HCMC – The Ministry of Transport is requesting an additional VND4.2 trillion in public investment funds for 2024 to address funding shortfalls in ongoing and approved infrastructure projects.
The ministry has proposed allocating over VND2.95 trillion to Group B projects that are currently underfunded, and VND1.24 trillion, sourced from increased budget revenues, to projects that have completed their investment procedures, reported the Vietnam News Agency.
If approved, this increase would bring the ministry’s total disbursement plan for 2024 to around VND75.48 trillion.
However, it is tough to secure additional funds for Group B projects due to budget constraints and the need to comply with regulations provided in the prime minister’s Decision 1603/QD-TTg, which sets minimum investment levels for key projects. These financial limitations could result in delays for some transport projects.
Earlier this year, the prime minister allocated nearly VND67.96 trillion from the central budget to the Ministry of Transport for its 2024 investment plan. The ministry was also allowed to roll over VND3.33 trillion from the 2023 budget, bringing the total planned investment for 2024 to about VND71.3 trillion.
The ministry is prioritizing the development of the railway system and enhancing public passenger transport through 2030, with a total investment plan exceeding US$200 billion. The long-term vision includes expanding other transport modes and implementing smart solutions by 2050.
