Disbursement of Hanoi public funds hits nearly 90% of target

The disbursed amount of public funds in Hanoi stood at VND40.4 trillion (US$1.74 billion), up 3% year-on-year and 89% of the year’s target.

Hanoi aims to disburse 100% of the target amount of public funds for this year. Photo: Dang Tien.

Considered as Hanoi’s top priority to ensure economic recovery in the post Covid-19 pandemic era, the city aims to disburse 100% of the target amount this year.

The city has so far set up six task forces specialized in this regard under the instruction of Secretary of Hanoi Party Committee Vuong Dinh Hue.

Notable projects in Hanoi include the elevated ring road No.2 (section Nga Tu So – Vinh Tuy), which was opened to traffic on November 9 with investment capital of VND9.4 trillion (US$406 million), and the urban railway project (section Nhon – Hanoi station) with investment capital of VND32.9 trillion (US$1.42 billion), set for becoming operational in April 2021.

Director of the Project Management Unit of civil works at Nam Tu Liem district Phung Ngoc Son said the local authorities have also set up a task force focusing on removing bottlenecks related to the site clearance process, one of the major hindrances to public investment.

"week, leaders of the district and related parties held 2 to 3 meetings to discuss measures to accelerate the construction progress of projects in the locality," Mr. Son said.

Vice Director of the Hanoi State Treasury Ngo Tuan Phong said the agency has been adopting online payment to accelerate the payment process for contractors.

Representative of the municipal Department of Planning and Investment Nguyen Quoc Chuong said improvements related to investment and payment procedures have led to positive disbursement progress.

"The completion of public projects helps address social issues, traffic congestion, as well as modernization of both urban and rural infrastructures, especially transport projects to boost the linkage between Hanoi and other cities and provinces," Mr. Chuong said.

In late August, Prime Minister Nguyen Xuan Phuc warned officials would face punishment if their ministries and localities fail to realize their disbursement targets of public investment funds for this year.

The government targets to disburse the full amount of VND470.6 trillion (US$20.32 billion) to aid economic recovery, and the progress as of October met 68.3% of the target, or VND321.5 trillion (US$13.8 billion).