Members of Hanoi People’s Council on December 7 approved the mid-term public investment plan for the 2021-25 period.

Director of Hanoi's Department of Planning and Investment Nguyen Manh Quyen at the session.

“In the next five year, Hanoi is set to allocate VND206.75 trillion (US$8.93 billion) for public investment,” said Director of the Hanoi Department of Planning and Investment Nguyen Manh Quyen before the voting.

“During this period, the city expects to ensure greater efficiency in the use of public fund for economic development, focusing on upgrading essential socio-economic infrastructure systems,” stated Mr. Quyen.

This is especially important for projects with high spill-over effects for socio-economic development in 11 priorities areas that the city has identified as the focus of investment in 2021-25, he noted.

“Hanoi will not allocate funds for fields and projects subject for the participation of private sector, while pushing for greater mobilization of investment capital from other economic components,” stressed Mr. Quyen.

In the first 11 months of this year, Hanoi’s  progress of public fund disbursement reached an all-time high of 89% of the target for this year or VND40.4 trillion (US$1.74 billion).

Seen as Hanoi’s top priority to ensure economic recovery in the post Covid-19 pandemic era, the city aims to disburse 100% of the target amount this year.

Prime Minister Nguyen Xuan Phuc in a government meeting late August urged local authorities to realize their disbursement targets for this year, otherwise they would face strict punishment.

This year, the government aims to disburse the full amount of VND470.6 trillion (US$20.32 billion) to aid economic recovery, and the progress as of October met 68.3% of the target, or VND321.5 trillion (US$13.8 billion).