Public investment spending up 1.8% in first 10 months of 2024

Data from the General Statistics Office indicates that ministries, sectors, and localities are accelerating the disbursement of public investment funds. Overall, public investment spending for the first ten months of 2024 is estimated at 64.3% of the yearly plan, up by 1.8% year-on-year.

In October alone, public investment spending was estimated at VND 68.4 trillion, marking a 1.5% increase year-on-year. This includes VND 12.3 trillion managed by central agencies, up by 7.9%, and VND 56.1 trillion managed by local authorities, up slightly by 0.2%.

Cumulatively, public investment spending reached an estimated VND 495.9 trillion by the end of October, achieving 64.3% of the yearly plan and showing a modest 1.8% increase compared to last year. For context, the same period in 2023 saw a stronger performance at 66.5% of the plan and a 24.6% rise.

Investment capital implemented from the state budget in 10 months of 2024 of some provinces and centrally run cities. Source: GSO.

Breaking down the numbers, central government-managed spending reached an estimated VND 87.2 trillion, or 70.1% of the plan, though this represents a slight decline of 0.2% from last year.

Local government spending, however, was more robust, estimated at VND 408.7 trillion, or 63.2% of the target, reflecting a 2.3% increase year-on-year.

Provincial-level capital reached nearly VND 274 trillion, meeting 60% of the target with a 1.1% increase, while district-level spending came in at VND 115.9 trillion, reaching 68.9% of the target and up by 4.8%. Commune-level spending reached VND 18.8 trillion, an impressive 85.8% of the target, and rose by 4.7%.