HCMC – Prime Minister Pham Minh Chinh has urged HCMC to speed up the disbursement of public investment to further boost economic growth.

He was speaking at a meeting with the municipal government on the city’s socio-economic growth on November 27, identifying public investment as one of the key factors for development.

It is vital to expedite the disbursement as the total volume of public capital in 2022 is much higher than that of the previous years.

The Government and the ministries and departments will help the city remove obstacles to speed up the disbursement of public capital as HCMC’s public investment accounts for a huge proportion in the country, the local media reported.

Speaking at the meeting, HCMC Chairman Phan Van Mai said that, as of November 25, the total disbursement of public investment had amounted to VND12.7 trillion, reaching 34% of the total.

The city has adopted multiple measures to accelerate public investment disbursement to fulfill its target as required by the prime minister. The city has focused on supervision into the capital plan and disbursement pace; setting up three teams to support projects allocated with large capital in 2022 and urging the municipal departments and grassroots authorities to promptly lift hindrances to disbursement, said the HCMC chairman.

At the meeting, the prime minister praised the city for its efforts in maintaining its economic growth momentum. HCMC’s gross regional domestic product (GRDP) in 2022 is estimated to rise by 9% year-on-year, well above the target of 6%-6.5%.

The city’s total export revenue is expected to reach US$49.5 billion, up 10.3% year-on-year.

In addition, the city’s budget revenue might total VND457.5 trillion this year, up over 17% year-on-year.