Public Investment Expected to Create Breakthroughs in Infrastructure Development

10:46:35 AM | 1/19/2023

Vinh Phuc will spend VND8,983.24 billion of public funds for construction investment and create breakthroughs in synchronous infrastructure construction in 2023, including VND344.639 billion from the central budget and VND7,343.765 billion from the local budget, according to a report by the Vinh Phuc Provincial People's Committee.

The fund will be prioritized for framework urban infrastructure construction, especially key technical infrastructure, socioeconomic infrastructure and transportation projects, to gradually complete ring road 2, ring road 3, and ring road 4 of Vinh Phuc urban areas. Specifically, as for the central budget, Vinh Phuc will spend VND100 billion building a transport infrastructure project linked to the Hanoi region; use over VND204 billion for transitional projects and fresh projects. As for the local budget, the province will allocate 30% to districts and 30% to branches and fields. The province will also arrange a reciprocal budget for ODA-financed projects, key projects and investment programs according to the resolution of the Provincial People's Council.

Among nine districts and cities, Phuc Yen will receive the most public investment fund of over VND205.2 billion, followed by Vinh Yen City with nearly VND173.8 billion. Tam Duong district will get the least VND95 billion in 2023. By industry and field, prioritized capital for programs, activities and economic fields will be over VND173.7 billion and security and social order will be invested over VND230.5 billion.

Resolved to accelerate disbursement of public investment capital in early 2023, the Provincial People's Committee required relevant provincial and local agencies, authorities and investors to focus on handling licensing procedures, complete settlement projects; speed up land compensation, site clearance and resettlement for projects; regularly review and update implementation progress, propose solutions to existing and emerging difficulties, and periodically and report to the Provincial People's Committee before the 20th of every month.

Furthermore, the province will strengthen inspection and handling of violations, address scattered capital allocation, and improve investment performance according to medium-term public investment plans.

By Hoang Tham, Vietnam Business Forum