Hanoi targets VND44.91 trillion (US$1.92 billion) in capital expenditure this year, including VND28.1 trillion (US$1.2 billion) from the city-level budget and VND16.81 trillion (US$721.76 million) fromn the district-level budget, according to Nguyen Manh Quyen, director of the municipal Planning and Investment Department.

Overview of the meeting. Photo: Thanh Hai.

As of April 30, the disbursed amount of public investment was equivalent to 13.8% of the year's target, higher than the rate of 12.1% recorded in the same period last year, Quyen said at a meeting held by the Hanoi People’s Council on May 15.

“Despite being higher from a year earlier, the disbursement rate remains slower than expected,” Quyen noted.

So far, Hanoi has completed 25 projects, or 23% of the total number of projects for 2020.

Director of Hanoi's Department of Planning and Investment Nguyen Manh Quyen at the meeting. Photo: Thanh Hai.

For the 2016 – 2020 period, over VND107.3 trillion (US$4.6 billion) was allocated for public investment, of which VND101.01 trillion (US$4.33 billion), or 94.14% of the target, has been provided for projects.

Secretary of the Hanoi Party Committee Vuong Dinh Hue previously said public investment should be the top priority to ensure economic recovery.

Hue suggested that Hanoi should set up a task force with an aim to speed up the disbursement pace, and each process must be closely related with individual responsibility.

Meanwhile, Nguyen Quoc Hung, vice chairman of the Hanoi People’s Committee, said the major issue is slow site clearance as well as the lack of responsibilities from local authorities in resolving investment procedures.