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HCMC has urged the acceleration of work on public investment projects as the capital disbursement rate has been lower than expected so far this year.

Data from the city government showed around VND18,646 billion in public investment capital had been disbursed by August 4, 2023, representing 27.2% of the city’s full-year target.

Metro Line No. 1, which links Ben Thanh Market and Suoi Tien Theme Park, is one of the city's key infrastructure projects (Photo: VGP)

The HCMC People’s Committee has issued a directive urging relevant agencies to speed up the execution of publicly-funded projects across the city as the city looks to achieve a disbursement rate of at least 95% by the end of the year.

The city leadership has instructed departments, agencies and local authorities to heighten their sense of responsibility for the disbursement of public investment capital.

Departments and local authorities are called upon to review, strategize solutions, and create a roadmap to streamline investment procedures, disbursement, final settlement, payment, and problem solving. Strong measures should be taken to meet public capital disbursement deadlines, said the city.

The HCMC Department of Planning and Investment is tasked with monitoring disbursement schedules. Units and investors whose public investment disbursement remains below 30% until September 2023 will be subject to assessment by the city government regarding third-quarter task fulfillment.

Unit heads will bear full responsibility before the city government for project schedule lapses that impact the city government’s allocated targets for this year and the 2021-2025 mid-term plan.

The city also urged management units and investors to review and swiftly propose the public investment plan for 2024 in alignment with the 2024-2025 mid-term investment plan.

(The Saigon Times)