Chairman of the Hanoi People’s Committee Chu Ngoc Anh on December 24 issued a document urging districs to speed up the completion of their respective public investment targets for this year.

Nguyen Van Huyen - Hoang Quoc Viet overpass that was opened for traffic on August 28. Photo: Thanh Hai.

Seen as one of Hanoi’s top priorities to ensure economic recovery in the post Covid-19 period, Hanoi aims to disburse 100% of the target amount for this year, and the progress as of November stood at VND40.4 trillion (US$1.74 billion), up 3% year-on-year and 89% of the year’s target.

So far, several districts have completed the target, including Bac Tu Liem with disbursement progress of 122.2% of the target; Dan Phuong (110.5%); Thanh Xuan (106.2%); Ba Dinh (101%).

However, there remain localities with slow disbursement rate that are affecting the overall progress of the city, such as Chuong My district, Thach That, Thuong Tin, Tay Ho, and Nam Tu Liem.

To ensure that the city stays on track to realize the public investment target for this year, Chairman Anh requested local authorities to push for greater disbursement of public funds, including speedier construction progress and finalization of payment procedures for completed work items.

The committee leader required the State Treasury of Hanoi to support project owners in completing the payment procedures on time.

Localities with low disbursement rate are urged to ensure the works completed before the end of the year, stated Mr. Anh.

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 ($20.32 billion) to aid economic recovery. The disbursed amount of public funds as of October stood at VND321.5 trillion ($13.8 billion) equivalent to 68.3% of the target set by Prime Minister Nguyen Xuan Phuc which is VND470.6 trillion ($20.32 billion).