Vietnam Allocates $26.8 Billion for Public Investment in 2024

Public Investment

Hanoi, The Gulf Observer: Vietnam is set to allocate a substantial sum of VNĐ657 trillion (US$26.8 billion) for public investment in 2024, with a major emphasis on bolstering transport infrastructure, according to Prime Minister Phạm Minh Chính.

Speaking at a virtual meeting on key national projects, Prime Minister Chính highlighted the pivotal role of investment in driving economic growth. He emphasized the significance of directing a significant portion of the investment towards transport projects, citing the potential to reduce logistics and input costs for producers, thereby enhancing their competitive advantages. Additionally, he emphasized the positive impact of improved transport infrastructure on the growth of industrial zones and residential areas.

Prime Minister Chính commended the efforts of ministries and stakeholders who have been dedicated to advancing projects, even working during holidays and weekends. However, he expressed concern over some projects lagging behind schedule due to procedural delays and challenges in land clearance.

During the meeting, attendees were urged to assess the progress of delayed projects and propose measures to expedite them. The Prime Minister also called for solutions to address the slow disbursement of Official Development Assistance funds.

In his address, Prime Minister Chính encouraged research on the utilization of sea sand in constructing roads and other transport projects, promoting sustainable and innovative practices.

Following the Prime Minister’s remarks, a representative from the Ministry of Transport provided an update on the progress of key national projects. Notable achievements include the completion of nine out of 11 component projects in the 2017-20 phase of the eastern North-South Expressway, while projects like the Nhổn-Hà Nội Station Metro Line and Bến Thành-Suối Tiên Metro Line are on track for completion by July 2024.

However, challenges were acknowledged in the East-West Expressway projects, and efforts are underway to address slow progress. The Long Thành International Airport Project and various highway projects, such as Tuyên Quang-Hà Giang, Cao Lãnh-An Hữu, and Bến Lức-Long Thành, were reported to be progressing according to plan.

The focus on strategic investments in transport infrastructure reflects Vietnam’s commitment to sustainable development and economic growth, aiming to capitalize on the opportunities that enhanced connectivity brings. The government’s continued dedication to overcoming challenges and streamlining project implementation underscores Vietnam’s resilience in advancing key national initiatives.