Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Construction
Vietnamese Gov’t sets up task force to speed up public investment
Hai Yen 15:11, 2023/03/16
The Prime Minister has requested that at least 95% of 2003's public investment capital be disbursed.

The Government has set up five interdisciplinary working groups involving ministries, central agencies and local authorities to remove obstacles and accelerate the distribution of public investment funds by 2023.

 The Cat Linh - Ha Dong urban railway in Hanoi. Photo: Hai Linh

Prime Minister Pham Minh Chinh signed a directive on March 14 establishing five task forces to be led by Deputy Prime Ministers Le Minh Khai, Tran Hong Ha, and Tran Luu Quang, as well as Finance Minister Ho Duc Phuc and Minister of Planning and Investment Nguyen Chi Dung.

According to the directive, the task forces will investigate and remove obstacles to spending public investment funds in ministries, departments, and central and local agencies that have disbursement rates below the national average for this year.

They will analyze the causes of the obstacles encountered in the execution of public investment projects, especially those that use ODA and concessional loans from foreign donors in agencies under their supervision.

In the course of the inspections, the working groups will evaluate the effectiveness in the formulation and allocation of public investment plans charged to the State Budget for 2023 while examining the responsibilities of the heads of ministries, agencies, provinces, and cities regarding its performance in the disbursement of public funds.

Based on their findings, the five working groups will recommend solutions and report back to the Prime Minister to speed up the disbursement of public investment funds.

According to a report by the Ministry of Finance, the public investment capital outlay rate in the first two months of this year amounted to more than VND49.2 trillion ($2.08 billion), equivalent to more than 6,5% of the allocated capital plan. However, this figure represents a decrease of more than 2% compared to the same period last year and is 0.4% below the target set by the Prime Minister.

Provinces with disbursement rates above 10% are Dien Bien (23.44%), Tien Giang (21.04%), and Lam Dong (20.31%).

Over 90% of central agencies and ministries and 30% of localities have disbursement rates below 5%, and 44 central agencies and ministries have yet to disburse their capital plans. In addition, 26 central agencies and ministries and 50 localities have not yet allocated all of their public investment capital for the year.

This year's total public investment capital is more than VND711 trillion ($30.16 billion). The Prime Minister calls for at least 95% of this amount to be disbursed, or more than VND676 trillion ($28.7 billion).

Hanoi improves public investment performance

The government has allocated VND47 trillion ($2 billion) in public investment capital to Hanoi for 2023. As of March 2023, the city has disbursed about VND3.9 trillion ($165.4 million), accounting for 8% of the planned disbursement for the year, according to a report from the municipal Statistics Department.

There are 238 public investment projects underway in Hanoi in 2023, consisting of 219 transitional projects and 19 new projects. Most of these projects, accounting for 53.1% of the capital plan, are focused on the transport sector, with 96 projects. Key projects and works in the city are progressing at an urgent pace and on track to be completed on schedule, including Ring Road 4-Capital Region and Vinh Tuy Bridge Phase 2.

The districts and areas through which Ring Road No. 4 passes are actively participating in the project, with the aim of handing over at least 70% of the land to start construction in June 2023, with site clearance expected to be completed by December 2023.

In addition, the city is prioritizing investment in the construction and renovation of public schools, the improvement of the healthcare system, and the restoration and enhancement of cultural and historical monuments. The city budget is expected to invest more than VND49.2 trillion ($2.08 billion) in these efforts from 2022-2025 and beyond.

To accelerate the disbursement of public investment capital in 2023, the Hanoi People's Committee has released a plan to address shortcomings in the disbursement of the city's public investment capital.

This plan requires departments, agencies, localities, and investors to create specific spending plans and take full responsibility for the spending results of their units. Quarterly meetings will be held on essential construction across the city, and monthly meetings will be organized with each industry to quickly resolve any obstacles and problems that arise during the implementation process.

Hanoi is expected to transfer capital from projects that need to be faster in investment procedures and disbursement to projects faster.

TAG: hanoi public investment 2023 vietnam task force 2023 disbursement public funds prime minister pham minh chinh hanoi 2023
Other news
22:09, 2023/09/14
Vietnam welcomes Belt and Road cooperation and connectivity
The Vietnam-China friendship has recently witnessed positive developments under various frameworks for cooperation and connectivity between Vietnam and China in general and the Belt and Road Initiative in particular.
18:29, 2023/09/14
Apple’s supplier pours US$125 million into Hanoi high-tech project
The conglomerate will establish an R&D and supply chain complex to support Hanoi-based and Vietnamese companies participating in its global production chain.
22:06, 2023/09/06
Hanoi’s 2030 planning to focus on creating unique cultural space
It is imperative for Hanoi to establish unique urban areas dedicated to cultural development to effectively create a model city that is civilized, modern, and prosperous.
09:30, 2023/08/30
Hanoi earmarks US$30 million to build underground tunnel section Co Linh – Vinh Tuy Bridge
The project, with an estimated cost of VND500-700 billion ($20.6-29 million) would help alleviate congestion and minimize traffic issues upon the opening of the Vinh Tuy Bridge Phase 2.
22:43, 2023/08/23
Hanoi aims for urban reslience against climate change by 2030
The goal is to build and refine the urban governance model, thereby improving the efficiency of city management and the quality of urban life.
18:17, 2023/08/22
Hanoi, Ile-de-France Region (France) tighten urban planning cooperation
A delegation from Hanoi, led by the Deputy Secretary of the municipal Party Committee and Chairman of the city People's Council, Nguyen Ngoc Tuan, is on a visit to France between August 20 and 22.