The Resolution plays an important role in implementing the Law on State Budget, the Law on Public Investment and the Capital Law for financial management and public investment in Hanoi in 2026.
Overview of the session.
The Council approved the 2026 city-level public investment plan with total capital of VND126,000.99 billion (US$5 billion) for city-level tasks and projects. The Resolution also updates and reduces the 2025 public investment plan using domestic central budget funds for several projects and approves the list and funding plan for 2025 for tasks and projects disbursed under the flexible payment mechanism.
The Council agreed to continue allocating 2026 funding for city-level projects in groups A, B and C that have exceeded the capital allocation timeframe set out in Article 57 of the Law on Public Investment. The People's Committee must clarify the reasons and review the responsibility of organizations and individuals involved in delays that prolong capital allocation.
The Resolution highlights key tasks and solutions to accelerate implementation and improve the effectiveness of public investment in 2026. On cost savings, it requires strict compliance with the Central Committee's conclusion by cutting 5 percent of public investment spending at all levels immediately when allocating the 2026 budget and implementing a 5 percent saving on contractor selection and project bidding as directed by the Deputy Prime Minister.
Delegates at the session.
To address slow disbursement, the Resolution calls for the decisive transfer of capital from delayed projects to those capable of implementation and disbursement but lacking funds.
It also requires stronger discipline and accountability for public investment management and project execution. The Council will review responsibility for inaccurate budget estimates and ineffective implementation that lead to low disbursement and will consider sanctions for cases in which annual capital plans are returned due to subjective reasons.
Chairpersons of commune and ward People's Committees are fully responsible for unfinished projects, outstanding construction debt and ineffective project implementation. Communes and wards must balance and allocate sufficient counterpart funding and capital for public investment projects under their authority starting January 1, 2026.
The Resolution assigns the People's Committee to organize and issue the 2026 public investment plan. Commune-level People's Councils are responsible for approving their 2026 public investment plans in a timely and compliant manner.