31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Sep 12, 2022 / 15:50

Hanoi set to allocate US$2.2 billion for public investment in 2023

The figure is slightly higher than the amount recorded for 2022.

Hanoi is set to allocate VND52.6 trillion (US$2.23 billion) for public projects in 2023, up 1.97% from the amount for 2022.

 Director of the Hanoi’s Department of Planning and Investment Do Anh Tuan. Photos: Thanh Hai

Director of the Hanoi’s Department of Planning and Investment Do Anh Tuan revealed the figure at the 9th session of the Hanoi People’s Council held today [September 12].

According to Tuan, the priority in 2023 would be for the city’s key projects, including the Hanoi Children Hospital-Phase 1, the Children Palace, the Yen Xa Wastewater treatment plant; and the Soc Son waste treatment complex Phase II.

In addition, Tuan expected the city to ensure sufficient funds for Ring road No.4; projects under the national  target programs; inter-provincial projects of upgrading national road No.6, section Ba La – Xuan Mai; highway running from the the national road No.21 to the Hanoi – Hoa Binh highway

Regarding the progress of public projects this year, Tuan noted as of August 22, the city has disbursed VND13.84 trillion ($588 million), or 27.1% of the year’s target of VND51.5 trillion ($2.2 billion).

“The slow progress was due to delay in  investment procedures. Meanwhile, the reason for ODA projects lagging behind is sluggish site clearance,” Tuan said.

 Head of the Economy-Budget Committee under the municipal People’s Council Ho Van Nga.

Overall, Hanoi is set to need 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.

Head of the Economy-Budget Committee under the municipal People’s Council Ho Van Nga agreed on the capital amount for the public investment plan 2021-2025, urging the city to ensure effective utilization of state capital in major projects to aid the socio-economic development.

In 2022, Hanoi expects around VND10.2 trillion ($443.2 million) would be assigned to rural and urban districts for developing their respective infrastructure projects, including the construction of new schools, upgrading healthcare facilities, and preservation historical sites, which reflects the city’s attention to supporting the growth at grass-roots levels.

Hanoi’s priority order for investment would be aligned with the vision for the development of the transport sector and socio-economic infrastructure, namely ring road No.2.5, ring road 3, ring road 3.5, ring road 4; major bridges 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.