Hanoi aims to disburse funds for 226  public investment projects this year, according to the Hanoi People's Committee.

The projects include 155 ongoing ones with a total investment of VND205.5 trillion ($8.3 billion) (out of a disbursement target of VND24.4 trillion or $987 million), and 71 new projects that will start construction this year with a total investment of VND7.2 trillion ($291.6 million) (disbursement target was VND1.1 trillion or $44.5 million).

The Cat Linh - Ha Dong urban railway line. Photo: The Hanoi Times

According to the Municipal People's Committee, as of the beginning of March, the actual investment capital from the state budget managed by local authorities exceeded VND6.3 trillion ($254.9 million), up 25.1% year-on-year and reaching 8.1% of the 2024 plan.

Of this, the State budget disbursement at the city level amounted to nearly VND2.55 trillion ($103.2 million), an increase of 7.4% and achieving 7.1% of the target. At the district level, the State budget spending reached nearly VND3.5 trillion ($141.8 million), up 39.6% and achieving 9.1% of the target. At the commune level, state budget implementation reached VND270 billion ($10.9 million), an uptick of 57.7% and a gain of 8.3%.

Capital disbursed in February was VND2.3 trillion ($93.2 million), down 41.2% month-on-month and 9.2% year-on-year.

Key projects and works in the city continue to be implemented with urgency in order to meet planned milestones ahead of schedule.

The Ring Road 1 project on the Hoang Cau - Voi Phuc section (Phase 1) has disbursed 25.9% of the allocated capital. The project has a length of 2.3 km, including two flyovers at the La Thanh - Lang Ha and La Thanh - Nguyen Chi Thanh intersections. The investment for the first phase of the project is over VND7.2 trillion ($291.6 million) from the city budget, with construction costs of VND627 billion ($25.4 million) and land clearance costs of VND5.8 trillion ($235.1 million).

In addition to consistently implementing proposed solutions to ensure the progress of construction projects, Hanoi continues to actively attract outside investment to develop manufacturing, business and infrastructure investment.

Boosting investment attraction

Due to national and global economic woes, the city has worked hard to attract thousands of businesses, although the number is down on previous years.

In particular, there has been a significant increase in the number of dissolved and temporarily suspended enterprises. From the beginning of 2024 until now, there have been 3,508 newly established enterprises in Hanoi, a decrease of 14% compared to the same period last year. However, the registered capital reached VND49.1 trillion ($2 billion), up 32%.

Nguyen Manh Quyen, deputy chairman of the Hanoi People's Committee, said the city's People's Committee is instructing departments, agencies and the Hanoi Promotion Agency to continue investment promotion activities for tourism, traditional handicraft villages and One Commune One Product (OCOP) goods to seek cooperation opportunities with many domestic and foreign enterprises.

Nguyen Anh Duong, director of the Hanoi Promotion Agency, said Hanoi plans to hold investment, trade and tourism promotion activities with Lao provinces in March to further strengthen close cooperation between Vietnam and Laos.