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Sep 23, 2021 / 15:35

Hanoi earmarks US$28.4 billion for capital expenditure over next five years

Hanoi will focus on major and urgent public projects in the fields of transportation, socio-economic development, culture, and education.

The Hanoi People’s Council on September 22 discussed the city’s mid-term public investment for the 2021-2025 period with a proposed investment capital of VND650 trillion ($28.4 billion).

 A corner of Hanoi. Photo: Pham Hung

The plan, proposed by the Director of the municipal Department of Planning and Investment Do Anh Tuan, noted Hanoi would focus on major and urgent public projects while removing unnecessary ones as instructed by Prime Minister Pham Minh Chinh.

According to Tuan, the public investment plan aims at realizing goals set in the 10 action programs stipulated in the resolution of Hanoi’s 17th Party Congress, mainly No.03 “Urban economic development and renovation in 2021-2025” and No.05 “Pushing for greater efficiency in planning and utilization of natural resources, environmental protection, as well as staying active in response to natural disaster and climate change in 2021-2025”.

“Hanoi gives priority to upgrading technical transport infrastructure and allocating an addition of 12-15% land funds for urban transportation projects,” said Tuan, adding around VND83.3 trillion ($3.64 billion) would be spent on 255 projects.

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 river (Vinh Tuy bridge Phase 2, Thuong Cat bridge); provincial roads (national road 6, upgrading national road 32, national road 1A, 21B); and urban railway projects.

Tuan also noted the city would allocate over VND13.7 trillion ($600 million) for 24 projects in environmental protection, anti-flooding, and waste treatment, along with VND6.2 trillion ($271.3 million) for a national program on new-style rural areas and restructuring the agricultural sector.

Regarding economic infrastructure, Hanoi would only consider one project in the field of trade, and one in the industrial sector.

Meanwhile, around VND9.5 trillion ($416 million) is set to finance 138 projects in the fields of irrigation and dyke protection.

Tuan added the city proposed 48 projects in fields of cultural, social, and education development worth VND2.28 trillion ($99.7 million), including the construction of five schools at regional standards, and support localities to ensure 100% of kindergartens, primary and middle schools to reach national standards by 2025.

Another VND2.65 trillion ($116 million) would be allocated for 26 projects in the fields of sports, and culture, focusing on the reconstruction of the Kinh Thien Palace, Hanoi Youth Culture, and Sports Palace, and four major parks in the city.