In about ten days, the official operation of Metro Line 1 (Ben Thanh - Suoi Tien), a special event, is set to take place in Ho Chi Minh City, bringing a strong boost not only to transportation but also to the city’s economic and social vibrancy.
Along with the official operation of Metro Line 1, several other projects have been completed and put into use like Rach Dia Bridge connecting Nha Be District to District 7, which has just opened to traffic; underpasses at the interchange of Nguyen Van Linh and Nguyen Huu Tho Streets; and Tan Ky - Tan Quy Bridge, demonstrating the significant effectiveness in public investment.
Looking back from 2021 to now, although the highest disbursement rate of public investment funds reached more than 70 percent, the city has always aimed for over 95 percent this year.
Currently, Ho Chi Minh City is sprinting to the phase of public investment disbursement with the peak period of disbursement launched from October 15 to the end of January 2025.
Although the disbursement rate for works remains sluggish, along with projects that have been continuously completed, the city's residents expected active public investment as well as a transformation to the city's urban landscape from completed projects.
Such expectations can be actualized. For instance, in 2023, during a 60-day public investment disbursement campaign, beginning from the end of October to the end of December, Ho Chi Minh City raised the disbursement amount from VND25,108 billion (US$988 million) to VND43,490 billion (US$1.7 billion).
In November 2023, the People's Committee of Ho Chi Minh City directed to resolve obstacles of 92 projects, helping the city disburse nearly VND8,000 billion (US$316 million).
As the country’s economic hub and requirement for more development, the public investment funds allocated to Ho Chi Minh City each year increase significantly.
For example, in 2024, the city was allocated a huge figure of over VND79,200 billion (US$3.1 billion), which is a record-breaking amount, it is projected that in 2025, this figure will be over VND84,200 billion (US$3.3 billion).
Economic growth belongs to public investment because it facilitates social resources, driving an ecosystem of businesses and creating a flow of money into the economy, making it more vibrant.
The most significant of public investment projects helps infrastructure improvement; create more convenience for people to travel, study, and work; and speed up the flow of goods as soon as their completion and operations, thereby promoting socio-economic development.
Therefore, the positive signs from the completion of public investment projects by the end of 2024 in Ho Chi Minh City are very expected.
Chairman of the Ho Chi Minh City People's Committee Phan Van Mai recently required to monitor and specifically address each backlog of work to quickly implement, complete and put them into use, preventing waste and loss.
That demonstrates Ho Chi Minh City leadership's determination to handle work swiftly.
Consequently, people believed that unfinished projects like the anti-flooding project worth VND10,000 billion (US$394 million) and the Ring Road 2 project in Ho Chi Minh City would soon be completed.
Additionally, people hoped that Ho Chi Minh City would effectively utilize the special mechanisms and policies from National Assembly Resolution 98, quickly address traffic congestion at gateways, and start work on other metro lines.
Implementation and completion of comprehensive solutions and key projects are likely to create a strong, sustainable momentum for the city's development in the upcoming years.
