[NEWS] - Ho Chi Minh City urges and monitors the progress of 40 key transport infrastructure projects

Angered by the low disbursement rate of public investment, Phan Van Mai, Chairman of the People’s Committee of Ho Chi Minh City recently sent a document to the relevant local authorities and sectors on accelerating disbursement of investment projects private sector in the area.

Accordingly, Secretary Nguyen Van Nen was the leader to supervise projects such as Metro line No. 1 (Ben Thanh - Suoi Tien), anti-flooding with an investment of 10,000 billion VND, and renovating the environment of Tham Luong - Ben canal. Sand - Rach Nuoc Len.

Mr. Nguyen Van Hieu - Deputy Secretary of the City Party Committee chaired the supervision of the projects: 4 main roads, the technical infrastructure of the Northern residential area, and completed the North-South road in Thu Thiem New Urban Area, the route connecting Pham Van Dong road to Go Dua intersection to National Highway 1, An Phu intersection, expanding Hanoi highway.

Deputy Secretary of the City Party Committee - Ms. Nguyen Thi Le assumes the team leader role overseeing the projects: Hang Bang Canal, Long Kieng Bridge, Xuyen Tam Canal, upgrading Provincial Road 8, and compensation and resettlement support for Ring Road Belt 3.

Some other projects such as Highway 50, city environmental sanitation (phase 2), dredging Xom Cui canal, Metro No. 2 (Ben Thanh - Tham Luong), Rach Dia bridge, Ring 3, parallel roads The section from Mai Chi Tho road through Nam Rach Chiec residential area to Ring 2...  is also supervised by members of the Standing Committee of the City Party Committee as well as members of the Standing Committee of the City Party Committee.

Teams will also examine and urge the allocation of capital sources and plan for 2023, additional capital needs, and subsequent years with public investment projects; monitor disbursement progress and support, compensation, relocation, resettlement, and site handover; direct the removal or propose solutions to overcome problems at each project.

It is known that in the first quarter of 2023, the economy of Ho Chi Minh City only increased by about 0.7%, among the lowest in the country. This is unprecedented for the city as the country’s growth engine. Among many reasons for low growth, the fact that HCMC only disbursed 4% in the first quarter is also an important reason. Therefore, the city is focusing on many solutions to improve this number.

According to the State Treasury of Ho Chi Minh City, by the end of March, the total disbursed capital of the city was 1,608 billion VND, reaching about 4% of the capital plan assigned by the City People’s Committee in 2023, and the investment capital plan of the State Budget Central.

Disbursing public investment is considered one of the pillars to promote economic growth along with solving problems to absorb capital and develop the domestic market.

In 2023, Ho Chi Minh City has been allocated budget capital of about VND 70,000 billion by the government, double that of 2022. This is considered a big challenge for the city and if not decided, there are specific solutions. It may be not easy to complete the task.

The public investment capital this year is large because the city is currently implementing a large project called Ring 3 of Ho Chi Minh City. This critical project is expected to start construction in June this year and to replace the site clearance, the project must reach about 80% by that time. Therefore, it is inevitable that in the coming time, the number of public investment disbursements will also increase very quickly.

Chairman of the People’s Committee of Ho Chi Minh City - Mr. Phan Van Mai said, the city will focus on solving and solving problems of the projects, so that the projects run, capital flows in, and create jobs, creating a new atmosphere for the city. In particular, to accelerate the disbursement of public investment, shortly, leaders of Ho Chi Minh City will regularly check the reality at works and projects to promptly remove difficulties and problems.

Through this article, it is also easy to grasp the progress of key transport projects. Through this, Indochina Holding also introduced BT, PPP, and BOT projects to investors and businesses and projects currently having bad debts at DATC and VAMC credit institutions to open up investment opportunities for small and medium enterprises.

Hoang Yen (Collection source)