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Gov't sets targets for public investment disbursement by year-end

VGP - The Government issued Resolution 124/NQ-CP, dated September 15, 2022 on measures and tasks to accelerate public investment disbursement in the rest of 2022.

September 16, 2022 1:58 PM GMT+7
Gov’t works to speed up public investment disbursement - Ảnh 1.

Illustration photo

The volume of public investment capital for 2022 totals VND542 trillion (over US$23 billion), 2.5 times higher than that in 2016 and an increase of VND110 trillion (US$4.7 billion) in comparison with 2021.

The above figure includes VND 222 trillion from central budget while the rest comes from local budget, according to the Ministry of Planning and Investment.

Under the resolution, the Government targets to achieve the disbursement rate of 95-100 of central capital and 100 percent of local capital. 

The Government also determines to disburse 50 percent of socio-economic recovery package by the year-end. 

To realize the above targets, the Government will scrutinize and perfect related mechanisms and policies. 

Specifically, the Ministry of Construction is in charge of eliminating administrative procedures that hinder disbursement of public investment capital, and overseeing prices of construction materials.  

The Ministry of Natural Resources and Environment will coordinate with relevant ministries, agencies and localities to inspect licensing of exploitation of construction materials.

Based on disbursement capacity, ministries, central agencies and localities can send written requests to the Ministry of Planning and Investment and the Ministry of Finance before September 25, 2022 to ask for more investment capital or reduction of the allocated volume of public investment capital.

In May, six working groups were founded to speed up the disbursement of public investment to create impetus for post-pandemic recovery.

This was a bold effort made after the disappointing results of public investment disbursement in the first months of this year, especially of foreign-sourced capital.

The Ministry of Finance reported that the disbursement of public investment was estimated at 18.48 percent in January - April, slightly lower than the rate of 18.65 percent of the same period last year.

The disbursed volume increased to 34.47 percent by the end of July, said the ministry./.