Hundreds of projects worth over VND510 billion (US$31.6 million) will be cancelled, according to the city’s Department of Planning and Investment. The projects were to be financed by the central government and by the city.
|Many construction projects will be in the city will be cancelled as an effort to curb inflation|
The department has recently proposed that the city cancel 388 publicly-financed projects. This is seen as an effort to curb inflation.
Among the cancelled projects, 55 projects that would have cost over VND221 billion (US$13.7 million) were delayed from previous years. Forty-one other project totaling VND166 billion (US$10.3 million) were about to be carried out, and 276 projects worth VND85 billion (US$5.3 million) were not gone ahead with formalities and the others are considered unnecessary.
The city currently has 1,700 publicly financed projects worth over VND15 trillion (US$930 million).