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Friday, June 14, 2024

HCMC leader bemoans slow capital disbursement

By Nguyen Tan

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HCMC – The HCMC government leader has criticized four project management boards for their slow project execution, which has led to capital disbursement delays.

The admonishment from HCMC Chairman Phan Van Mai came during a recent meeting on project development progress and capital disbursement for public investments in 2024, reported the local media.

These criticized boards oversee vital infrastructure projects including urban railways, traffic infrastructure, and civil and industrial construction.

While the city had been allocated VND79.26 trillion for public investment this year with a disbursement rate target of over 95%, the actual disbursement rate in the first quarter was only 7.02%.

Mai urged departments, districts and investors to take measures to remove obstacles and expedite project progress.

The Department of Home Affairs in HCMC was tasked with coordinating efforts to evaluate project completion based on disbursement outcomes, in collaboration with the Department of Planning and Investment.

The Department of Planning and Investment was instructed to collaborate closely with investors and contractors to accelerate disbursement and suggest sanctions against those causing delays, particularly focusing on ensuring adherence to contractual obligations.

Investors, on their part, are required to establish clear timeframes for project tasks, especially those related to land clearance, and review signed contracts to delineate responsibilities more precisely.

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