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HCMC wants faster public investment disbursement

The Saigon Times

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HCMC – The slow pace of public investment disbursement remains a pressing concern for HCMC, with only 2% of the allocated funds disbursed thus far this year, the city’s Chairman Phan Van Mai said today, March 6.

Speaking at a review conference on the city’s socio-economic performance in the first two months of the year, Mai noted that in January and February, the city disbursed VND1.6 trillion. While this represents a fourfold increase compared to the same period last year, it falls far short of the targeted 10% for the first quarter.

To meet the first-quarter target, the city must disburse VND1.6 trillion per week in March, which is a huge challenge, said Mai.

He emphasized the need for decisive action to fuel economic growth, particularly by accelerating the disbursement of public investment capital.

Mai urged departments and developers to prioritize the progress of projects, stressing the importance of closely monitoring action programs to achieve the target of disbursing at least 10% of the total allocated capital in the first quarter of 2024.

This year, the city aims to disburse 95% of its allocated capital, amounting to around VND79.2 trillion, which is VND11.2 trillion higher than last year’s target.

During the conference, Le Thi Huynh Mai, director of the HCMC Department of Planning and Investment, reported that the city’s real estate market showed signs of recovery in the first two months of this year, with revenues from real estate business increasing by 20.1% year-on-year.

Credit expanded by 0.6% in February compared to the previous month. The city also saw a rise in businesses resuming operations and new market entrants against the same period in 2023. The city’s index of industrial production in January-February rose by 4.3% year-on-year.

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