Hanoi's public investment soars 30% in seven months

Hanoi authorities allocated nearly VND31 trillion (US$1.2 billion) on public investment projects from January to July, according to the municipal People’s Committee.

A part of the Ring Road No.4 - Capital Region project runs in Hoai Duc District, Hanoi. Photo: Huu Chanh/The Hanoi Times

The figure increased by 30% on-year and was equal to 37% of the 2024 annual plan. Of the number, the Government allocated some VND12 trillion ($478 million) for municipal authorities, up 18% on-year.

Among the key public investment projects in Hanoi is the Ring Road No.4 – Capital Region project. To date, Hanoi has spent some VND12.6 trillion (more than $500 million) on the project, and nearly 10% of the construction progress has been accomplished.

Another important project is phase one of Ring Road No. 1’s Hoang Cau - Voi Phuc section, which spans 2.3km. Phase 1 of the project has an investment of more than VND7.2 trillion ($287 million), including VND627 billion ($25 million) for construction and VND5.8 trillion ($231 million) for land clearance. To date, one-third of the project capital has been disbursed.

The renovation and upgrade project of the National Route No.6 running through the Ba La - Xuan Mai area requires a total investment of VND8 trillion ($323 million), including VND5 trillion (nearly $200 million).

Other high-priority projects include the Thang Long Boulevard Expressway project, connecting National Route No.21 to the Hanoi - Hoa Binh Expressway, spanning 6.7km. The project’s cost estimate is VND5.2 trillion ($207 million).

The Hanoi People's Committee is focusing on resolving difficulties and obstacles in investment procedures, providing maximum support to investors and construction units to reduce additional costs and waiting times. Notably, projects like the Ring Road No. 4 are being actively supported by the entire political system, departments, and local authorities.