Ho Chi Minh City is racing against time to complete its public investment disbursement targets for 2023, a conference on the matter has heard.

Presenting a report to the conference. Deputy Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan said that eight out of 60 project entities and investors and five out of 22 inner and outlying districts had reported disbursement rates of over 51 per cent, while 34 project entities and investors and 17 districts had reported rates of less than 51 per cent.

Eighteen of the 60 entities and investors have failed to disburse allocated capital totaling over VND5.9 trillion ($238 million), as planned.

Mr. Hoan said many projects fail to disburse on schedule due to obstacles in site clearance compensation and resettlement, as well as because of other factors.

According to the Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen, the city was allocated VND70 trillion ($2.8 billion) in 2023, which is 10 per cent of the total for the entire country and double the amount in 2022.

Addressing the conference, he requested authorities at all levels and sectors to seriously look into existing problems and put forward solutions for public capital disbursement in 2024.