HCMC must prioritize public investment disbursement to spur development: PM

By Huong Dung
Mon, November 28, 2022 | 4:24 pm GMT+7

The southern economic hub of Ho Chi Minh City needs to focus on public investment disbursement as it has fulfiled only 34% of the year's target to date, the lowest in the country, says Prime Minister Pham Minh Chinh.

Prime Minister Pham Minh Chinh. Photo courtesy of the government's portal.

Prime Minister Pham Minh Chinh. Photo courtesy of the government's portal.

At a Sunday working session with local authorities, the government leader urged the city to prioritize public investment disbursement for the three national target programs, economic recovery program and mid-term public investment plan.

According to HCMC Chairman Phan Van Mai, by November 25, total disbursed capital was over VND12,665 billion ($510.68 million), reaching 34% of the year's plan, as compared to the country’s average rate of 43%.

"HCMC, a large city with a population of over 10 million, must contribute to motivating and inspiring ministries, agencies and localities in the development process," the PM said, emphasizing he supports the city to overcome difficulties.

The leader stressed the urgent task is to speed up disbursement of public capital, one of the weaknesses of the whole system for many years.

“Therefore, the government will continue to accompany HCMC to resolve difficulties in disbursing public investment capital, using this resource for the socio-economic development of the city as well as the whole country.

"We must do what we have said. We must make what we have done effective, thus bringing development to the city, people and businesses," he said.

Regarding the city’s five key projects, PM Chinh directed the ministries of Finance, Construction, and Natural Resources and Environment to coordinate in handling the remaining issues of metro lines 1 and 2. The Ministry of Finance must join hands with the Ministry of Planning and Investment (MPI), the Ministry of Justice, and the Government Office to deal with loan procedures, he stated.

For the Ring Road 3 project, the Prime Minister requested relevant ministries and units to allocate enough capital for HCMC to implement the project in line with the government's Resolution. He also agreed to set up a working group in charge of settling the problems of the T3 terminal project at Tan Son Nhat International Airport, ensuring it remains on schedule.

The PM demanded the Ben Luc-Long Thanh Expressway project be completed by 2025 to connect with Ring Road 3 and form a complete route.

Regarding the HCMC-Moc Bai expressway project, he assigned the MPI and other relevant ministries and agencies to soon appraise the project’s pre-feasibility study report and submit it to the Prime Minister for consideration and approval in December.

In addition, ministries and government agencies will coordinate with HCMC in amending Resolution 54 on special mechanisms for the city, he said.

Also at the working session, HCMC Chairman Pham Van Mai proposed many important and urgent solutions to remove difficulties facing the southern metropolis, including helping businesses, particularly real estate developers, weather challenges and restore production and business activities; and creating jobs for laborers.

It is necessary to consider extending the credit room by 2 percentage points, launching new credit quotas for importers and soon establishing a corporate bond guarantee fund like some countries, Mai said.

The city major also suggested that the government provide specific solutions and drastic action to stabilize the corporate bond market.

"The Ministry of Finance and the State Securities Commission need to deliver sufficient and timely information, making bond buyers feel more secure," Mai noted.

Prime Minister Chinh emphasized the need to make the stock, corporate bond and real estate markets healthy, in accordance with the law. In particular, for the property market, the state, businesses and localities need to take measures together so that people can benefit from these efforts.

“Controlling bond issuances is the responsibility of the MoF and the SBV,” he affirmed, requesting the two entities strengthen inspection of bank operations to determine whether cash flow remains on track.

Comments (0)
  • Read More
MoMo co-founder urges single fintech regulator, faster sandbox in Vietnam

MoMo co-founder urges single fintech regulator, faster sandbox in Vietnam

Vietnam should establish a single regulatory focal point and adopt a more flexible sandbox regime to accelerate fintech innovation, said Nguyen Ba Diep, co-founder of e-wallet giant MoMo.

Finance - Wed, September 17, 2025 | 8:00 am GMT+7

Indonesia to end incentives for imported CBU BEVs in 2026

Indonesia to end incentives for imported CBU BEVs in 2026

The Indonesian government has confirmed that it will stop providing incentives for imported completely built-up (CBU) battery electric vehicles (BEVs) from 2026.

Southeast Asia - Tue, September 16, 2025 | 9:44 pm GMT+7

Aquatic sector advised to navigate challenges, secure exports to EU, US

Aquatic sector advised to navigate challenges, secure exports to EU, US

Despite positive production signals with growth in 2025 projected at 4.25%, Vietnam's aquatic sector is facing mounting export pressures, particularly strict technical barriers in major markets such as the EU and the U.S.

Companies - Tue, September 16, 2025 | 9:41 pm GMT+7

Vietnam pledges favorable conditions for UK businesses

Vietnam pledges favorable conditions for UK businesses

Finance Minister Nguyen Van Thang has affirmed Vietnam’s commitment to improving its investment environment and creating favourable conditions for foreign enterprises, including those from the UK.

Companies - Tue, September 16, 2025 | 9:29 pm GMT+7

Lotte Shopping plans to open more shopping malls in Vietnam

Lotte Shopping plans to open more shopping malls in Vietnam

South Korean retail giant Lotte Shopping has unveiled plans to open an additional two to three large-scale shopping malls in major Vietnamese cities by 2030, underscoring the country’s growing role in the group’s international expansion strategy.

Companies - Tue, September 16, 2025 | 9:25 pm GMT+7

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam officially deposited its instrument of ratification of the Agreement on Fisheries Subsidies at the WTO General Council’s special session in Switzerland on Monday.

Companies - Tue, September 16, 2025 | 9:21 pm GMT+7

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

NobleGo – Vietnam’s pioneering AI-powered livestream real estate bidding platform developed by Sunshine Group – has completed its first 20 livestream sessions.

Real Estate - Tue, September 16, 2025 | 4:53 pm GMT+7

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese-backed Aeonmall Vietnam is ramping up construction on its Aeon Mall Ha Long project in Quang Ninh province, home to Ha Long Bay, with an aim to open it to the public by end-2026.

Industries - Tue, September 16, 2025 | 3:54 pm GMT+7

Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex

Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex

A long-stalled automotive manufacturing project by Xuan Kien Auto JSC (Vinaxuki) has been officially terminated by Hanoi authorities, and the reclaimed land in Phuc Thinh commune will be repurposed for a new commercial and service complex.

Industries - Tue, September 16, 2025 | 2:44 pm GMT+7

Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.

Energy - Tue, September 16, 2025 | 1:44 pm GMT+7

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.

Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.

Economy - Tue, September 16, 2025 | 9:36 am GMT+7

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.

Finance - Tue, September 16, 2025 | 8:00 am GMT+7

E-commerce boom a major driver of Vietnam's packaging paper industry growth

E-commerce boom a major driver of Vietnam's packaging paper industry growth

Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.

Companies - Mon, September 15, 2025 | 10:20 pm GMT+7

Vietnam needs support from UK in developing international financial center: Deputy PM

Vietnam needs support from UK in developing international financial center: Deputy PM

Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).

Finance - Mon, September 15, 2025 | 10:12 pm GMT+7

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.

Banking - Mon, September 15, 2025 | 10:04 pm GMT+7