Hung Yen Province Plans Over VND 232 Trillion for Mid-Term Public Investment

Hung Yen Province in Vietnam is planning a mid-term public investment budget of over VND 232.592 trillion (approximately USD 9.1 billion) for the period 2026-2030, according to a plan proposed by the provincial Department of Finance. The focus will be on large-scale projects that enhance socio-economic development and create economic momentum. The funding will be sourced from the provincial budget, lottery revenues, support from Hanoi City, land use fees, and accumulated surpluses and increased revenues designated for public investment. The province expects to manage approximately VND 180.271 trillion at the provincial level, allocated for investment preparation, planning, land clearance, provincial programs, and prioritized projects. These include model high school constructions, ongoing projects, those with approved investment policies, and some new construction projects. At the district and commune level, an estimated VND 52.387 trillion will be managed. Localities are instructed to prioritize completed and ongoing projects and to only initiate new projects if sufficient resources are secured, preventing the accumulation of construction debt. The general orientation is to concentrate capital on large, interconnected projects that generate spillover effects, while limiting dispersed and inefficient investments. This strategic allocation of public funds underscores Vietnam's commitment to infrastructure development as a driver of economic growth. Under its one-party system, such medium-term plans are crucial for aligning national economic strategies with regional development goals, often with a focus on enhancing connectivity and industrial capacity. While maintaining strong economic ties with China, domestic infrastructure investment also plays a role in strengthening Vietnam's economic resilience and geopolitical positioning. Information source: Nhan Dan