HCM City wants the Government to increase the financial allocation for its public works this year, hoping it can help speed up economic recovery.

It has asked for over VND5.14 trillion (US$225.7 million) as against the VND2.48 trillion it has been allotted.

It has also been promised VND142 trillion worth of medium-term credit by the Government but needs nearly VND180 trillion to complete around 4,200 ongoing projects.

If it is allotted the extra funds, the city will be able to carry out many key traffic projects to increase regional connectivity and reduce traffic jams, such as the widening of the congested National Highway 50 in Binh Chanh District.

The city had also sought over VND17.23 trillion for three urgent projects: upgrading the Hy Vong and Xuyen Tam canals and building the HCM City – Moc Bai Highway.

Work will also begin on many key infrastructure projects this year including a new road connecting Tran Quoc Hoan and Cong Hoa streets in Tan Binh District to ease congestion around Tan Son Nhat Airport, and the An Phu Intersection in Thu Duc City at the junction of three of the city’s main roads.

Many other roads are set to be widened.

Promoting public investment has been identified as one of five solutions for economic recovery in 2022-23, according to Deputy Minister of Planning and Investment Tran Quoc Phuong. – VNS