Hai Phong urged to accelerate public investment disbursement

15:11 | 27/04/2018 Investment

Deputy PM Vuong Dinh Hue has urged Hai Phong to accelerate the disbursement of public investment capital allocated to the northern port city in 2018, while meeting with the municipal leaders on April 24.

Deputy PM Vuong Dinh Hue inspects a road project in Hai Phong

According to Hai Phong Chairman Nguyen Van Tung, the city’s disbursements in the first quarter accounted for just 1.4 percent of the full-year target, significantly lower than the figures of 100 percent and 98 pct in 2016 and 2017 respectively.

However, the disbursement rate will reach 50 pct by the second quarter and 100 pct by the year-end, since the city’s 12 major projects will commence in May, Secretary Le Van Thanh said.

The nationwide rate of public disbursement was also only 9.4 pct in the first three months of 2018, official data showed.

Between 2016 and 2020, the total public investment capital allocated to Hai Phong amounts to more than VND66 trillion (US$2.9 billion).

Deputy PM Hue said that the slow disbursement of public investment in the first quarter will affect the macroeconomic situation because money mobilized from bond sales and official development cannot be spent.

He added that as a locality with rapid economic growth, Hai Phong’s effective disbursement of public investment will have a positive impact on the nation’s disbursement rate and economic development.

Theo NDO