Hanoi disburses nearly 50% of 2020 public investment funding

Hanoi has spent VND22.1 trillion (US$961.4 million) worth of public investment in the first seven months of this year, up 2.8% year-on-year and equivalent to 48.6% of the year’s target, according to the municipal Statistics Office.

Ring Road No.3 project, section Mai Dich elevated road - Thang Long bridge, is scheduled to be completed in September.

In July, the city disbursed VND4.45 trillion (US$193.63 million), up 3.2% month-on-month and 2.1% year-on-year.

Among major infrastructure projects in Hanoi, the Ring Road No.3 project, section Mai Dich elevated road – Thang Long bridge with length of 5.5 kilometers, which is one of Hanoi’s key projects in the 2016 – 2020, is scheduled to be completed in September to mark the 1010th anniversary of Thang Long – Hanoi.

The Ring Road No.2 project, section Nga Tu So – Vinh Tuy elevated road, is expected to be finished by the end of 2021.

Hanoi’s authorities are speeding up the construction progress of other projects including an overpass at the Hoang Quoc Viet – Nguyen Van Huyen junction; Ring Road No.3 crossing Linh Dam lake; and Yen Xa waste water treatment plant, among others.

Hanoi targets to disburse 100% of the target amount this year to aid the city’s economic development.

To speed up disbursement of public investment funds, including ODA, Hanoi has been implementing a number of measures since the beginning of the year, including a review of the existing legislation to specify responsibilities of local agencies.

Public investment is considered Hanoi’s top priority to ensure economic recovery in the post Covid-19 pandemic era.

Hanoi's Party chief Vuong Dinh Hue previously suggested that the city should set up a tasks force with the aim of speeding up the disbursement progress, and each process must be tied to individuals' responsibility.

In the first seven months of this year, the Vietnamese government has disbursed VND203 trillion (US$8.83 billion) worth of public investment, equivalent to 42.7% of the year’s target and up 27.7% year-on-year.

This year, Vietnam is expected to disburse VND700 trillion (US$30 billion), more than double the actual amount in 2019 of VND312 trillion (US$13.4 billion).