The Hanoitimes - The municipal People’s Committee proposed an increase of capital expenditure from VND29,019 billion (US$1.24 billion) to VND30,992 billion (US$1.33 billion).
Vietnam’s capital city, Hanoi, has decided to allocate a large sum of money on infrastructure projects to be implemented until 2020, aiming to give an impetus to socio-economic development.
The Hanoi People’s Council on April 9 approved a mid-term public investment plan for 25 projects in the 2016-2020 period and the addition of VND1.97 trillion (US$84.6 million) to investment budget plan in 2019.
A road in the west of Hanoi. Photo: Dan Tri
Accordingly, the council gave a green light to 23 projects of a mid-term investment plan with a total investment of VND5.94 trillion (US$255 million). It as well adjusted the investment policy of another two projects with a total cost of VND915.45 billion (US$39.3 million).
Head of the city’s Economic - Budget Commission Ho Van Nga emphasized the necessity of all aforementioned projects for the people as well as the city’s socio-economic development in terms of education, vocational training, security, transport, technical infrastructure for resettlement areas and irrigation.
Also during this session, the Hanoi People’s Council reviewed the investment plan for 2019 approved in the previous sitting at the end of 2018, with a budget of VND29,019 billion (US$1.24 billion).
Investment procedures of some projects haven’t been completed so far, while other projects still need more capital in the transition period to complete. Therefore, the municipal People’s Committee proposed an increase of capital expenditure from VND29,019 billion (US$1.24 billion) to VND30,992 billion (US$1.33 billion). The number of projects that need funding increased by 162 to 490.
The proposal by the municipal People's Committee was endorsed by the Council.