Focusing on completing projects and works, creating a driving force for economic growth in 2023

	Vietnam wants private sector to become driving force for economic growth
	Public investment disbursement acceleration helps promote economic growth
	What do we see from the picture of economic growth in the first quarter of 5 cities directly under the Central Government?

Recently, component projects Mai Son-QL45, Phan Thiet-DauGiay at Phan Thiet intersection, Ham Kiem commune, Ham Thuan Nam district, BinhThuan province have been officially opened to traffic, contributing to creating an important driving force for social economic development. Photo: Ministry of Transport.

Public investment plays a key role

Urging and speeding up the completion of major projects has far-reaching and pervasive impacts on all production activities, goods circulation as well as inter-provincial and inter-regional connections such as arterial roads, irrigation works, energy projects.

The completed projects will contribute to increase service capacity for the economy, helping production units reduce costs, save time and improve efficiency.

In addition, projects and works in service of logistics, transportation, telecommunications, and tourism activities, which are being implemented by businesses in many economic sectors, when they are completed and put into use, they will be implementedto increase production and business capacity of enterprises, at the same time contribute to strengthening the country's infrastructure andhelp our country's economy grow rapidly and sustainably.

Nguyen Minh Cuong, chief economist of the Asian Development Bank (ADB), said that in the context that Vietnam is "struggling" in the current congestion of the capital market, public investment plays a key role. If public investment is disbursed, it will boost economic growth and reduce the capital burden on the banking system and money market.

With a huge amount of public investment to be disbursed in 2023 (nearly US $ 30 billion), if Vietnam is to fully disburse, public investment will create a strong breakthrough for economic growth, contributing about 1% of GDP.

According to data from the General Statistics Office, in the first four months of 2023, many large and important projects have been completed across the country, enhancing production capacity for the economy in both the short and long term.

Specifically, the transport industry has completed many important traffic routes, expressways belonging to the East North-South Expressway project such as: Mai Son - National Highway 45 (NinhBinh), Thanh Hoa) 63.37 km long; Phan Thiet - DauGiay expressway (Dong Nai, BinhThuan) is 99 km long; completing Viet Lao port (wharf 3) Vung Ang port (Ha Tinh) with a capacity of 45 million tons/year.

The power generation industry has completed eight power plant projects and put them into operation and exploitation with a total capacity of 1348 MW. Among them, the highlight is Thai Binh 2 thermal power plant with a capacity of 1,200 MW.

Clearing the "blocks"

It is expected that in the remaining two months of the second quarter of 2023, a number of large projects in the processing and manufacturing industry will be completed to create new capacity for industrial production. In addition, a number of large projects of public investment capital are also being actively implemented such as Long Thanh airport project (Dong Nai) by the end of April 2023, reaching 62.5% of the workload of leveling stage; Cam Lam - Vinh Hao expressway (NinhThuan, BinhThuan) achieved 46% of the construction volume; Dien Chau - Bai Vot expressway (Nghe An, Ha Tinh) achieved 32% of the construction volume; Ben Luc - Long Thanh expressway (Dong Nai) achieved 82% of the construction volume.

In order to complete public investment projects as planned and support enterprises to invest, expand production and business, and create a driving force for economic growth, the Statistics of Industry and Construction (GSO) said that it is necessary to focus on perfecting the legal system governing all public investment project activities from investment preparation, project implementation, to complete finalization of handing over and putting into use in the fields of land, environmental protection, bidding, construction, natural resources and minerals, etc. because a slow stage will affect the entire project, affecting the whole project.

At the same time, there are policies to stabilize raw material prices and stable energy prices; simplify administrative procedures to support businesses that are facing difficulties in the process of expanding production, complete procedural requirements in building factories; prioritize the development of hi-tech and industrial parks based on modern technology and equipment to attract investment in expanding production and business of enterprises.

In addition, ministries and branches need to continue to research and have effective solutions to handle bottlenecks and bottlenecks in land, administrative and institutional procedures to accelerate the disbursement of public investment capital.