HCMC to invest VND29 trillion in public projects

HCMC – The government of HCMC will spend VND29 trillion on public investment projects in the first few months of this year.

Of the amount, VND4.88 trillion will come from official development assistance loans, VND2.52 trillion from the city budget as reciprocal capital for ODA-funded projects, and VND540 billion from the city budget for public-private partnership (PPP) projects.

In the first tranche of funding this year, city departments and districts in their capacity as supervisors of project developers will be responsible for disbursing capital and giving assignments to project developers.

To make sure capital disbursements will be on time, the city government told directors of departments and leaders of districts to sign an agreement in which half of the capital needed must have been disbursed by late July. If the disbursement target is missed, they would be held accountable.

At a conference on socio-economic development plans and budget estimates this year held by the city government on January 2, the secretary of the HCMC Party Committee, Nguyen Thien Nhan, said the city’s daily budget collections last year totaled VND1.11 trillion, excluding Sundays. The city accounted for nearly 28% of the country’s State budget revenue.

The city’s gross regional domestic product (GRDP) last year grew 8.25%. Agriculture grew 6.3% at some VND19.4 trillion.

In 2017, the city beat its budget collection target.

This year, the city will focus on piloting a special mechanism already approved by the National Assembly, enhancing the quality of growth and the competitiveness of the city, creating a favorable and fair business environment, and encouraging innovations and startups.

In addition, the city will drastically streamline administrative procedures and boost e-government development. Another mission is to develop HCMC into a smart city in the 2017-2020 period with a vision towards 2025 to better serve residents and enterprises.

The city will also downsize the State apparatus while ensuring its efficiency and improving the quality of officials and civil servants.

Source: The Saigon Times