31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Investment / News
Vietnam allocates US$120 billion for public investment in 2021-25 period
Ngoc Thuy 13:39, 2021/03/12
The state fund would first be channeled to major infrastructure projects that serve as a boost for socio-economic development and lay the foundation for the economic growth in the next five-year period.

The Vietnamese government would allocate VND2,750 trillion (US$119.3 billion) for public investment during the 2021-25 period, in which VND1,380 trillion (US$59.85 billion) are from the central government’s budget, and the rest from provincial budgets.

 Prime Minister Nguyen Xuan Phuc at the meeting. Photo: Quang Hieu

Prime Minister Nguyen Xuan Phuc revealed the figure at a government meeting discussing the allocation of mid-term public investment fund for the 2021-25 period on March 11.

“Mid-term public investment plan for the 2021-25 period plays a key role in ensuring the country’s comprehensive development in terms of economy, society, defense and security,” Phuc said.

Given the limited financial resources at disposal, the PM urged ministries, provinces/cities to continue mobilize additional investment capital for infrastructure development via the official development assistance (ODA), public-private partnership, and provincial budget.

“The  state fund will be prioritized for financing major infrastructure projects that serve as a boost for socio-economic development and lay the foundation for the economic growth in the next five-year period, including coastal roads, ring roads surrounding major economic and urban zones, regional expressway, digital infrastructure, science and technology,” Phuc added.

“In addition to economic infrastructure, priority should also be given to socio-cultural projects, including the construction of large-scale hospital,” Phuc noted, saying there should be a balance in investment activities between different regions.

The PM requested the Ministry of Planning and Investment to finalize the plan and submit to the government for approval before March 20, while ministries, provinces/cities should review the list of projects set to be included in the mid-term investment plan.

Under Vietnam’s development strategy for the next 10 years, state budget would be used to help attract investment capital from other economic components for socio-economic development.

The government would not finance projects which could be invested with private resources.

RELATED NEWS
TAG: Vietnam infrastructure socio-economic development Public investment mid-term plan Nguyen Xuan Phuc
Other news
14:38, 2022/38/02
FPT Software and Singapore’s NCS jointly develop technology center
This is the 3rd strategic technology center of NCS in Asia.
17:11, 2022/11/29
Actual FDI to Vietnam raises by 10% to US$12 billion in seven months
Singapore continued to be Vietnam’s largest investor during the seven months with $4.3 billion, or 27.7% of the total newly registered FDI projects.
09:34, 2022/34/10
Vietnamese Gov’t eyes construction of Tan Son Nhat Airport’s new terminal in Q3
The investment capital for the new terminal is estimated at VND11 trillion (US$470 million) for a capacity of 20 million passengers per year.
13:21, 2022/21/10
Economic cooperation - a highlight of Vietnam-Oman relationship
This year marks the celebration of the 30th anniversary of diplomatic relations between Việt Nam and Oman.
19:44, 2022/44/08
JBIC prioritizes partnership with Vietnam
304 JBIC-funded projects in the fields of energy and supply chain development have been effective and have contributed to promoting green growth in Vietnam.
22:22, 2022/22/19
Vietnam and India open new direct flights
The operations of six new air routes will facilitate Vietnamese passengers' travel to places of pilgrimage in India and Indian citizens visiting Vietnam.