HCM City is pushing for a higher disbursement rate of funds for public investment projects this year. — VNA/VNS Photo Tiến Lực

HCM CITY — HCM City authorities are considering new procedures that would improve the management and disbursement of public investment funds.

Lê Thị Huỳnh Mai, director of the city's Department of Planning and Investment, said the department has proposed a number of solutions to more effectively disburse public investment funds, with specific instructions.

Trần Vĩnh Tuyến, deputy chairman of the People's Committee, said the city has issued a directive on goals and solutions for speeding up disbursement for 2020.

Officials and investors will be expected to compile a list of important projects, and a leader will then be assigned to each of them to oversee their progress and solve any difficulties.

Organisations and individuals intentionally interfering and slowing down disbursement progress will be dealt with, while incompetent and inefficient officials will be replaced, according to the city authorities.

The revised Public Investment Law came into effect on January 1,  which includes regulations on the decentralisation of power and administrative procedures related to public investment projects and plans, such as the rights of provincial people’s councils and district-level people's committees to grant licences to projects under their management.

Several projects in the city - such as the metro line No.1 between Bến Thành Market in District 1 and Suối Tiên Theme Park in District 9 - have been delayed because the investment procedures for such projects have not been completed.

According to Mai, the city spent VNĐ24.62 trillion (US$1.06 billion) last year, or only 85 per cent of the allocation for public spending, and transport infrastructure was one of the areas with a low disbursement rate.

The disbursement rate for 2020 is targeted to be 90 per cent or higher. — VNS