Thursday , June 20 2024

HCMC’s public spending tardy in first half despite great efforts

Ho Chi Minh City’s public spending in the first half of 2023 reached VND15.43 trillion ($652 million), accounting for only 23% of the budgeted amount despite the many measures it took to remove hurdles.

Besides unavoidable factors like escalating prices of construction materials, which affect contractors’ work, the city has also discovered that agencies overseeing public spending register for low amounts of funds to avoid the stigma of failure to spend.

To ensure that spending this year reaches at least 95% as required by the Government, the City People’s Committee has instructed all related agencies and districts to accelerate disbursement.

It has also instructed the districts to review projects that face problems and propose solutions. If resolving them is beyond their authority, they should promptly report them to the city administration, it added.

The Department of Planning and Investment has been ordered to immediately review all projects and make plans to replace those that cannot be implemented.

For the full year the city’s public spending allocation is VND70 trillion ($3 billion), double last year’s figure.

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