The new Terminal T3 at Tân Sơn Nhất Airport has recently opened, as HCM City aims to fully disburse $3.5 billion in public investment this year. — VNA/VNS Photo

HCM CITY — HCM City has set an ambitious goal to fully disburse VNĐ84.4 trillion (US$3.5 billion) in public investment this year despite a slow start.

Nguyễn Văn Được, chairman of the People’s Committee, acknowledged the ambitious quarterly targets: 15 per cent for the first quarter, 35 per cent for the second, 70 per cent for the third, and 95 per cent by the end of the year.

However, as of April 25, only VNĐ5.83 trillion, or 6.9 per cent, had been disbursed, he noted.

Được was calling on various departments, districts, and Thủ Đức City to speed up the funding and allocation process for projects expected to be completed by 2025.

“To stay on track, we need to disburse over VNĐ9.8 trillion each month,” he said.

He also stressed the importance of accountability, particularly for any delays concerning funds that were not allocated by March 15.

For the rest of 2025, the city plans to accelerate key infrastructure projects while maintaining their quality, according to Được.

The city will focus on restructuring administrative units, enhancing governance, and resolving bottlenecks in investment projects, aiming to achieve a double-digit growth rate in 2025.

Significant progress

The city’s Statistics Office has reported significant progress on infrastructure so far this year, including the opening of the new domestic terminal (Terminal T3) at Tân Sơn Nhất Airport, the launch of the Bến Lức - Long Thành expressway, and the initiation of the Belt Road 2 project.

Progress is being made on several other projects as well: the Tham Lương – Bến Cát canal is 46.5 per cent complete and is expected to wrap up by 2026, while the budget for the Xuyên Tâm creek project has risen to VNĐ17.2 trillion.

Metro line No. 2 is nearing the land clearance phase, with plans to start construction by the end of the year.

Ring Road No. 3 is almost fully cleared at 99.8 per cent, with over 32 per cent of the work already completed.

The An Phú intersection is 53 per cent complete, and the design phase for the Ring Road No. 2 project is underway, with groundbreaking planned for September and completion targeted for April 2027.

On a national scale, public investment disbursement currently stands at 15.6 per cent, which is lower than last year’s figure, with 24 ministries and localities lagging behind the average.

Speaking at a recent meeting, Deputy Prime Minister Lê Thành Long said it was vital to accelerate the disbursement of public funds to meet the year’s 100 per cent target.

He highlighted that disbursing public investment capital would be essential for achieving the 8 per cent growth goal this year, especially in light of challenges such as US tariff policies.

Long said there were actually no institutional barriers remaining, attributing delays primarily to subjective factors from ministries and localities.

He urged all involved to recognise their responsibilities and work diligently towards meeting the 2025 disbursement target. — VNS