52% of State-funded projects in the 2021-2025 period put into use

VCN - Minister of Planning and Investment Nguyen Chi Dung assessed that public investment has promoted its leading role and acted as a bait capital to attract private investment, creating motivation for economic growth.
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The Minister of Planning and Investment presents the report to the National Assembly. Photo: Quochoi.vn
The Minister of Planning and Investment presents the report to the National Assembly. Photo: Quochoi. vn

Promote the leading role and act as bait to attract investment

On the afternoon of October 23, at the 6th Session of the XV National Assembly authorized by the Prime Minister, Minister of Planning and Investment Nguyen Chi Dung presented to the National Assembly the mid-term assessment of the implementation of the medium-term public investment plan for the 2021-2025 period.

According to the report, implementing Resolution No. 29/2021/QH15 of the National Assembly, based on the total capital and principles and criteria approved by the National Assembly and the National Assembly Standing Committee, the Government has assigned the medium-term public investment plan for ministries, central agencies, and localities, reaching about 90% of the total capital allocated by the National Assembly (VND2.72 million billion).

The remaining capital is VND190,049,202 billion, of which the central budget capital is VND 53,749,202 billion which has been transferred to the medium-term public investment plan reserve and the local budget capital is VND 137,000 billion.

The total annual public investment plan (from 2021 to 2023) decided by the National Assembly reaches 59% of the total medium-term public investment plan for the 2021-2025 period.

According to the Minister, the public investment structure shifting is associated with the process of restructuring the economy, promoting the restructuring of sectors and territories to ensure a reasonable correlation between socio-economic development and social security, among sectors, fields, localities, mountainous areas, border areas, islands, ethnic minority areas and other difficult areas. The development investment ratio of the whole society compared to GDP increased, and the investment scale from the state budget rose over the years.

Along with that, the investment efficiency of the entire economy increased, and the use of social investment capital and public investment capital improved. So far, 52% of State-funded projects in the 2021-2025 period put into use.

“Public investment has promoted its leading role, serving as bait capital to attract private investment, creating a driving force for economic growth, overcoming ineffective investment, contributing to improving investment efficiency in accordance with the goals and directions of the 5-year socio-economic development strategy and plan...", Minister Nguyen Chi Dung said.

In the first nine months of 2023, disbursement reached 51.38% of the plan assigned by the Prime Minister, higher than it in the same period last year (46.7 %).

Avoid waste in investments from foreign concessional loans

However, the Government's report also stated that the promulgation of policies and documents guiding the implementation of public investment projects in some cases is still slow, causing difficulties in the implementation; although the allocation of the medium-term public investment plan for the 2021-2025 period has improved, it is still slow, affecting project progress and capital use efficiency...

Regarding solutions in the coming period, the Minister said that the Government will mobilize maximum investment resources of the economy, focusing on ensuring state budget resources to arrange plans for 2024 and 2025 to meet the needs of remaining needs of the Medium-term Public Investment Plan for the 2021-2025 period.

At the same time, the Government will review and improve institutions, policies, and legal regulations on public investment and related laws to promptly remove difficulties and obstacles and improve the efficiency of public investment; prepare all the best conditions to complete investment procedures, focus on investment preparation, improve readiness, feasibility, and ability to implement the project; urgently allocate the entire medium-term public investment plan for the 2021-2025 period as a basis for implementing the annual investment plan

Presenting the Verification Report, the Chairman of the National Assembly's Finance and Budget Committee Le Quang Manh said that the medium-term public investment plan for the 2021-2025 period has been urgently implemented by the Government, ministries, central and local agencies. Policies for public investment continue to be improved, and the assignment to ministries, and central and local agencies continues to be strengthened. The Government has offered many solutions to speed up the annual disbursement of public investment capital, contributing to promoting economic growth and recovery.

However, for projects funded by ODA capital and foreign concessional loans, the Finance and Budget Committee said that the disbursement of ODA capital and foreign concessional loans is very slow; many projects had to be extended and failed to be completed and put into operation on time as expected.

Therefore, the Committee proposes the Government carefully review and comprehensively evaluate the reasonableness of mobilizing, allocating, and using ODA capital, avoiding waste and creating a burden of public debt.

Regarding the implementation of the medium-term public investment plan in the two remaining years, the Finance and Budget Committee said that, with the current central budget capital allocation, the slow allocation and delivery of medium-term and annual capital plans, the failure in balance of resources for public investment spending, so the requirement to balance capital resources in the remaining two years is quite large. In addition, disbursed capital for projects under the Socio-Economic Recovery and Development Program according to Resolution No.43 is very low, creating great pressure for capital allocation and disbursement.

Therefore, the effective central budget balance is extremely difficult in the remaining 2 years of the medium-term public investment plan while the leading role of the central budget is not guaranteed, revenue from equitization and divestment of State capital under the central budget is expected to have a large shortfall. Therefore, the Committee recommends that the Government carefully evaluate the capability to balance actual capital, and the disbursement situation in the past three years, and focus on allocating and adjusting capital for projects to accelerate the progress and improve the efficiency of using public investment capital.

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Regarding foreign capital investment plans, according to the Finance and Budget Committee, the Government should direct ministries and agencies to coordinate closely with loan donors to promptly remove difficulties and obstacles and accelerate disbursement progress. The Government needs to negotiate and reach an agreement with donors to harmonize donor regulations with domestic law and develop new loan methods, ensuring effective use of loan capital.

By Huong Diu/ Huyen Trang

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