Accelerating disbursement of public investment from early year

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The coastal road of Binh Dinh province, Cat Tien - My Thanh section funded by the public investment capital, has been inaugurated and put into use in 2023. Photo: The Government’s office.

Many cities and provinces achieved high disbursement rates

According to a report from the Ministry of Finance, in 2023, the spending for investment and development was equal to 79.8% of the estimate decided by the National Assembly, and 81.9% of the plan assigned by the Prime Minister, an increase of VND 144,000 billion (33%) year-on-year. This result shows the efforts of the Finance sector and ministries, central and local agencies in speeding up the disbursement of public investment, creating motivation for economic development.

For localities, there are different disbursement results, including localities seeing high level of disbursement and exceeding the set goals.

As in Binh Dinh, the disbursement value of public investment capital managed by the province until December 25, 2023 reached VND7,718.4 billion, surpassing1.15% of the capital plan assigned by the Prime Minister of VND7,630.6 billion. It is expected that by the end of the 2023 state budget year, Binh Dinh province will disburse 100% of the capital plan assigned by the Prime Minister.

Speaking at the conference summarizing financial and state budget work in 2023, implementing the tasks in 2024 of the Ministry of Finance, Mr. Nguyen Tu Cong Hoang, Vice Chairman of Binh Dinh Provincial People's Committee, said that the province has implemented strict spending estimates in compliance with legal regulations, while saving and preventing corruption and waste. In the implementation of development investment expenditure estimates, the province has been flexible in promptly spending for compensation, site clearance and resettlement costs, especially for key projects and works of the province.

In Bac Giang, the disbursement rate of the whole province in 2023 reached 96.8% of the plan, reported by the province. Mr. Phan The Tuan, Vice Chairman of Bac Giang Provincial People's Committee, said that the province identified the acceleration of the disbursement of public investment capital as one of the important tasks and solutions to promote economic growth. Therefore, the province has focused on removing bottlenecks, especially in administrative reform, infrastructure investment, site clearance, improving the quality of human resources associated with improving effectiveness and efficiency on the spirit of quickly solving all difficulties and obstacles.

Similarly, in Thua Thien Hue, the spending for development and investment reached VND5,346 billion VND, equal to 96.2% of the estimate; meeting the disbursement progress; the disbursement of loan capital alone only reached 78% of the estimate because some new projects are eligible for capital allocation in the last months of the year.

In Long An, by December 20, 2023, VND 8,981.2 billion the disbursement rate reached 91.22% of the plan. The province strives to end on January 31, 2024 to disburse 99% of the plan.

Estimated disbursement of public investment capital in Thai Nguyen province by the end of December 2023 reaches more than VND7,617 billion, equal to 96.9% of the capital plan assigned by the Prime Minister. Thai Nguyen province plans to disburse the remaining capital during the 2023 settlement period in January 2024.

Strive the disbursement rate higher than previous year

In Da Nang City, disbursement of capital construction investment reached 59.4% of the plan assigned by the People's Council at the beginning of the year. The city has strived to reach the highest level by January 31, 2024, in the spirit of direction of the Prime Minister in Directive No. 08/CT-TTg dated March 23, 2023. Therefore, Mr. Ho Ky Minh, Vice Chairman of the People's Committee of Da Nang City, said that the City's Finance sector will continue to drastically implement budget revenue and expenditure measures flexibly, strictly, proactively and closely to the estimates assigned by the Central Government and the City People's Council.

Also according to Mr. Ho Ky Minh, the city is proposing the Government to develop and submit to the National Assembly for promulgation a Resolution on amending and supplementing specific mechanisms and policies applicable to Da Nang city to solve problems and difficulties in piloting the urban authority model and in management decentralization to create conditions for accelerating socio-economic development according to Resolution 43-NQ/TW of the Politburo.

Meanwhile, the Vice Chairman of Binh Dinh Provincial People's Committee proposed that ministries and central agencies should pay attention and direct relevant agencies and units to continue reviewing and have practical solutions to create favorable conditions for businesses and real estate projects to access to preferential credits to create recovery momentum for the real estate market in the near future to create revenue for the local budget, thereby ensuring capital to implement projects and works in the province.

In 2024, regarding public investment spending, the Ministry of Finance requires ministries, central and local agencies to strictly control state budget expenditures according to estimates, policies, regimes, standards and regulations. The Ministry of Finance also requires focusing on detailed allocation and disbursement of public investment, especially key works and projects; promoting administrative reform IT application in processing public investment procedures; accelerating the disbursement from the first months of 2024, especially key and important national projects.

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The Ministry of Finance also proposes to strengthen decentralization of powers associated with improving the responsibility of leaders in deciding investment policies and project investment decisions; resolutely eliminate projects that are not really necessary, implement capital transfer to avoid spreading, wasteful, and ineffective investment; strive the disbursement rate higher than the previous year, minimizing the transfer of capital to the next year.