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ECONOMY

Hanoi to earmark 2.5 billion USD to execute 264 projects by 2020

Updated at Thursday, 06 Jul 2017, 15:27
The Hanoitimes - The Hanoi medium-term public investment plan for period 2016-2020 for infrastructure development will have a total of 397 projects with cost amounting up to 64,2 trillion VND or Roughly 3 billion USD.
 
Director of Hanoi Planning & Investment Department  Nguyen Manh Quyen
Director of Hanoi Planning & Investment Department Nguyen Manh Quyen
 
At the 4th session in the evening of July 3, with the approval from the majority, the 15th tenure of Hanoi People’s Council passed the Resolution on investment plan for infrastructure development of the City. The Resolution aims to support new industries established from 2017 to 2020, as well as to fund district and ward projects  which are included in the medium-term public investment plan from 2016 to 2020.
 
According to the Director of the Department of Planning & Investment Nguyen Manh Quyen, at the 3rd session, the 15th tenure of Hanoi People’s Council passed the medium-term public investment plan from 2016 to 2020  with total investment fund of  90,910 billion VND or 4 billion USD.

In concrete terms,  projects with detailed financial plans were approved with amount up to 60,658 billion VND or roughly 2.5 billion USD. The 30,252 billion VND  or 1.5 billion dollars remaining fund awaits to  be allocated to  the projects which have not worked out concrete spending plans.

From 2017 to 2020, the investment demand for new projects includes: 187 projects with total expected funding at 19,042 billion VND or 800 million USD; 6 projects under the Congestion Reduction Program of the City; 135 new projects in which 86 funded by the City budget; 26 projects funded by wards and districts; and 44 projects and group projects which are in the urgency for implementation.

Dividing into categories, the projects invested are as follows: 49 projects in urban and transportation infrastructure with total cost at 13,095 billion VND or 500 million dollars; 21 projects in the social and cultural field with cost amounting to 1,901 billion VND or 80 million dollars; 7 projects of industrial – commercial services with total funding  of 292 billion  VND or 14 million dollars; 19 agricultural and rural development projects at 823 billion VND or 40 million dollars; 2 communications projects with total investment  of 1,650 billion VND or 80 million dollars; 14 projects and group projects on security – national defense – fire prevention – court with total cost of 3,105 billion VND or 150 million dollars.

As such, the total number of project portfolio calling for investment in Hanoi in period 2017-2020 is 264 projects. Total investment capital is estimated at approx. 55 trillion VND, far doubling  the current capital available of 21,7 trillion VND or 9 billion dollars.

Among those projects, Hanoi has put priority for fund allocation  in critical projects in period 2016-2020 and already approved by the City Council, including urgent transport project to prevent traffic congestion, environmental protection and social welfare, and projects related to the development of Hanoi and critical to the living environment, etc.

With this being said, Hanoi’s medium term pubic investment plan for the 2016-2020 period for infrastructure development projects will consist of a total of 397 projects with the capital of 64,277 billion VND or 3 billion USD.
Nguyen Tung
Ha Thanh - Kinhtedothi.vn
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