28.9 C
Ho Chi Minh City
Friday, June 14, 2024

HCMC public capital disbursement remains slow

The Saigon Times

Must read

HCMC – HCMC had disbursed over VND6.55 trillion of public investment capital as of mid-May, reaching just 8.3% of its 2024 plan, according to official statistics.

The plan for disbursing allocated capital this year is VND79.264 trillion. However, 925 projects worth VND16.4 trillion, or 21% of the allocated funds, have yet to see any disbursement, reported the State Treasury in HCMC.

Bui Nhat Toan, deputy director of the State Treasury in HCMC, expressed concern over the lower-than-expected disbursement rate, saying that the State Treasury is collaborating with the Department of Finance and the Department of Planning and Investment to advise the HCMC People’s Committee on accelerating capital disbursement.

Toan emphasized the need for enhanced efforts among treasury officials to speed up disbursement. This includes strict inspections and urging investors to complete necessary procedures, aiming to achieve a 95% disbursement rate by the end of 2024.

Developers of key projects must submit weekly progress reports. Projects facing delays will be closely monitored, with penalties for contractors found to cause delays.

Municipal departments are urged to support the disbursement effort. This involves speeding up compensation, resettlement support, and site clearance. They must also expedite the relocation of technical infrastructure and streamline project acceptance and payment procedures.

The State Treasury in HCMC recommended empowering task force leaders to resolve project-specific issues swiftly. There is also a call for stringent accountability measures for investors who frequently request project adjustments and extensions.

More articles


Please enter your comment!
Please enter your name here

Latest articles