Hanoi approves investment of 23 public projects worth US$520 million

The Hanoi People’s Council has approved a resolution on the implementation of 23 public projects worth a combined investment capital of VND12.3 trillion (US$520 million).

Vinh Tuy 2 Bridge project is under construction in Hanoi. Photo: Vu Thanh

In addition, the municipal People’s Committee also agreed to adjust the investment policies for eight projects with total capital of VNVD1.27 trillion ($53.8 million).

The municipal legislative body urged the local authorities and contractors to ensure smooth execution and complete the projects as scheduled.

The resolution noted the significance of accelerating the site clearance under the Law on Public Investment, and drafting project feasibility reports in line with suggestions and recommendations from related units, and agencies for effective implementation.

The municipal People’s Committee is tasked with supervising the progress of each project and maintaining frequent communication with investors during the project execution, aiming to prevent the waste of public resources and addressing the latter’s concern in administrative procedures.

This year, the city has set up two scenarios for public investment. In the optimistic scenario, Hanoi is expected to disburse 90% of the public funds of VND51.58 trillion (US$2.07 billion). Meanwhile, a less favorable case would see the disbursement rate at 82.6%.

In 2023, the city expects to disburse VND47 trillion ($1.9 billion) of public funds, including VND15.7 trillion ($632 million), for municipal-level projects.

Key projects in 2023 would include the Hanoi Children Hospital-Phase 1, the Children Palace, the Yen Xa Wastewater treatment plant, and the Soc Son waste treatment complex Phase II.

Overall, Hanoi needs VND321.14 trillion ($13.6 billion) for the five-year public investment plan in the tenure 2021-2025, of which VND62.3 trillion ($2.64 billion) was allocated for the 2021-2022 period, or 26.5% of the total.