HCMC – The People’s Council of HCMC approved an increase of nearly VND8 trillion to its 2024 public investment budget on November 14, boosting support for key infrastructure and development projects.
Sourced from local government funds, the revised budget allocates VND11.5 billion to co-fund projects backed by official development assistance (ODA) and concessional loans from foreign sponsors. An additional VND7.2 trillion will fund major city projects, reported the Vietnam News Agency.
Several infrastructure initiatives will benefit from the increased funding, including projects previously financed through district budgets, which will now receive VND11.4 billion from the city’s central budget. Thu Duc City and suburban districts are set to receive an extra VND682 billion for various development efforts.
Among the major projects is the Xuyen Tam Canal environmental improvement, which was allocated an extra VND3.46 trillion for work in Binh Thanh and Go Vap districts. The Northern Kenh Doi Canal project in District 8 will receive an additional VND2.84 trillion, while the Do Xuan Hop Road expansion in Thu Duc City is set to receive VND433 billion.
The People’s Council also approved a VND7.9 trillion reduction in capital for several projects—a VND7.5 trillion cut from city-funded projects and a reduction of VND417 billion for projects in Thu Duc City and suburban districts.
Projects impacted by funding reductions include the Tran Quoc Hoan-Cong Hoa road connection in Tan Binh District, cut by VND585 billion, and Phase 1 of the My Thuy Intersection in Thu Duc City, reduced by VND357 billion. Phase 1 of the Beltway No. 3 project, including the Kenh Thay Thuoc Bridge in HCMC, will see a decline of VND2.3 trillion.
For 2024, HCMC’s total public investment capital stands at over VND79.2 trillion, with more than VND75.5 trillion sourced from the local budget. As of October, the city’s public investment disbursement rate was only 21.8%, prompting these budget adjustments to accelerate project implementation and ensure efficient resource allocation.
