Hanoi aims for greater efficiency in public investment
Hanoi would continue to speed up construction progress and public investment, identified as a major solution to spur economic growth and further attract investment capital to the city, said the city’s mayor.
Hanoi’s authorities are calling for localities to speed up the construction of public projects, especially large infrastructure ones, for higher disbursement of state funds.
| The Vinh Tuy Bridge phase 2. Photo: The Hanoi Times |
As of present, Hanoi has completed 51 key transport infrastructure projects, including six access roads to the Ring Road No.3 (section Mai Dich – Thanh Long Bridge) and the urban railway line 2A section Cat Linh – Ha Dong.
The priority for the city in the remainder of the year is to accelerate the progress of other large-scale projects, including the Vinh Tuy Bridge phase 2, the Le Van Luong underground tunnel, and the ring road No.3.
“The effective implementation of major transport projects would help enhance circulation capacity, address traffic congestion, and environmental pollution and transform the urban landscape,” said Nguyen Chi Cuong, director of the Hanoi Traffic Project Management Board.
According to Cuong, the project management board under the instruction of the municipal People’s Committee has instructed contractors to mobilize an additional workforce to meet the construction schedule.
Among the priority projects, roughly 43% of the work volume of Vinh Tuy Bridge phase 2, which commenced in January 2021 with investment capital of over VND2.5 trillion (US$109 million), has so far been completed.
The bridge, designed with a total length of over 3.5 kilometers, is scheduled to be completed in 2023, Cuong said.
Meanwhile, the Ring Road No.2 section Vinh Tuy Bridge – Nga Tu So and Nga Tu So – Nga Tu Vong have also been completed, while contractors are pushing for the remaining section of Vinh Tuy Bridge – Nga Tu Vong.
The Le Van Luong underpass, which is aimed at reducing traffic congestion at the Le Vuong Luong – To Huu section and environmental pollution, is on track to be inaugurated within the fourth quarter of this year, he said.
Data from the municipal Planning and Investment Department revealed Hanoi’s expenditure capital in the first quarter rose by 7.8% year-on-year to VND76.2 trillion ($3.32 billion), in which the state budget accounted for 33.6%, or VND26 trillion ($1.13 billion), private sector made up VND45 trillion ($1.96 billion), and foreign direct investment VND5 trillion ($218 million).
To push for the full disbursement of the investment capital, the Hanoi People’s Committee has set up taskforces at the city- and district levels specialized in accelerating the disbursement rate, focusing on large projects with high commitment funds.
Targeting full disbursement in 2022
Chairman of the Hanoi People’s Committee Chu Ngoc Anh stressed the significance of public projects acceleration, saying it is a key solution not only for a higher disbursement rate but also to aid socio-economic recovery.
“Hanoi aims to speed up the construction progress and public investment, identified as a major solution to spur economic growth and further attract investment capital to the city,” Anh said.
“This year, the city targets to realize all unfinished projects left from 2021 and those set for 2022 with high quality and efficiency,” Anh stressed.
Contractors of key transport projects in Hanoi, therefore, are requested to submit detailed construction plans to the municipal Department of Planning and Investment before April 30, 2022.
Anh also urged local authorities to take proactive action in addressing the concerns of contractors, especially in issues related to site clearance and compensation for affected households.
Hanoi is expected to allocate VND51.07 trillion (US$2.2 billion) for public investment in 2022, of which VND510 billion ($22.1 million) would be used for the payment of debts and interest rates.
An estimate of VND10.2 trillion ($443.2 million) would be allocated to rural and urban districts for developing their respective infrastructure projects, including the construction of new schools, upgrading healthcare facilities, and preserving historical sites, which reflects the city’s attention to supporting the growth at grass-roots levels.
For the 2021-2025 period, the city sets to earmark VND650 trillion ($28.4 billion) for the 2021-2025 public investment plan.
The priority order for investment would be aligned with the vision for the development of the transport sector and socio-economic infrastructure, namely the ring road 2.5, ring road 3, ring road 3.5, ring road 4; major bridge crossing the river (Vinh Tuy bridge Phase 2, Thuong Cat bridge); inter-provincial roads (national road 6, upgrading national road 32, national road 1A, 21B); and urban railway projects.
