PM demands stronger action to disburse public funds

Hanoi – Prime Minister Pham Minh Chinh on August 3 urged stronger determination, efforts and actions to disburse public investment as part of the Government’s main priorities.

Prime Minister Pham Minh Chinh addresses the Government's meeting in Hanoi on August 3. (Photo: VNA)

At the Government’s monthly meeting held in Hanoi, the Ministry of Finance reported that nearly 186.85 trillion VND (7.98 billion USD) of investment capital sourced from the state budget had been disbursed as of July 31, equivalent to 34.47pc of this year’s target, down slightly from the same period last year.

Some central agencies and 11 provincial-level localities recorded a disbursement rate of over 50pc. Meanwhile, 41 of the 51 ministries and central agencies, and 18 of the 63 localities, saw a rate below the nationwide average of 34.47pc.

PM Chinh said the disbursement of public investment is a difficult task, so it has been continually prioritised by the Government.

Over the last five years, the seven-month disbursement rate often stood at around 35 - 40pc. It was relatively high in 2020 and 2021. But this year, apart from medium-term investment capital, funding for the socio-economic recovery and development programme also needs to be disbursed.

Therefore, strong determination, efforts, and actions are required, he stressed.

He demanded ministers, heads of sectors, and chairpersons of provincial-level People’s Committees to promote their role and sense of responsibility towards the work.

The PM assigned duties to ministries, sectors and localities, noting that after the meeting, the Government will issue a resolution on boosting the disbursement, as well as the national target programmes on poverty reduction, new-style countryside building, and socio-economic development in ethnic minority and mountainous areas.

Public investment to offer backbone for infrastructure With the economy gradually bouncing back, Vietnam will continue speeding up the disbursement of public investment this year, with a focus placed on infrastructure development in order to spur on economic growth this year and beyond.

Hanoi: disbursement of public investment up 6.2 percent in February Hanoi disbursed some 2.2 trillion VND (96.44 million USD) worth of investment sourced from the State budget in February, equivalent to 66.5 percent of last month’s figure, but an increase of 6.2 percent year-on-year, the municipal Statistics Office reported.

Government sets up six working groups to boost public investment disbursement Prime Minister Pham Minh Chinh signed Decision No.548/QD-TTg on May 2 establishing six working groups to solve problems related to the disbursement of public investment.

Tackling slowing public investment for good of nation A large proportion of public investment capital in the first four months of this year has not yet been assigned following detailed plans. The capital is aggregated from the central and local budgets and its assignment falls under the responsibility of ministries, sectors, and localities. However, the relatively slow disbursement was caused by poor forecasting and planning.