HCMC strives to accelerate $3 bln public investment plans

Ho Chi Minh City, Vietnam’s southern economic hub, is seeking to rapidly disburse its 2023 public investment target of VND70.5 trillion (over $3 billion), expecting to reach 95% of the goal for the whole year.

In the year to May 12, HCMC had disbursed VND8.24 trillion ($351.3 million), or 12% of the total, according to data from the city. The municipal administration expects by this July, the disbursement rate will increase to 27%.

The target of more than $3 billion is two times higher than that set in 2022.

The HCMC Party Committee has so far formed 13 task forces under the management of its Standing Committee to oversee the progress of 38 key public-funded projects that account for over 70% of the $3 billion-plus total.

The HCMC People’s Council has also set up a delegation to supervise the implementation of public investment tasks from 2021-2025.

For its part, the HCMC People’s Committee, the city's administration, has introduced an action plan to boost this year’s public investment disbursement, aiming at helping government agencies cut the time needed to handle administrative procedures by 30%, monitoring the progress of public-funded projects, and warning developers that intentionally delay projects.

In terms of site clearance for public-funded projects, the related task force is working with district-level officials and project developers on site clearance work and compensation for affected residents.