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Wednesday, July 17, 2024

HCMC unlikely to realize public investment disbursement target for 2023

The Saigon Times

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HCMC – HCMC could miss its public investment disbursement target this year as a mere 38% of the total has been disbursed so far, according to the HCMC People’s Committee.

Latest data from the State Treasury in HCMC showed that as of November 10 this year, the city had disbursed VND25.8 trillion in public investment, representing 38% of the total capital allocated for 2023.

At the beginning of the year, HCMC set an ambitious target of disbursing 95% of the amount assigned by the prime minister. However, the year 2023 is almost out, the target is increasingly hard to attain.

According to the HCMC People’s Committee, around thousands of billions of Vietnamese dong are forecasted to remain undisbursed by the end of 2023.

Specifically, 79 projects are encountering challenges related to land clearance, leading to a hindrance in disbursing construction capital. 

The construction capital designated for these projects in the 2023 plan amounts to over VND10.8 trillion, yet only VND2 trillion had been disbursed in the year to September, representing almost 19% of the total. It is projected that only VND5.1 trillion could be disbursed by the end of 2023.

For the 28 projects seeing capital disbursement delays due to slow progress by investors, it is anticipated that by the end of this year, only VND1.6 trillion or 66% of the allocated capital will be disbursed. 

Numerous ongoing and completed projects are awaiting the disbursement of capital worth hundreds of billions of Vietnamese dong.

Given the slower-than-expected capital disbursement, the local authorities have urged relevant units and investors to work together and make further efforts to accelerate the disbursement progress.

Phan Van Mai, chairman of the HCMC People’s Committee, said that the city will take various measures in the rest of this year to achieve the set goal.

“If we cannot achieve a disbursement rate above 95%, it should not fall below 80%,” he emphasized.

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