Phan Văn Mãi (standing), chairman of the HCM City People’s Committee, speaks at a meeting last Friday. — VNA/VNS Photo

HCM CITY — HCM City will expedite public spending this year to speed up the progress of key projects, its leader has said.

Speaking at a meeting on Friday, Phan Văn Mãi, chairman of its People’s Committee, said while the city spent nearly VNĐ6 trillion in the first four months, almost three times the figure in the same period last year, it was only 7.5 per cent of the annual plan.

“At the current rate, the city must spend at least VNĐ10 trillion every month until the end of the year.”

The city targets spending 95 per cent of the allocation of VNĐ79.2 trillion, or VNĐ11.2 trillion more than last year, he said.

It is vital to complete land acquisition for major projects no later than June 30 to ensure their progress, he said, exhorting contractors of major projects to report problems in a timely manner.

The city would enforce strict measures against contractors who are underperforming or are non-compliant, he warned.

The administration has instructed Government agencies to reduce the time they take for appraising and approving investment projects by at least 30 per cent.

It has established a Steering Committee with specialised groups and project teams to monitor the quality and progress of key projects.

It has to provide recommendations for drafting policies to mobilise resources and speed up land acquisition.

It will focus on key projects such as rail and metro routes and those under the transit-oriented development planning model. — VNS