Slow disbursement of investment capital: Problems do not come from the State Treasury

VCN- That was affirmation of  Nguyen Quang Vinh, Deputy General Director of the State Treasury at a press conference on expenditure controlon May 28.
slow disbursement of investment capital problems do not come from the state treasury Deputy PM requests stepping up public capital disbursement
slow disbursement of investment capital problems do not come from the state treasury Public investment disbursement low in four months
slow disbursement of investment capital problems do not come from the state treasury Deputy PM asks for quickening public investment disbursement
slow disbursement of investment capital problems do not come from the state treasury
The press conference. Photo: T.L

Promote the modernization of expenditure control

Speaking at the press conference, Deputy General Director of the State Treasury Nguyen QuangVinh said, the State Treasury has always been interested in administrative reform and modernization, in which modernization of expenditure control is always the top priority. The promotion of modernization of expenditure control involves more than 120,000 units, administrative and non-business units across the country.

Evaluating the administrative reforms in expenditure control, the Deputy General Director of the State Treasury stated that through the reform process, the expenditure control of the State Treasury has made significant changes which are summarized as "6 reductions, 8 automations and4 improvements.”

In detail the 6 "reductions" are: documents; papers; procedures; steps; payment control time; direct contact with customers. “Automation” in 8 stages of: receiving applications; control; accountant; payment; return of results; recordkeeping; report and compare. 4 "improvements" are: more transparent publicity; closer; more secure (only one time for data entry, no falsification of records); more effective.

According to Director of the Department of Expenditure Control of the State Treasury, Tran Manh Ha, to control regular expenditures of the state budget, the State Treasury has developed and submitted to competent authorities to complete the mechanism and process of controlling state spending through the State Treasury in the direction of simplicity, clarity, transparency in control documents, documents and contents, associated with clearly defining the responsibilities and powers of financial agencies, management units, State Treasury and units using state budget funds.

The State Treasury has controlled expenditure in accordance with the spending limit for small expenses of 20 million vnd or less (control under the List of vouchers) in order to control expenses by value, by risk, by allocated expenditure for state administrative agencies and public non-business units in accordance with the current legal documents.

The State Treasury has implemented online public services on the e-portal of the State Treasury since February 2018, contributing to the modernization of expenditure control.

For expenditure control in investment, payment control procedures have been reformed at the State Treasury to reduce the number of documents sent by investors and project management units. Moreover, the time for controlling and paying investment capital has reduced from 7 days to only 3 working days.

slow disbursement of investment capital problems do not come from the state treasury
Deputy director Nguyen QuangVinh speaks at the press conferences

Obstacles in Law

According to State Treasurystatistics, by May 15, 2019, the State Treasury has controlled over VND 289 trillion of regular spending (27.8% of the state budgetestimated). In particular, by May 15, 2019, in investment expenditure, the accumulated disbursed investment capital under the 2019 plan was more than VND 72 trillion (reaching 20.3% of the plan for 2019).

Explaining the low disbursement in the first months of 2019, according to Nguyen QuangVinh, the State Treasury did not encounter any difficulties because the current spending control process from the State Treasury was very clear.

"In the first months of the year, disbursement was low due todifferent reasons. Regarding the mechanism, the disbursement mechanism is inadequateand needs to be amended from the Investment Law, Construction Law... Regarding the process, the allocation of capital is still slow due to the investors and contractors. There are also problems due toland clearance under theLand Law. It is these things that contributed to low disbursement of public investment in the first months of the year”, said Nguyen QuangVinh.

The representative of the Department of Expenditure Control said that, in order to speed up the disbursement progress in 2019, the State Treasury directed its units to regularly coordinate closely and instructed themin completing documents, advance payment procedures, ensuring all eligible documents for payment of investment sent to the State Treasury by investors and project management unitsare completed in accordance withregulations and on time. At the same time, in order to urge investors, the Project Management Boards will speed up the implementation, check,take over, andcomplete the documents and procedures to send to the State Treasury to control payment, recover capital which has been advanced, and avoid accruement in the last months of the year which could cause difficulties in the expenditure control and disbursement.

The State Treasury has also controlled payment on the principle of "pay before control" for each payment and "control before pay" for the last payment of the contract, facilitating investors in disbursing capital construction investment.

By ThuyLinh/KieuOanh

Related News

Disbursement of public investment from foreign loans reaches 39.06% of the plan

Disbursement of public investment from foreign loans reaches 39.06% of the plan

VCN - At a conference held on December 3, 2024, to discuss the disbursement progress of public investment from foreign loans in the final months of the year, the Department of Debt Management and External Finance reported that ministries and agencies had disbursed over VND3.285 trillion. Notably, six ministries proposed returning a total of VND2.0924 trillion from the 2024 allocated budget.
Striving for revenue to rise by over 15% compared to assigned estimate

Striving for revenue to rise by over 15% compared to assigned estimate

VCN – At meeting on summarizing in financial budget October and deploying work program in November held by the Ministry of Finance on November 11, Deputy Minister of Finance Cao Anh Tuan requested to speed ​​up review budget work and quickly remove financial institutional bottlenecks.
Public investment spending up 1.8% in first 10 months of 2024

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

VCN - Public investment from Vietnam’s state budget saw steady growth in the first ten months of 2024, reaching 64.3% of the annual target—an increase of 1.8% compared to the same period last year.
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigned by the Prime Minister.

