The Ho Chi Minh City People’s Council approved the resolution regarding the projected public investment plan for 2025 at the ongoing 17th session of the 10th tenure HCMC People's Council.
Of the amount of VND103,000 billion, over VND3,000 billion is allocated from the central government, and more than VND100,000 billion is from local sources.
Specifically, the People’s Council agreed on the allocation plan for central budget funds in the 2025 public investment plan, with a total recommended capital of over VND3,237 billion. Additionally, they confirmed the overall local budget plan according to the city’s proposed estimate, which amounts to more than VND100,004 billion.
The Ho Chi Minh City People's Council proposes that, if the allocation of funds for public investment development is approved to be different from the projected amount of VND100,004.86 billion, the Ho Chi Minh City People's Committee shall report to the Ho Chi Minh City People's Council on the allocation of funds when presenting the 2025 capital plan at the end-of-year 2024 session of the city People's Council.
The Ho Chi Minh City People's Council assigns the Ho Chi Minh City People's Committee to compile and report to the Ministry of Planning and Investment as per regulations.
Afterward, the committee will monitor the situation and propose the Prime Minister, ministries, and central agencies to pay attention to, consider, and allocate sufficient capital for the 2025 public investment plan according to the needs of projects in order to support Ho Chi Minh City in implementing key public investment projects, regional connectivity projects, and projects that contribute to the rapid and sustainable socio-economic development of Ho Chi Minh City and neighboring provinces.
In addition, the Ho Chi Minh City People's Committee will continue to finalize the 2025 public investment plan using local budget funds and promptly complete the necessary investment procedures to ensure that all programs, projects, and investment targets proposed by the People's Committee for funding meet the required conditions when submitting to the Ho Chi Minh City People's Council for consideration and approval of the city's 2025 public investment plan.
After the National Assembly approved the national public investment plan for 2025, the city People's Committee is responsible for submitting to the Ho Chi Minh City People's Council a resolution on the city's 2025 public investment plan using local budget funds, in accordance with the regulations and line with the city's available funds and budget balancing capacity.
The city People's Council noted that for projects in preparation for investment, priority funding should only be allocated to projects that are truly urgent and have all the required legal procedures. Resources should not be spread across many projects that are not truly necessary, as this could lead to an imbalance when developing the medium-term public investment plan for the 2021-2025 and 2026-2030 periods.
Additionally, the total value of all programs and projects to be implemented in the subsequent medium-term public investment plan should not exceed 20 percent of the total capital of the previous medium-term public investment plan.
