Government urges faster public investment disbursement

06:00 | 18/11/2021 Economy

(VEN) - Public investment disbursement is considered one of the key tasks for the final months of 2021 in order to foster growth and realize the government’s dual goal of fighting the Covid-19 pandemic and promoting socioeconomic development.

government urges faster public investment disbursement
Accelerating public investment disbursement is an urgent task to stimulate aggregate demand and economic growth

Low disbursement rate

According to the Government Office, as of October 31, only 55.8 percent of the annual investment target was disbursed, lower than the 67.2 percent in the same period last year.

To reach the highest possible disbursement rate, the Government Office sent Official Telegram 7776/CD-VPCP to ministers, heads of ministerial-level and government-attached agencies, and chairs of the people’s committees of centrally-run cities and provinces, stressing the need to urgently and effectively implement government resolutions on public investment disbursement in 2021. The official document also states that public investment disbursement is one of the key tasks for the final months of 2021.

Although the Covid-19 pandemic is basically under control, Vietnam is forecast to keep experiencing socioeconomic challenges. Therefore, the government has requested heads of ministries, departments and central and local agencies to further raise their sense of responsibility and improve their leadership role, review and handle bottlenecks to ensure the progress of public investment disbursement and strengthen supervision to avoid corruption and violations.

Overcoming difficulties

The Prime Minister’s Special Working Group also met with local officials to discuss how best to overcome difficulties in project implementation. Hanoi underlined the problems related to project preparation, appraisal, approval and estimates, and proposed solutions to overcome difficulties.

Nguyen Hong Duong, director of the Quang Ninh Department of Planning and Investment, pointed to difficulties in approving investment policy of all projects in order to put them into the five-year medium term plan at the beginning of the plan.

Some problems related to project implementation were handled at the meetings between the working group and localities, while the remaining issues were summarized to report to the prime minister.

Deputy Minister of Planning and Investment Tran Duy Dong said overcoming difficulties in the implementation of public investment projects will help free up resources for the economy and support economic growth in the final months of the year. The problems and recommendations of localities related to public investment disbursement will continue to be studied in order to seek the best solutions.

To reach the highest possible disbursement rate, Prime Minister Pham Minh Chinh requested ministries, departments and central and local agencies to focus on effectively implementing Covid-19 prevention and control measures in order to facilitate the implementation of public investment projects.

Chu Huynh