Public investment disbursement likely to hit record high in 2023

An intersection of Van Don expressway connecting to Mong Cai International Border Gate in Quang Ninh province. (Photo: VNA)

The disbursement of public investment in 2023 was projected to reach 95% of the plan, equivalent to nearly 676 trillion VND (over 27 billion USD), marking the record high so far, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.

Public investment has been mainly allocated to key projects, which generate development momentum and foster regional connectivity.

A substantial amount of capital has been injected into the economy, helping to further foster the socio-economic development of the country, Phuong said.

According to Decision No. 1603/QD-TTg dated December 11, 2023 by the Prime Minister, heads of ministries, sectors and localities were requested to enhance discipline in disbursing and using public investment capital in 2024, and strengthen inspection and supervision of the performance of duties by relevant inpiduals and units.

Nearly 580 trillion VND was disbursed as of December 31, 2023, equivalent to over 73% of the set plan, and over 81% of the plan assigned by the PM. Ministries, sectors and localities with high disbursement rates included the State Bank of Vietnam, the Ministry of Transport, the Ministry of National Defence, and the provinces of Quang Ngai, Long An, Dong Thap, and Ca Mau.

According to Dr. Nguyen Dinh Cung, former Director of the Central Institute for Economic Management (CIEM), public investment has continued to play a dominant role as traditional motivations such as exports, are weakening, and consumption growth is no longer experiencing a breakthrough as seen at the time after the COVID-19 pandemic.

The disbursement of public investment in 2023 has significantly contributed to developing comprehensive infrastructure, particularly in accelerating the progress of key national and inter-regional transport projects and major urban infrastructure works.

The transport sector successfully completed and put into operation 475 km of expressways, raising the total length of expressways across the country to 1,892 km. As many as 12 North-South expressway sub-projects, three East-West axial expressways, two ring roads, and others were commenced in the year.

In the aviation sector, new passenger terminals at Phu Bai International Airport and Dien Bien airport became operational in the year, while the construction of passenger terminal T3 at Tan Son Nhat International Airport was kicked start, and the progress and quality of Long Thanh International Airport project has been ensured./.