A view of HCM City. HCM City authorities have issued an action plan aimed at speeding up public spending for 2023. — Photo nld.com.vn

HCM CITY — HCM City authorities have issued an action plan, warning of sanctions on officials failing to meet public spending disbursement targets, in a bid to speed up public spending for the year.

Phan Văn Mãi, chairman of the municipal People’s Committee, said the city this year would focus on speeding up the disbursement of public spending, which has remained too slow, causing key public projects to be postponed for years.

“One of the city’s major tasks for 2023 is to speed up public investment disbursement,” he said.

“Those who are unable to achieve the expected targets will face punishment,” he added.

All departments or localities that end up with less than 50 per cent of their budgeted public spending for this year will be penalised under the regulations, according to Mãi.

He has also ordered leaders of districts and agencies to discuss measures to disburse public capital in a practical, effective, and flexible manner in line with the real situation.

Under the action plan, leaders, developers and concerned officials will not be paid bonuses if they achieve less than 90 per cent of public spending by the end of the year, he said.

“Officials who are found to commit corruption in public investment management will be sanctioned and replaced at once,” he said.

In 2022, the disbursement rate of public investment in the city reached only 71.3 per cent of the year’s plan.

This year, the city was allocated VNĐ70 trillion (US$3 billion) in public investment, double the figure last year.

The city has set a target of disbursing 95 per cent of approved public investment capital.

The city will need to speed up disbursement of public investment, especially in three national programmes: poverty alleviation, new rural area development and socio-economic development of ethnic minority and mountainous areas, according to Mãi.

It will also need to speed up the progress of major projects such as metro routes and Ring Road No. 3, and invest more in roads connecting sea ports and airports.

It will also focus on improving public services, streamlining administrative reform, controlling inflation, and stabilising the macro-economy, he added.

In addition, it will also focus on tackling problems related to investment procedures to attract investment, according to Mãi. — VNS