HCMC approves public investment plan nearing $7.56 billion

The People’s Council of Ho Chi Minh City yesterday approved a resolution on mid-term public investment plan from 2016-2020 with the total capital nearing VND171,895 billion (US$7.56 billion) at the closing session of the 5th meeting of the 9th council.

An artist’s impression of bridge Thu Thiem 2, which is under construction and expected to complete in April 2018

An artist’s impression of bridge Thu Thiem 2, which is under construction and expected to complete in April 2018

Of the total capital, VND21.9 trillion will come from the central budget and VND150 trillion from the city budget.
A total of 14 resolutions were approved at the meeting comprising those to establish a delegation to supervise land use and management efficiency with the focus on stated own properties, a delegation to monitor settlement of residents’ opinions and complaints about land use right and house ownership certificates granting in 2016-2018.
In addition, the council passed the public investment policy of 101 projects using state budget with the total funds of VND27,090 billion ($1.91 billion), comprising VND26,360 billion from city budget and the remaining amount from other sources.
The resolution on social, economic and cultural missions in the second half this year set the requirement that 2017’s gross regional domestic product growth rate will hit 8.4-8.7 percent and budget revenue will get 100 percent of the year’s estimates.
The city will continue renewing growth model and improving growth quality, productivity and competitiveness of the city’s economics; drastically implement seven breakthrough programs under the resolution of the 10th city Party Committee congress. At the end of 2017, the municipal authorities will estimate results and progress of the programs and make clear responsibilities of agencies and their leaders.
Asides from that, the city will adjust its construction plan by 2025 with visions till 2030 and land use plan to rationalize areas for services, industry and agriculture to suit the city’s economic industries structure and meet the requirement of quick and sustainable development.
The city will concentrate on plans to develop state capital source, implement breakthrough solutions to mobilize social capital sources in all fields and quickly and synchronously carry out major urgent projects and works.
At the end of this year, HMC will strive to speed up construction to open the entire route of ring road no.2 and part of ring road no. 3 to traffic before 2020. So far 64 out of 78 kilometers of the former project has been built while none of 89 kilometers of the later has been built.

By staff writers – Translated by Hai Mien

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