Hanoi ramps up public investment disbursement

14-Oct-2021 Intellasia | Hanoi Times | 5:53 AM Print This Post

The city is putting a focus on accelerating the progress of priority projects at a time when the pandemic situation has improved.

Identified as one of the key measures to boost economic recovery, the Hanoi People’s Committee is working with project owners and government agencies to accelerate the disbursement of public investment funds in the remainder of the year.

As of September 29, Hanoi disbursed a total of VND15.1 trillion (US$663.4 million) or 36 percent of the target set by prime minister Pham Minh Chinh. While there have been districts with high disbursement rates such as Thanh Tri (100%), Dong Da (93%), or Dan Phuong (82.5%), eight localities posted a low disbursement rate of below 10 percent with the likes of Nam Tu Liem (0%), Dong Anh (0%), Ba Dinh (0%), or Hoang Mai (0%).

The fourth Covid-19 outbreak was seen as a major factor slowing down the construction progress, however, existing issues in site clearance, compensation for affected households, or unqualified contractors, continued to affect the disbursement process.

Vice-Chair of the Hanoi People’s Committee Ha Minh Hai said the city would transfer funds from delayed projects to those with a higher disbursement pace.

According to Hai, of the total VND51.24 trillion ($2.25 billion) in public funds in 2021, local authorities would cut around VND3.25 trillion (142.8 million) in 56 projects, and inject an addition of VND2.5 trillion ($110 million) for the other 68.

Hai noted the city would provide VND1.06 trillion ($46.5 million) for projects under the national development programmes, including 33 economic development projects for ethnic minority groups in Hanoi and for promoting new-style rural areas in Ba Vi, My Duc, Phu Xuyen, and Ung Hoa districts.

Pushing for priority projects

As the city has gradually contained the pandemic situation and ease restriction measures, the focus would be to accelerate the progress of priority projects, as followed.

The Hanoi urban railway project, section Nhon Hanoi station ($1.44 billion). As of present, the disbursed amount is estimated at VND16 trillion ($703 million), or 48.2 percent of the total.

Contractors have so far completed 74 percent of the work volume, and project owners are set to put the project into the test phase soon.

Phase 2 of the construction of the elevated ring road, section Vinh Tuy bridge Nga Tu So ($410 million). With a total length of 5.4 kilometers, contractors have completed 60 percent of the work volume, and the project is slated for completion in the first quarter of 2023.

Phase 2 of Vinh Tuy Bridge ($109 million). The total length of the bridge and access road is 3.4 kilometers. The construction of the project was commenced on January 9, 2021, and is on track to be completed ahead of the original schedule by late 2022.

Ring road 3.5, section Thang Long Highway to National Highway No.32 ($43.5 million). The project has a total length of 5.6 kilometers and is expected to complete in this year.

https://hanoitimes.vn/hanoi-ramps-up-public-investment-disbursement-318960.html

 

Category: Economy, Vietnam

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