Vietnam’s ministries, agencies and localities need to disburse VND711 trillion ($29.9 billion) in public investment in the second half of 2023 to fulfil the annual target set by the government.
Deputy Minister of Planning and Investment Tran Quoc Phuong said at a monthly cabinet press conference in Hanoi Tuesday that as of June 30, public investment disbursement had only achieved 30.49% of the plan at VND216 billion ($9.09 billion).
However, this figure was still higher than the 27.75% disbursement recorded in the same period last year, he noted.
Phuong said the year-on-year increase showed a positive change in public investment disbursement that can be attributed to “drastic solutions taken by ministries, agencies and localities right from the beginning of the year”.
“Disbursing $29.9 billion in the last half of the year is a heavy task, requiring greater efforts and stronger measures. We must do our best to fulfill at least 95% of the plan assigned by the Prime Minister.”
The deputy minister noted that many major transport projects have been kicked off under the directions of PM Pham Minh Chinh. This was a good development because these projects will need a large amount of capital for site clearance, he added.
In addition, the National Assembly passed a resolution recently on removing difficulties for public investment disbursement and allowed continued allocation of medium-term capital to projects under the socio-economic development and recovery program. This will create conditions for more projects to be implemented from now until the end of the year, he said.
The parliament has also agreed on flexible utilization of capital for the national socio-economic development and recovery program including medium-term investment plan projects. This will further facilitate the public investment disbursement process, he added.
In February, Prime Minister Pham Minh Chinh required ministries, state agencies and localities to disburse 95% of the public investment target in 2023.
Amid complicated, fast and unpredictable developments in the global situation, one of the solutions to foster economy growth is to promote public investment, which is a driving force for development, he said.