Initiative speeds up investment disbursement

At an online national conference held in late February to discuss accelerating the disbursement of public investment capital, PM Chinh explained that disbursement is very important for resolving problems plaguing transport infrastructure, education, culture, healthcare and society, and increasing manufacturing capacity to promote quick recovery and sustainable development.

Public investment disbursement also contributes to the implementation of fiscal, monetary and other policies to maintain macroeconomic stability, control inflation, promote growth and ensure major balances of the economy.

PM Chinh has set a target of 95 percent disbursement of the total VND711 trillion of public investment earmarked for 2023. This is a major challenge given the addition of VND130 trillion in public investment earmarked for 2023 compared to 2022, when the disbursement rate reached more than 93.42 percent against 95.11 percent in 2021.

Public investment disbursement helps unblock transport infrastructure bottlenecks

Do Thanh Trung, Director of the Ministry of Planning and Investment’s Department of National Economic Issues, reviewed the favorable conditions for public investment disbursement. Specifically, authorities at all levels, sectors and localities participated in the preparation of public investment projects, improving the capacity of the personnel for each project.

As soon as the National Assembly issued Resolution 43/2022/QH15 on fiscal and monetary policies to support socioeconomic recovery and development, the Prime Minister assigned specific public investment tasks for 2023 to ministries, sectors and localities before December 31, 2022, enabling them to take the initiative in accelerating disbursement.

According to Trung, the amount of public investment capital earmarked for 2023 will be used to implement not only medium-term projects of the 2021-2025 period, but also national target program projects delayed during the last two years, and the socioeconomic recovery and development program.

Economists also pointed out factors challenging public investment disbursement, including slow site clearance, disrupted material supplies, increased material prices, and ineffective performance of project leaders.

To achieve the 2023 public investment disbursement target set by the government, ministries, sectors and localities are being advised to pay greater attention to the preparation of projects so as to take the initiative in dealing with site clearance problems, material supply disruptions and increased input prices, and thus minimizing risks during the implementation process.

Government Resolution 77/NQ-CP requires ministries and sectors as well as central and local authorities to strengthen the role and responsibility of public investment project leaders in resolving problems related to land, natural resources, and public investment policies and mechanisms.