Deputy PM asks for closer coordination to speed up public investment disbursement

Hanoi – Deputy Prime Minister Tran Hong Ha has asked ministries and central agencies to work closely with localities to remove obstacles for particular projects, thus speeding up public investment disbursement.

Speaking at a meeting with representatives of 17 ministries and central agencies on April 27, Deputy PM Ha underlined the need to strengthen their capacity in directing and managing the disbursement of public investment capital from the stage of preparation to investment decision.

He requested leaders of ministries and central agencies to bear responsible for the whole process from project proposing and verification to implementation.

Particularly, the Ministry of Construction must d apply measures to shorten the verification duration for projects, he said.

According to Deputy Minister of Planning and Investment Do Thanh Trung, this year, the total State budget capital assigned to 17 ministries and central agencies is over 111.76 trillion VND (4.76 billion USD). So far, more than 105.13 trillion VND, or 94 per cent of the amount, has been allocated to particular projects.

To date, the 17 ministries and agencies have disbursed 23.74 trillion VND, completing 21.24 per cent of the yearly plan. However, the rate is not equal among the ministries and agencies. While the Ministry of Transport and the Vietnam Academy of Science and Technology posted 24.27 per cent and 19.44 per cent, respectively, the rest showed slow disbursement.

Trung held that the major reasons behind the situation is slow investment procedures. Many ministries pointed to difficulties in ground clearance.

Deputy Prime Minister Le Van Thanh has asked Hanoi to clarify the causes behind the sluggish disbursement of public investment.

The decentralisation of government spending will contribute to speeding up public investment disbursement, according to the Ministry of Planning and Investment.

It is anticipated that public investment will be further encouraged during 2023, signalling a significant advance for both the real estate sector and overall economic growth.