Illustrative image (Source: VNA) HCM City (VNA)- Ho Chi Minh City's authorities are considering new procedures that would improvethe management and disbursement of public investment funds.
Le Thi Huynh Mai, Director of the municipal Department of Planning and Investment,said the department has proposed a number of solutions to moreeffectively disburse public investment funds, with specific instructions.
Tran Vinh Tuyen, Vice Chairman of the municipal People's Committee, said the cityhas issued a directive on goals and solutions for speeding up disbursementfor 2020.
Officials and investors will be expected to compile a list ofimportant projects, and a leader will then be assigned to each of them tooversee their progress and solve any difficulties.
Organisations and individuals intentionally interfering and slowingdown disbursement progress will be dealt with, while incompetent andinefficient officials will be replaced, according to the city authorities.
The revised Public Investment Law came into effect on January 1, whichincludes regulations on the decentralisation of power and administrative proceduresrelated to public investment projects and plans, such as therights of provincial people’s councils and district-level people'scommittees to grant licences to projects under their management.
Several projects in the city - such as the metro line No.1 between Ben ThanhMarket in District 1 and Suoi Tien Theme Park in District 9 - havebeen delayed because the investment procedures for such projects havenot been completed.
According to Mai, the city spent 24.62 trillion VND (1.06 billion USD) last year,or only 85 percent of the allocation for public spending, and transportinfrastructure was one of the areas with a low disbursement rate.
The disbursement rate for 2020 is targeted to be 90 percent or higher./.
VNA