Latest News

Vietnam

Vietnam's stock market to develop strongly and sustainably

VCN - This was emphasized by Minister of Finance Nguyen Van Thang at the Conference to review the work of 2024 and deploy the work of 2025 of the State Securities Commission (SSC) held on the afternoon of December 18.
Tax sector achieves revenue target of about VND1.7 million billion

Tax sector achieves revenue target of about VND1.7 million billion

VCN – Motivated by the revenue collection by the end of December 2024, the General Department of Taxation has accomplished the revenue collection.
General inventory of public assets raises efficiency of use and management of country

General inventory of public assets raises efficiency of use and management of country's resources

VCN – The implementation of the General Inventory Project by the Ministry of Finance, ministries, central and local agencies has ensured progress according to Project 213 and the plan issued by the Ministry of Finance. This is the information provided by a representative of the Department of Public Asset Management (Ministry of Finance) at the press conference on the implementation of the General Inventory Project of public assets organized by the Ministry of Finance on the afternoon of December 18.
Publicizes progress of public investment disbursement for important national projects

Publicizes progress of public investment disbursement for important national projects

VCN – Important national projects, inter-regional transport projects, riverbank and coastal erosion treatment projects all have disbursement rates lower than the estimated average disbursement rate of the whole country, the Ministry of Finance said.

More News

Six SOEs to be transferred back to industry ministry

Six SOEs to be transferred back to industry ministry

Six State–owned enterprises (SOEs) with a total State stake of 800 trillion VND (31.5 billion USD) will be transferred back to the Ministry of Industry and Trade (MoIT) after six years under the management of the Commission for the Management of State Capital at Enterprises (CMSC).
PM urges stronger measures to manage interest rates

PM urges stronger measures to manage interest rates

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to proactively, flexibly, promptly, and effectively manage the monetary policy in combination with the expansionary fiscal policy and others.
Six SOEs to be transferred back to industry ministry

Six SOEs to be transferred back to industry ministry

Six State–owned enterprises (SOEs) with a total State stake of 800 trillion VND (31.5 billion USD) will be transferred back to the Ministry of Industry and Trade (MoIT) after six years under the management of the Commission for the Management of State Capital at Enterprises (CMSC).
Vietnamese products: Conquering foreign customers in supermarket systems

Vietnamese products: Conquering foreign customers in supermarket systems

VCN - According to the Ministry of Industry and Trade, the proportion of Vietnamese goods in distribution channels currently reaches more than 80% in supermarkets and 60% or more in traditional retail channels. For many retailers, Vietnamese goods have become a growth driver as they not only do business successfully in the domestic market but also export.
Answering many questions from businesses at dialogue conference on tax and customs policies

Answering many questions from businesses at dialogue conference on tax and customs policies

VCN - Many opinions and recommendations related to tax and customs issues were raised by the business community at the dialogue on tax and customs policies and administrative procedures in 2024, organized by the Ministry of Finance.Representatives of the Ministry of Finance, the General Department of Taxation, and the General Department of Customs provided specific responses, and affirmed that they will continue to research and advise on the assessment, review, and amendment and supplementation of appropriate regulations.
Enterprises face difficulties in tax refunds due to partners closing

Enterprises face difficulties in tax refunds due to partners closing

VCN - On December 13, at a dialogue conference on tax and customs policies and administrative procedures organized by the Ministry of Finance in coordination with the Vietnam Chamber of Commerce and Industry (VCCI), enterprises proposed solutions to many problems related to tax policies such as VAT refunds, tax declaration procedures, electronic invoices, etc.
Strengthen the management and use of electronic invoices for e-commerce

Strengthen the management and use of electronic invoices for e-commerce

VCN - Prime Minister Pham Minh Chinh requested ministries, branches and localities to strengthen the management and use of electronic invoices and improve the efficiency of tax collection for e-commerce.
Ministry of Finance proposes comprehensive amendments to the Personal Income Tax Law

Ministry of Finance proposes comprehensive amendments to the Personal Income Tax Law

VCN - The Ministry of Finance has just completed the proposal to draft the Personal Income Tax Law (PIT) and officially solicited public comments. By amending and supplementing nearly 90% of the total number of articles of the current PIT Law, the Ministry of Finance has submitted to the Government for permission to propose the draft PIT Law to replace the PIT policy system. The project is expected to be approved by the National Assembly in May 2026.
Expansionary fiscal policy halts decline, boosts aggregate demand

Expansionary fiscal policy halts decline, boosts aggregate demand

VCN - Customs News interviews Ms. Nguyen Thanh Nga, Deputy Director of the Institute for Financial Strategy and Policy (Ministry of Finance).
Read More

Your care

Latest Most read
Vietnam

Vietnam's stock market to develop strongly and sustainably

VCN - This was emphasized by Minister of Finance Nguyen Van Thang at the Conference to review the work of 2024 and deploy the work of 2025 of the State Securities Commission (SSC) held on the afternoon of December 18.
Tax sector achieves revenue target of about VND1.7 million billion

Tax sector achieves revenue target of about VND1.7 million billion

VCN - With the determination to accomplish the revenue collection to create resources for economic development under the Prime Minister's direction, the entire Tax sector has made efforts to perform the revenue collection in the last days of 2024.
General inventory of public assets raises efficiency of use and management of country

General inventory of public assets raises efficiency of use and management of country's resources

VCN – The implementation of the General Inventory Project by the Ministry of Finance, ministries, central and local agencies has ensured progress according to Project 213 and the plan issued by the Ministry of Finance. This is the information provided by
Publicizes progress of public investment disbursement for important national projects

Publicizes progress of public investment disbursement for important national projects

VCN - The Ministry of Finance has issued Document No. 13213/BTC-DT to publicize the progress of public investment disbursement of key national projects.
Six SOEs to be transferred back to industry ministry

Six SOEs to be transferred back to industry ministry

Six State–owned enterprises (SOEs) with a total State stake of 800 trillion VND (31.5 billion USD) will be transferred back to the Ministry of Industry and Trade (MoIT) after six years under the management of the Commission for the Management of State Capital at Enterprises (CMSC).
Mobile Version