Ensure savings and prevent losses in disbursement of public investment

VCN - The practice of thrift and combating waste in the management and use of public investment is one of key tasks in the program of thrift practice and waste combat in 2024 of the Ministry of Finance.
Public investment - Expectations from key transportation projects Public investment - Expectations from key transportation projects
Public investment disbursement needs to be accelerated to boost growth: insiders Public investment disbursement needs to be accelerated to boost growth: insiders
Ensure savings and prevent losses in disbursement of public investment
The Ministry of Finance strengthens supervision, assessment and inspection during the implementation of public investment projects. Illustrative photo: Internet

Individualizing responsibilities of the leader

Currently, the disbursement rate of public investment has changed positively, bringing a large investment to the economy for the growth and development. In addition, ensuring the quality of works and projects, using public investment economically and effectively, preventing loss or waste of state budget... are always paid attention.

Therefore, the Ministry of Finance determines that the allocation and disbursement of public investment are key tasks in the practice of thrift and combating waste in 2024. Accordingly, the ministry’s plan assigns target for allocating public investment in 2024 to meet requirements of provisions of the Law on Public Investment, resolutions of the National Assembly, resolution of the National Assembly Standing Committee; and implements full payment of outstanding construction investment debt in accordance with the provisions of law.

According to the Ministry of Finance's report, as of the end of March, the total unallocated investment is VND25,654.7 billion, accounting for 3.9% of the target assigned by the Prime Minister.

Reasons for this issue are that the investment for new construction projects but investment procedures have not been completed; projects are allowed to extend the time for capital allocation to implement and complete.

The Ministry also sets targets for collecting the whole remaining advance capital in the Medium-term Public Investment Plan for 2021-2025; allocating sufficient capital for projects that have been completed and put into use before 2024…

The Ministry of Finance also tightens public investment discipline, strictly handle violations and obstacles that slow down investment assignment and allocation; individualizes the responsibility of the leader in case of slow implementation and disbursement associated with assessing the level of completion of assigned tasks...

Promoting digitization, information transparency and strengthening supervision

To effectively implement the targets, the Ministry of Finance has provided solution groups. Accordingly, during the implementation of public investment projects and disbursement of public investment, units need to promptly report to competent authorities on documents and regulations that are still obstacles in the reality for handling.

The Ministry of Finance requires units to improve the quality of investment project preparation, select experienced, qualified and potential consultants to minimize the adjustment of ongoing projects, causing the loss of time and slow investment disbursement. The ministry also requests units to promote the digitalization of the process of allocating public investment, make estimates, implement accounting and implement finalization of public budget, control public investment; modernize management for public investment such as connecting information, programs, reporting, and sharing data between relevant agencies.

The Ministry of Finance said it will publicize information and promote supervision, assessment and inspection during the implementation of public investment projects, remove difficulties and obstacles for projects to boost capital disbursement, ensure quality and progress of projects, and prevent waste and loss. The ministry will propose the competent authority to adjust and transfer capital plans of projects and works that are not implemented on schedule for projects and works that have fast implementation progress but still lack capital.

The Ministry will focus on arranging capital plans for urgent projects; strictly handle investors, project management boards, organizations and individuals who intentionally cause difficulties, hinder or slow down the assignment and allocation of public investment; promptly replace officers who do not meet requirements on qualification and have negative behaviors handle violations in public investment management.

Units and investors under the Ministry of Finance must prepare well and select projects that have completed construction investment procedures so that when the capital plan is allocated, the project can be implemented; encourage and create conditions for design and construction solutions that apply advanced technology, save energy and limit emissions, contributing to sustainable development and environmental protection... The Ministry of Finance also directs units apply appropriate bidding methods; focus on directing and immediately handling projects that use public capital for wasteful and ineffective investment, and handle responsibilities of relevant organizations and individuals.

According to the annual report on Vietnam's economy and trade published by the University of Commerce, experts have recommended that to support economic growth, it is necessary to strictly manage state budget expenditures and strengthen savings, improve the efficiency of management, allocation and use of state budget; restructure public investment spending; arrange resources on important and urgent tasks and national projects..., thereby striving to achieve higher public investment disbursement than the previous year, and minimizing resource transfer.
By Hoai Anh/Ngoc Loan

Related News

Completely resolve problems and accelerate public investment disbursement

Completely resolve problems and accelerate public investment disbursement

VCN - In the first 4 months of 2024, the disbursement of public investment capital reached 17.46% of the plan assigned by the Prime Minister, higher than 15.65% in the same period last year. However, to further speed up this work, the Ministry of Finance believed that it needed to urgently overcome problems that have existed for a long time, especially in key projects.
"Creativity in revenue collection to achieve set goals in difficult contexts"

"Creativity in revenue collection to achieve set goals in difficult contexts"

VCN - The Ministry of Finance held an online briefing conference to evaluate the implementation of financial and budget work in April and deploy the work program for May 2024. Minister of Finance Ho Duc Phoc chaired the conference.
Fiscal policy is expanded and flexible to promote economic growth 2024

Fiscal policy is expanded and flexible to promote economic growth 2024

VCN - Recently, the Ministry of Finance has proactively researched, proposed, and submitted to competent authorities as well as issued financial support policies for the economy, with a total of about VND700 trillion. This is a particularly important resource that contributes to promoting the economic recovery process after the pandemic. According to experts, in 2024, flexible and prudent fiscal policy will continue to be the foundation for the economy.
Six localities should expedite site clearance and public investment

Six localities should expedite site clearance and public investment

VCN – Six provinces of Binh Thuan, Gia Lai, Dong Nai, Binh Duong, Binh Phuoc and Tay Ninh have disbursement rates lower than the average rate of the country in the first three months of the year, the Ministry of Finance reports.

