Wednesday,  Sep 26, 2018,08:31 (GMT+7) 0 0
US$7.5 billion budget proposed for medium-term investment in HCMC
Van Nam
Wednesday,  Jul 5, 2017,23:04 (GMT+7)

US$7.5 billion budget proposed for medium-term investment in HCMC

Van Nam

HCMC – The government of HCMC has sent a medium-term public investment plan for the 2016-2020 period with a total budget of about VND172 trillion (US$7.56 billion) to the city People’s Council for approval.

Vice chairman of the city People’s Committee Le Thanh Liem on July 4 presented a report on the 2016-2020 public investment plan at the fifth meeting of the ninth People’s Council.

However, the public investment demand in this period is estimated at VND326 trillion, meaning that the city will fall short of about VND154 trillion. To cover the shortfall, the city has asked the central Government to allocate more funds for the city.

In near future, the municipal government will put 156 State-funded projects into an investment stimulus program in which the private sector is encouraged to get involved, so the city will not have to search for about VND47.6 trillion from the State budget to finance these projects.

During a recent working session with Prime Minister Nguyen Xuan Phuc, the city asked him for approval to use about VND67 trillion in proceeds from the equitization and divestment of State-owned stakes at enterprises. According to the city government, the city will repeat this request.

The Economic and Budgetary Committee at the city People’s Council said all of the projects listed in the 2016-2020 public investment plan are crucial for the city’s economic and social development, especially education, healthcare and transport projects.

In particular, the city will use its budget to fund 101 projects in group B which need a total of VND27,087 billion, with VND26,360 billion from the city’s budget and VND727 billion from other sources, and one project in group A with an investment of nearly VND1.5 trillion.

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