The Hanoi People's Committee has requested all city units and localities to take essential measures to speed up the allocation and disbursement of public investment.

Public investment is considered a key task for socioeconomic development. Photo: Dang Tien/The Hanoi Times

The immediate priority would be to address the issues of slow implementation and disbursement of public funds at both the city and district levels.

“Accelerating the implementation of projects and the disbursement of public investment are considered a crucial task that will contribute to economic growth and attract investment for comprehensive socio-economic development,” stated the municipal People’s Committee.

The main objective is to disburse 100% of public funds in 2023 while maintaining the quality and efficiency of capital utilization in accordance with legal provisions.

To ensure this goal, the municipal People's Committee has mandated that departments, branches, People's Committees of districts and towns, as well as investors, must take full responsibility for the implementation and disbursement of public investment under their respective administrations.

If the disbursement rate of departments, agencies, district and city People's Committees, and investors falls below 90 percent of the assigned plan by the end of the 2023 fiscal year, it will be one of the criteria for reviewing, evaluating, and classifying officials' performance.

"Failure to complete tasks for two consecutive years may lead to the dismissal of officials," the Hanoi Party Committee said.

The city expects to achieve a 40-45% payment rate by the end of June 2023, which is considered a necessary condition to achieve a 100% payment rate by the end of this year.

The government has allocated VND47 trillion ($2 billion) in public investment for Hanoi in 2023. As of March 2023, the city has disbursed about VND3.9 trillion ($165.4 million), accounting for 8% of the planned disbursement for the year.

Hanoi has 238 public investment projects currently underway in 2023, consisting of 219 transitional projects and 19 new projects. The majority of these projects, accounting for 53.1% of the capital plan, are focused on the transport sector, with a total of 96 projects. Key projects and works in the city, such as Ring Road 4-Capital Region and Vinh Tuy Bridge Phase 2, are progressing urgently and are expected to be completed on schedule.