Chairman of the Hanoi People's Committee Tran Sy Thanh has ordered local authorities to speed up the disbursement of public funds, especially for priority projects in the city.

Vinh Tuy Bridge Phase 2 is among the city's key priority projects. Photo: Pham Hung/The Hanoi Times

This year, the Government has allocated VND47 trillion (US$2 billion) of public investment capital to the city for 2023, of this amount, the city aims to disburse 40-45% by the end of June 2023, and 95-100% of the annual plan by the year-end.

However, by the end of March, the city had only disbursed VND4.3 trillion ($183.4 million), which is higher than last year's figure but still below the plan which is attributed to site clearance difficulties. 

To speed up the disbursement process, Hanoi has issued a plan to address all deficiencies in the implementation and allocation of public investment funds.

As part of this plan, agencies, localities, and investors are required to prepare detailed disbursement plans and be fully accountable to the city for the results of their disbursement efforts.

The mayor also urged the relevant units to ensure that the acceleration of public investment disbursement is accompanied by a focus on maintaining the quality of construction work and maximizing the effective use of investment capital and labor.

To address issues that arise during the implementation process, the city will also quickly reallocate funds from projects with slow investment procedures to projects that can effectively implement and absorb capital, according to the plan.

The Hanoi Traffic Construction Investment Project Management Board, which oversees the implementation of various important projects in the city, including the second phase of the Vinh Tuy Bridge construction project, the C-overpass (Phua Boc - Pham Ngoc Thach), and the expansion of the Au Co - Nghi Tam dyke, has urged contractors to use maximum resources and solve any problems or obstacles promptly to speed up the progress of these projects.

“We have developed a plan to prioritize the implementation of projects according to the city's direction. Regarding disbursement, relevant departments are expected to make a detailed plan on how they could achieve their respective targets,” Cuong said.

Key projects in focus

Hanoi has a total of 238 ongoing public investment projects in 2023, including 219 transitional projects from last year and 19 new projects. Among them, the transport sector has 96 projects with a total investment of VND7.52 trillion (US$320.7 million), accounting for 53.1% of the capital plan. The key projects and works in the 2021-2025 period will be constructed with high urgency under the direction of the city leaders to ensure timely completion.

In early 2023, the city focused on speeding up the implementation of various key projects, especially the Ring Road 4 - Hanoi Capital Region investment project worth VND86 trillion (US$3.64 billion). The project has been executed on schedule and has received strong support and approval from the people of the capital.

In addition, Hanoi continues to prioritize investment in building and renovating public schools, improving the healthcare system, and renovating and beautifying historical and cultural sites.

Several important projects and works are underway in Hanoi, such as the Hanoi Children's Palace Project, which started in March 2021 with a total investment of over VND1.37 trillion ($58.43 million). Construction is taking place in the CV1 Park and Conditioning Lake area of Cau Giay New Urban Area, with a completion date of 2024.

The Vinh Tuy Bridge Phase 2 project, which started construction in January 2022 with a total investment of more than VND2.5 trillion ($107 million), has completed 43% of the work volume.

Other important transportation projects include the renovation and upgrading of National Highway 6, Ba La - Xuan Mai section, with a length of 21.7 km and a total investment of VND5.25 trillion ($224 million); the construction of Thang Long Boulevard highway, from Highway No. 21 to Hanoi-Hoa Binh Expressway.

The Phap Van - Cau Gie road connection project with Ring Road 3 has a total investment of VND3.24 trillion ($138.1 million). In addition, the intersection of Ring Road 3.5 and Thang Long Boulevard in Hoai Duc District, with a total construction investment of over VND2.38 trillion ($101.5 million), is currently in the bidding phase to select contractors.

The city is also actively working on site clearance and timely completion of these projects.