Public invest etrade

/ December 8, 2020

Hanoi People’s Council approves $9 billion for 2021-25 public investment plan

The Hanoitimes - Hanoi will not allocate funds for fields and projects subject for the participation of private sector. 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). …

/ August 31, 2020

Quick disbursement of public investment essential to boost Hanoi’s economic growth

The Hanoitimes - To ensure the dual target of containing the pandemic and simultaneously boosting economic growth, Hanoi remains steadfast in disbursing 100% of the target amount of public funds. A high disbursement rate of public investment capital is essential to boost Hanoi’s economic growth, especially in the current Covid-19 crisis, according to Phung Thi Hong Ha, vice chairwoman of the municipal People’s Council. Overview of the meeting. Photo: Thanh Hai. For many years, Hanoi has identified public investment a key source for the capital city’s socio-economic development, which in turn lays a solid foundation to attract social investment capital, Ms. Ha said at a meeting discussing the disbursement progress for public projects in Hanoi in the 2016 – 2020 period on August 31. During the five-year period, total social investment capital was estimated at VND1,740 trillion (US$75 billion), 1.65 times as much as that in 2011 – 2015 and equal to 43.9% of the city's gross regional domestic product (GRDP). Public projects after completion have timely addressed social issues, traffic congestion and gradually modernized urban and rural infrastructure, especially roads connecting Hanoi with other provinces and cities. In 2020, Hanoi allocated VND28 trillion (US$1.2 billion) for 581 projects. To ensure the dual target of both containing the pandemic and boosting economic growth, Hanoi remains steadfast in disbursing 100% of the target amount, in turn boosting socio-economic development, Ms. Ha stressed. At the meeting, Vice Chairman of the Hanoi People’s Committee Le Hong Son informed as of the end of July, Hanoi had disbursed VND14.64 trillion (US$631.26 million), or 36% of the target set by Prime Minister Nguyen Xuan Phuc. By the end of this year, the city is expected to complete 546 out of 551 construction projects at city-level, and 851 out of 856 at district-level. In the first seven months of this year, the Vietnamese government …

/ August 21, 2020

Vietnam PM warns of punishment for sluggish public investment

The Hanoitimes - The Vietnamese government remains steadfast in disbursing the full target amount of VND630 trillion (US$27.26 billion) to aid economic recovery. Officials would face disciplinary actions if their ministries and localities fail to realize their respective disbursement targets of public investment funds for this year, Prime Minister Nguyen Xuan Phuc has warned. The government remains steadfast in disbursing the full target amount of VND630 trillion (US$27.26 billion). The government remains steadfast in disbursing the full target amount of VND630 trillion (US$27.26 billion) to aid economic recovery, and this requires the active participation of the entire political system, Mr. Phuc said at a government meeting today [August 21]. Priority should be given to major infrastructure projects to avoid any delay, including the North-South Expressway, Long Thanh International Airport, and My Thuan – Can Tho expressway, among others, Mr. Phuc stressed. Minister of Planning and Investment Nguyen Chi Dung said the most challenging issue in public disbursement is the site clearance process, including the verification of the origin of land and the compensation for affected households. Mr. Dung pointed to the site clearance as a major obstacle for the Eastern North-South expressway project in the 2017 – 2020 period, in which 13 provinces and cities are involved. As of July 31, the disbursement amount stood at VND193.04 trillion (US$8.32 billion) or 40.98% of the government’s target. The figure is estimated to reach VND221.76 trillion (US$9.56 billion) or 47% of the total estimate by August 31, higher than the 41.39% recorded in the same period last year. To date, 39 ministries, ministerial-level agencies and six provinces have disbursed 35% of plans or less, with 15 agencies and one province disbursing even less than 15%. …