The figure is more than double the estimated losses from the municipal tax authority in its extreme scenario at VND16.6 trillion (US$712 million) where the pandemic lingers to the fourth quarter.

Hanoi currently has 38 urban infrastructure projects, 17 of them would be completed this year, while the remaining projects are under evaluation and calling for investment.

The city is committed to offering the best solutions for the people, but those solutions must be in compliance with the law, a Hanoi Party official has stated.

Dinh Tien Dung, 60, began his career in finance and construction sectors.

The Ring Road 1 Project is now three years behind as it was scheduled to become operational in 2020.