HCM CITY – HCM City wants the Government to increase the financial allocation for its public works this year, hoping it can help speed up economic recovery.
It has asked for over VNĐ5.14 trillion (US$225.7 million) as against the VNĐ2.48 trillion it has been allotted.
It has also been promised VNĐ142 trillion worth of medium-term credit by the Government but needs nearly VNĐ180 trillion to complete around 4,200 ongoing projects.
If it is allotted the extra funds, the city will be able to carry out many key traffic projects to increase regional connectivity and reduce traffic jams, such as the widening of the congested National Highway 50 in Bình Chánh District.
The city had also sought over VNĐ17.23 trillion for three urgent projects: upgrading the Hy Vọng and Xuyên Tâm canals and building the HCM City – Mộc Bài Highway.
Work will also begin on many key infrastructure projects this year including a new road connecting Trần Quốc Hoàn and Cộng Hòa streets in Tân Bình District to ease congestion around Tân Sơn Nhất Airport, and the An Phú Intersection in Thủ Đức City at the junction of three of the city’s main roads.
Many other roads are set to be widened.
Promoting public investment has been identified as one of five solutions for economic recovery in 2022-23, according to Deputy Minister of Planning and Investment Trần Quốc Phương. – VNS