Hanoi targets disbursing at least 95% of public investment funds in 2024

Hanoi aims to ensure greater efficiency in public investment this year, expecting a minimum disbursement rate of 95%.

The Cat Linh - Ha Dong urban railway route. Photo: The Hanoi Times

The goal was mentioned in the city’s public investment plan in 2024, aiming to enhance and expedite the implementation progress and disbursement of public investment at the municipal and district levels.

The focus is on key projects and works in the city, as well as large projects allocated in the 2024 capital plan, it noted.

Particularly, it emphasizes the achievement of 100% of the public investment capital plan for 2023 extended to 2024 and strives to complete disbursement following the provisions of the Public Investment Law. Simultaneously, it ensures the progress, quality, and effective use of funds according to the law.

The Municipal People's Committee urges the heads of departments, boards, sectors, and the People's Committees of districts and towns to take full responsibility for the implementation and disbursement of public investment capital according to their assigned functions and duties.

Discipline and rigor in public investment are highlighted, with increased inspections and supervision of the performance of duties by relevant individuals, and units, personalizing the responsibilities of those in charge in cases of slow disbursement.

“The evaluation of individual and organization task performance will be closely linked to the disbursement progress of their respective agencies,” stated the plan.

In 2023, with the resolute involvement of the entire political system in Hanoi, the disbursement results showed positive changes, reaching the highest cumulative disbursement value to date. As of January 15, 2024, the total disbursement for the entire city was VND50.69 trillion ($2.1 billion), achieving 88.5% of the city's plan and 108% of the plan assigned by the Prime Minister at the beginning of the year.

This disbursement value is 11.9%, above the national average by the end of December, which is 81.9% of the plan assigned by the Prime Minister.

For 2024, the Prime Minister has allocated a public investment plan for the city of VND81 trillion ($3.32 billion) (1.72 times higher than the beginning of 2023), including an investment from land use fees of VND36.1 trillion (2.24 times higher than the plan allocated at the beginning of 2023).

Hanoi is planning to commence the construction of five key transportation projects in 2024. These projects include the Thuong Cat Bridge, Van Phuc Bridge, the road from My Dinh (Hanoi) to Bai Đinh (Ninh Binh), the eastern section of the Phap Van - Cau Gie expressway, and the construction of a section of the Ring Road 3.5 from Thuong Cat Bridge to National Highway 32.