Disbursement of public investment increases in July

The Vietnamese Government aims to disbursed all public investment planned for this year as well as the public investment sums transferred from previous years in an effort to accelerate post-pandemic economic recovery. (Photo: baophapluat.vn)

Hanoi - The disbursement of public investment sourced from the State budget in July increased to its highest rate in the past four years.

The money came as Vietnam hurried up public investment disbursement as one of major drivers to get the economy back on its feet after the COVID-19 pandemic.

Latest updates from the finance ministry showed that the State budget sourced public investment disbursement was estimated at total 45.7 trillion VND (1.97 billion USD) in July, representing a rise of 51.8 percent against the same period last year.

This year the disbursement of public investment totalled 203 trillion VND, equivalent to 42.7 percent of the plan for the full year and up by 27.2 percent over the same period in 2019.

Ministries with good growth in disbursing public investment were the Ministry of Transport, 8.34 trillion VND, equivalent to 41.6 percent of the plan for the full year and up 91.7 percent against the same period last year. The Ministry of Health disbursed a sum worth 2.3 trillion VND, 34.7 percent of the target and up 36.1 percent while the Ministry of Agriculture and Rural Development saw 1.76 trillion VND in disbursed capital, 39.6 percent and 34.1 percent, respectively.

Hanoi saw disbursed investment capital worth more than 22 trillion VND, or 48.6 percent of the plan for the full year, Ho Chi Minh City 17 trillion VND, 35.8 percent and Quang Ninh 8.46 trillion VND, 60.9 percent.

The Vietnamese Government targeted to disburse all public investment planned for this year as well as the public investment sums transferred from previous years in an effort to accelerate post-pandemic economic recovery.

This means that about 630 trillion VND must be disbursed this year.

Prime Minister Nguyen Xuan Phuc asked the Ministry of Planning and Investment and the Ministry of Finance from the beginning of August to transfer public capital from ministries and localities which failed to make disbursement to projects which could spend the money.

The finance ministry’s report showed that about 160 trillion VND was disbursed in the first half of this year.