Latest News

The State Treasury focuses on solutions to ensure revenue, expenditure and budget management

The State Treasury focuses on solutions to ensure revenue, expenditure and budget management

VCN - In the first months of 2024, the State Treasury (SBV) has actively implemented many solutions in state budget revenue and expenditure as well as flexible and safe management of the budget.
Minister of Finance: Efforts to increase revenue without affecting "health" of businesses

Minister of Finance: Efforts to increase revenue without affecting "health" of businesses

VCN - Minister of Finance Ho Duc Phoc stated that the Ministry of Finance has tried to find every solution to revenue without affecting the financial health and production and business of enterprises.
Banks to offer more shares to foreign investors

Banks to offer more shares to foreign investors

Many banks are planning to sell shares to foreign investors with the aim of attracting more diverse capital and enhancing competitiveness.
Publicize and clarify responsibilities in delaying final settlement of public investment capital for completed projects

Publicize and clarify responsibilities in delaying final settlement of public investment capital for completed projects

VCN - The Ministry of Finance publicly announced the final settlement of public investment capital for completed projects in 2023 of ministries, central agencies, corporations, state corporations, and People's Committees of provinces and centrally run cities. In particular, the Ministry of Finance requires applying sanctions to individuals and units that have not yet finalized public investment capital for completed projects.

More News

Improve Tax law compliance by enhancing information collection and analysis

Improve Tax law compliance by enhancing information collection and analysis

VCN – Determining information collection as key role, over the past time, the Tax industry has implemented many information collection solutions.
VND83,000 billion of State budget 2023 saved in 2023

VND83,000 billion of State budget 2023 saved in 2023

VCN - In 2023, the management of state budget expenditure was implemented proactively and strictly according to estimates, ensuring correct policies and regimes, thoroughly saving regular expenditures, and cutting down on unnecessary and slow spending tasks.
Banks promote online lending services

Banks promote online lending services

Banks are strongly stepping up online lending services via digital channels.
Complete tax compliance management for business households and individuals

Complete tax compliance management for business households and individuals

VCN - Facing with the situation where there are still businesses hiding in the shadow of business households or business households with revenue of hundreds of billions of dong using many invoices to increase input costs, the General Department of Taxation said it would strengthen management to reduce fraud and tax evasion for individuals and business households.
Companies unveil M&A plans across multiple sectors at shareholders

Companies unveil M&A plans across multiple sectors at shareholders' meetings

The current General Meeting of Shareholders (AGM) season has revealed notable M&A plans by companies, encompassing various industries including agriculture, food, automobile design and real estate.
How did many banks

How did many banks' profits surge in Q1 2024?

VCN - The business results for Q1 2024 of commercial banks showed positive growth, with some banks experiencing up to 165% growth. Despite low credit growth, the banks' growth stemmed from other types of business and services.
New regulations in Circular 24/2024/TT-BTC aim to build streamlined and effective accounting apparatus

New regulations in Circular 24/2024/TT-BTC aim to build streamlined and effective accounting apparatus

VCN - Circular No. 24/2024/TT-BTC that provides guidelines for public sector accounting will take effect from January 1, 2025 and will be applied from fiscal year 2025, will have regulations to meet requirements of streamlined and effective accounting apparatus.
A series of solutions to improve administrative reform results in the Finance sector

A series of solutions to improve administrative reform results in the Finance sector

VCN - According to recently announced results, the Ministry of Finance is in the group of 3 leading ministries and ministerial-level agencies in the Administrative Reform Index 2023. However, some component criteria of the Ministry of Finance are still ranked at the lower level. To overcome this, the Finance sector proposed many synchronous and key solutions.
After six consecutive increase years, tax revenue from real estate transfer plunges

After six consecutive increase years, tax revenue from real estate transfer plunges

VCN – In 2023, real estate market was in extremely difficult time, purchasing power and liquidation had a sharp decline and there was a lack of cash flow, the amount of personal income tax (PIT) from real estate transfer activities plunged.
Read More

Your care

Latest Most read
The State Treasury focuses on solutions to ensure revenue, expenditure and budget management

The State Treasury focuses on solutions to ensure revenue, expenditure and budget management

In the first months of 2024, the State Treasury (SBV) has actively implemented many solutions in state budget revenue and expenditure as well as flexible and safe management of the budget.
Minister of Finance: Efforts to increase revenue without affecting "health" of businesses

Minister of Finance: Efforts to increase revenue without affecting "health" of businesses

VCN - Minister of Finance Ho Duc Phoc stated that the Ministry of Finance has tried to find every solution to revenue without affecting the financial health and production and business of enterprises.
Banks to offer more shares to foreign investors

Banks to offer more shares to foreign investors

Many banks are planning to sell shares to foreign investors with the aim of attracting more diverse capital and enhancing competitiveness.
Publicize and clarify responsibilities in delaying final settlement of public investment capital for completed projects

Publicize and clarify responsibilities in delaying final settlement of public investment capital for completed projects

VCN - The Ministry of Finance publicly announced the final settlement of public investment capital for completed projects in 2023 of ministries, central agencies, corporations, state corporations, and People's Committees of provinces and centrally run cit
Improve Tax law compliance by enhancing information collection and analysis

Improve Tax law compliance by enhancing information collection and analysis

VCN - Over the past time, the General Department of Taxation has implemented many methods for information collection such as collecting information from tax management data of Tax authority; gathering information under coordination regulations between Tax
Mobile Version