Urban infrastructure development key to country's economic growth

At a workshop on Vietnam's economic development motivation 2023 organized by the Ministry of Construction on December 14, scientists and economists released assessments on the current situation, opportunities, investment potentiality and challenges for the construction sector and economic sectors, and proposed many solutions to create a driving force for economic growth. 
Urban infrastructure development key to country's economic growth ảnh 1

A view at a workshop on Vietnam's economic development motivation 2023

According to Deputy Minister of Construction Nguyen Tuong Van, the construction industry is an important and strategic field which plays a vital role in the country's socio-economic development, and is one of the important factors to determine the country's socio-economic development, scale, and technical competence for the economy.

In passing time, the production value of the construction industry has reached a high growth rate, accounting for a large proportion of the country’s GDP. The industry has also contributed into the economic restructure such as public investment restructure, breakthroughs in infrastructure and so on. 

By the other hand, the construction industry has faced some obstacles, limitation and inadequacies in visions for construction planning, the implementation progress of projects, the supply of materials for national key projects, management and development of urban technical infrastructure systems and so on.

In order to solve the above-mentioned inadequacies, the representative of the Ministry of Construction proposed to concentration on the investment budget on urban technical infrastructure, determine the budget as the nucleus to lure non-budget capital sources for urban technical infrastructure investment. 

Besides, the relevant ministries, departments and localities need to continue to attract investment in the form of public-private partnerships for technical infrastructure projects and works, provide technical infrastructure services, especially water supply and drainage, solid waste treatment.

At the workshop, the economists were unanimous with the point of view that in order to create further the driving force for economic development in the upcoming period, it is necessary to prioritize investment in closing ring roads, radial roads, public transport systems in synchronization with large parking lots in urban areas; increase exploitation and operation of underground space systems, urban underground works, multi-functional spaces of urban areas.

Additionally, the localities need to apply digital technology and smart management models in the management, operation and exploitation of urban technical infrastructure systems.