Hanoi allocates $1.15 billion for public infrastructure projects this year

Hanoi’s municipal authorities plan to spend VND28.6 trillion (US$1.15 billion) on city-level infrastructure development projects in 2024, heard a meeting on March 27.

Hanoi's outskirts Phu Xuyen District. Photo: hanoimoi.vn

The figure accounts for 60.3% of the city’s municipal-level budget set for 2024, according to Vice Chairman of the Hanoi People’s Committee Duong Duc Tuan. Therefore, the capital city has some VND18.8 trillion ($758.6 million) available for future projects.

Of the remaining budget, the city authorities will spend some VND12 trillion ($484.2 million) this year on public infrastructure projects. As part of the plan, Hanoi will ask five urban districts to allocate their budgets to assist suburban areas in infrastructure development.

Accordingly, five districts of Cau Giay, Hoan Kiem, Ba Dinh, Hai Ba Trung, and Bac Tu Liem will finance 10 outlying districts, such as Soc Son, Thanh Oai, Chuong My, Son Tay Town, Thuong Tin, and Phu Xuyen some VND213.6 billion (US$8.6 million) to carry out 19 local infrastructure projects this year.

Tuan said that these districts are in need of expanding their investment portfolios for 2021-2025 period, focusing on construction and renovation of schools, medical centers, relics, and technical infrastructures.

Thus, he proposed the municipal People’s Committee to approve the allocation of city budget for these suburban districts so that they are able to implement public infrastructure projects.

The city government will save some VND6.7 trillion ($270 million) as a contingency.

In the 2021-2025 period, Hanoi is tasked to spend a total of VND254.3 trillion ($10.2 billion). The capital authorities have allocated VND242.7 trillion ($9.8 billion) for public investment projects.

The city government has agreed with the development plans of nearly 170 projects. However, these projects have not been approved yet. Total investment capital for these projects is estimated at nearly VND31 trillion ($1.25 billion).