HCMC – Over VND70.5 trillion in public investment capital will be allocated to HCMC this year, with over VND15 trillion from the central State budget and VND55 trillion from the city’s budget, the Vietnam News Agency reported.

The capital earmarked for public investment in 2023 increased twice as much as last year.

This year, the city plans to disburse over 95% of the amount.

It is working with the Ministry of Planning and Investment to develop a resolution replacing Resolution 54 on special mechanisms and policies for the city’s development.

The municipal government has suggested that HCMC People’s Council be empowered to decide where to allocate investment and development funds from the city’s budget and the medium-term and annual public investment plan.

Meanwhile, the municipal People’s Committee should be entitled to decide on compensation, resettlement and site clearance, among others.

The city is striving to accelerate paperwork for public investment projects, aiming to reduce at least 30% of the time to carry out procedures and specify the responsibilities of managing authorities and developers for specific projects.

It had disbursed over VND26.6 trillion in capital earmarked for public investment by the end of January.