local authorities must promptly carry out site clearance work to hand over 70% of the land area and complete all necessary procedures to start construction by June 30, 2023.

The People's Committees of Hanoi and Ho Chi Minh City are urged to speed up the implementation of urban railway projects, including the Nhon-Hanoi railway station and the Ben Thanh-Suoi Tien sections, and to complete the necessary dossier for the approval of the investment policy adjustment of the Nam Thang Long-Tran Hung Dao urban railway project by May 2023.

Fourteen provinces and cities, as the management agencies of the three east-west highways and 2 ring roads  (Ring Road No.4 of the Capital Region and Ring Road No.3 of Ho Chi Minh City), are tasked with speeding up the construction progress to start the projects before June 30, 2023.