With the current disbursement rate of public investment funds at 49.6% to date, Hanoi remains committed to fully disbursing the target amount of VND40.67 trillion (US$1.75 billion) earmarked for this year, according to Vice Chairman of the Hanoi People’s Committee Nguyen Van Suu.
| Vice Chairman of the Hanoi People's Committee Nguyen Van Suu (standing) speaks at the teleconference. |
Considering public investment one of the key measures to boost economic recovery, Hanoi leaders have been closely monitoring the progress of the city’s major infrastructure projects, Mr. Suu informed at teleconference between the government and localities on August 21.
Mr. Suu added Hanoi has set up a task force specialized in speeding up the disbursement of public funds and cooperating with government agencies to address any issues that arise.
As resettlment of a number of projects is set to be completed in the next few days, Mr. Suu expected the disbursement rate could rise to 53%.
According to Mr. Suu, to mark the country’s Independence Day (September 2) and Hanoi’s Liberation Day (October 10), ground would be broken for the construction of a dozen of projects.
In order for the disbursement progress to remain on track, Hanoi would continue to address difficulties during the process, Mr. Suu said. The city will put in motion Decree No.115/2020/QH14 regarding the special budget-finance mechanism for Hanoi.
Meanwhile, funds available for projects that suffer delays in disbursement would be transferred to those being implemented at a faster pace. In late August, Hanoi would hold an online conference to accelerate disbursement of public investment capital, Mr. Suu added.
| Overview of the meeting. |
At the meeting, Prime Minister Nguyen Xuan Phuc said while Hanoi’s disbursement rate remains modest, the city has been adopting drastic measures to improve the situation.
As the government expects to disburse the full target amount of VND630 trillion (US$27.26 billion) to aid economic recovery, Mr. Phuc warned senior state officials would face disciplinary actions if their ministries and localities fail to realize their respective disbursement targets of public investment funds for this year
As of July 31, the disbursement amount stood at VND193.04 trillion (US$8.32 billion) or 40.98% of the government’s target. The figure is estimated to reach VND221.76 trillion (US$9.56 billion) or 47% of the total estimate by August 31, higher than the 41.39% recorded in the same period last year.
To date, 39 ministries, ministerial-level agencies and six provinces have disbursed 35% of plans or less, with 15 agencies and one province disbursing even less than 15%.
