Hanoi will continue to give priority to accelerating the disbursement of public funds in 2021, with public investment seen as a key measure to boost economic recovery.

Urban railway section Nhon-Hanoi station. Photo: Cong Hung

Data from the municipal Statistics Office revealed the disbursed amount in May rose by 18.1% month-on-month and 0.5% year-on-year to VND3.76 trillion (US$163.7 million). This resulted in a total disbursement of VND15.2 trillion (US$662.1 million) for the five-month period, representing an increase of 14.7% year-on-year and equivalent to 30% of the year’s target.

Such strong performance came following drastic measures from the local authorities in intensifying supervision activities on the construction progress and enhancing efficient use of state funds in public projects.

The Hanoi’s authorities have also urged project management units to continue cooperating with each locality to ensure that projects progress as planned, especially in site clearance.

The drastic efforts from the city helped speed up implementation process despite current Covid-19 outbreak in the city and neighboring provinces.

Director of the Hanoi’s Department of Planning and Investment Do Anh Tuan said along with negative impacts from the Covid-19 pandemic, there remain issues affecting the disbursement progress of public funds, including difficulties in site clearance activities and compensation for affected households, as well as limited capabilities of consulting and construction units.

“The city, however would continue to address bottlenecks in projects’ implementation to realize the disbursement goal in 2021,” Tuan noted.

In a city’s plan No.125/KH-UBND dated May 19, the Hanoi People’s Committee requested all project owners to speed up the construction process of their respective projects and related financial procedures.

“Due to the city’s budget constraints, it is essential for local authorities to ensure the utmost efficiency in the spending of public money,” said Chairman of the Hanoi People’s Committee Chu Ngoc Anh.