Minister pledges public investment disbursement push

January 14, 2024 | 08:00
(0) user say
The Ministry of Planning and Investment (MPI) is determined to expedite the disbursement of public investment funds this year, while eliminating inefficiencies in investment allocation, with the goal of exceeding the 65.1 per cent disbursement rate of 2023.

“One of our key priorities for 2024 is to achieve a disbursement rate of over 95 per cent of the government's assigned public investment plan. This includes utilising public investment as a catalyst to draw in investment from various economic sectors,” said Minister of Planning and Investment, Nguyen Chi Dung at a conference held on January 11.

The conference reviewed the accomplishments of the MPI's previous 12 months and set forth strategic objectives for the year ahead.

Accelerating Early 2024 Vigorous Public Investment Disbursement
Minister Nguyen Chi Dung giving his speech at the conference

The ministry's plans for public investment disbursement include strengthening inspections, monitoring, and urging contractors and consultants to accelerate project progress. Strict measures will be taken against investors, project management boards, and contractors that intentionally cause difficulties or impede the disbursement process.

A thorough review of the disbursement process will begin at the project preparation stage, extending to project selection for capital allocation, design, bidding, construction, settlement procedures, and project closure. Emphasis will be placed on expediting land clearance, and the execution and recovery of advances and capital payments. Appropriate invoicing is to be prepared promptly upon completion of work.

Efforts are being intensified to streamline administrative procedures and embrace the digital transformation in public investment, particularly in appraisal, fund allocation, and expenditure control. Additionally, post-auditing activities will be reinforced.

The PM has instructed the MPI to fulfill its management of public investment role by closely monitoring and addressing obstacles. The ministry is also required to report to relevant authorities for the issuance of flexible solutions to achieve the disbursement target for the year.

The MPI promised to submit to the PM the state budget estimate and the state budget capital investment plan for 2024 in accordance with prescribed timelines. The implementation of the plan should commence in the first few months of this year, with monthly, quarterly, and annual disbursement results to be uploaded to the ministry's official website.

The disbursement of public investment funds in 2023 saw some noteworthy achievements, particularly in the transportation sector, as 12 projects kicked off in the last quarter. These projects included Provincial Road 255, the expansion of Dien Bien Airport in the northernmost regions, and My Thuan-Can Tho Expressway in the south.

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

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.

The 2023 tipping point for public investment The 2023 tipping point for public 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.

Four-month public capital disbursement reaches 14.66 per cent of year's target Four-month public capital disbursement reaches 14.66 per cent of year's target

More than 110.6 trillion VND (4.7 billion USD) of public investment was disbursed in the first four months of this year, equivalent to 14.6 per cent of the yearly target and lower than the 18.48 per cent in the same period last year, according to the Ministry of Finance.

By Hazy Tran

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional