"Sprint race" to disburse public investment

VCN - Economic growth in 2020 is looking at the disbursement of public investment capital when remaining motivation is facing many difficulties. However, with disbursement results not as expected, the Government has used tough and drastic messages to solve this problem. More than ever, the drastic and bold decisions of heads are needed, but also risk prevention mechanisms for breakthrough decisions in public investment disbursement.
sprint race to disburse public investment High determination of disbursing 100% of public investment capital
sprint race to disburse public investment Impatient with the speed of disbursed public investment capital
sprint race to disburse public investment PM urges resolution to bottlenecks in public investment disbursement
sprint race to disburse public investment
HCM City strives to disburse 80% of the capital plan by October 2020 and more than95% of the disbursement in 2020. Source: Internet

Use "strong measures" to accelerate disbursement

According to the Ministry of Planning and Investment, by the end of June 2020, public investment capital has disbursed nearly VND 160 trillion, 33.9% of the plan. Minister of Planning and Investment Nguyen Chi Dung said that although all levels, sectors and localities have drastically directed to accelerate disbursement of public investment, the disbursed capital increased compared to the same period in 2019, but the rate of disbursements for the first six months was still low compared to requirements. Notably, data provided by the Ministry of Planning and Investment show that there are three ministries, central agencies and nine localities with disbursement ratios of more than50%, such as Nghe An, Thai Binh, Hung Yen and NinhBinh.PhuTho, BacNinh, Ha Nam, Lao Cai and Tien Giang as well. A total 33 ministries, central agencies and three localities have disbursement rate below 20%, in particular, there are seven ministries and central agencies where the disbursement rate reaches below 5%.

Impatient with low disbursement results, at an online briefing session between the Government Standing Committee and localities nationwide on disbursement of public investment capital on July 16, it was required to disburse 100% of the capital. Public investment in 2020, Prime Minister Nguyen XuanPhuc emphasised, must clearly assign responsibility to the head and direct officers to hope for a change in the situation and at the same time request the Chairmen of the People's Committee of Ministers, provinces and cities must have a specific and concise action plan with strong action in disbursing public investment. Every two weeks, there must be a report on disbursement and inspection. Notably, disbursement of capital from ministries, branches and localities that cannot be disbursed to focus on works and projects capable of disbursement will also be implemented by the Government from August. Right after this meeting, the Prime Minister decided to set up seven delegations to inspect, urge and remove difficulties and obstacles for production and business, accelerate disbursement of public investment capital (including ODA) in 2020 in several ministries, agencies and localities, which are led by the Prime Minister, Deputy Prime Ministers and a number of ministers.

Along with the determination of the Government, many localities have shown strong determination in this issue. Dong Nai People's Committee at a meeting with the Prime Minister recently committed to ensure disbursement of more than 95% of public investment capital in 2020 of 226 projects and focus on implementing land acquisition, compensation and support for the resettlement of Long Thanh airport and the North - South highway project in the Phan Thiet–Dau Giay section, the goal of handing over the priority area ground (more than 1,800 ha) for phase 1 of the Long Thanh airport project in October 2020.

The economic leader in HCM City has also applied many strong measures to promote disbursement of public investment. Determining disbursement of public investment as the central political task of 2020, on July 15, HCM City disbursed VND 18,836 billion, reaching 45.18% of the assigned capital plan, higher in price,absolute value and disbursement rate over the same period. Sharing experiences on the monthly field inspection of projects, listening to reports and removing difficulties at the construction site, Nguyen ThanhPhong, Chairman of HCM City People's Committee, confirmed he would focus on directing the work regularly disbursement of public investment, striving to meet 80% of the capital plan by October 2020 and more than 95% of the disbursement in 2020. If the disbursement rate is low, the emulation task will not be considered for completion in 2020 and no additional income will be given to the head and relevant project owner.

Risk prevention mechanisms needed for groundbreaking decisions

In the north, NinhBinh is a typical example of disbursement of public investment since it has disbursed about 72% of public investment capital of about VND 3,000 billion. Committing to complete 100% public investment disbursement this year, maybe even getting there by October, Dinh Van Dien, Chairman of NinhBinh People's Committee, said the solution of the province is to soon complete the procedures of the projects, focusing on clearance work in the direction of attaching responsibility of the Chairmen of the district and city People's Committee. The People's Committee and People's Council willmeet regularly to decide issues within their authority.

Regarding the urgency for projects to be completed on schedule, Ha Noi said it is determined to speed up progress, completing projects such as the investment project to expand the three-lane ring road of Mai Dich - Thang Long Bridge, a project to build a flyover at the intersection of Hoang Quoc Viet - Nguyen Van Huyen in October 2020. Starting from May 2018, the investment project to expand the ring road of three sections of the Mai Dich - Thang Long bridge has now been completed by 90%, this is one of the key transport works, when completed, will contribute to it is important to connect the elevated belt road 3 from Phap Van to Thang Long bridge, shorten the travel time from the inner city to NoiBai airport, to northern mountainous provinces and vice versa.

According to Assoc. Dr. Nguyen KhacQuocBao (Ho Chi Minh City University of Economics), to accelerate the disbursement of public investment, it is necessary to have breakthrough solutions, localities must even dare to "break rules" in some situations to disburse the public investment capital. "The saying’against economic recession like fighting against the enemy’by the Minister of Planning and Investment is an approach suggestion, which means that we must continue wartime-style thinking, characterized by quickness and daring, especially based on the assertiveness and responsibility of the commander, "Bao said. But in the opposite direction, Assoc. Dr. Nguyen Khac Quoc Bao said that in order for a sector or local commander to make breakthrough decisions now to overcome institutional and legal barriers to accelerate the ground clearance and disburse public investment capital without having to fear the issue of accountability, the necessary solution is to create a mechanism to prevent decision-making risks for industry and local commanders. The proposal to set up a"Steering Committee against the economic recession", headed by the Prime Minister, could be a feasible suggestion.

“The steering committee acts as an economic rescue command in the fight against recession, needs to make timely decisions or directives that break through or give commanders on the battlefield the special tools to turn around local situations and barriers. But at the same time, it is also necessary to protect them from risks and investigate responsibilities if the objective factors change adversely,” Assoc. Dr. Nguyen Bao recommended.

sprint race to disburse public investment It is necessary to implement drastic measures to ensure the goal of disbursement of foreign loans

VCN - This year is the final year of the medium-term public investment plan period 2016-2020. The remaining ...

Earlier, at a seminar of the Central Institute for Economic Management (CIEM), Nguyen Anh Duong, Head of Integrated Research Department (CIEM) also emphasized that to promote growth, it is necessary to utilize resources more effectively in promoting public investment, by changing the mindset and habits in using state resources towards stronger, responsible and more effective. Accordingly, for the US$30 billion to be disbursed this year is not only on the plan, it should be "less fear of responsibility" in disbursing public investment capital and actively remove difficulties in the process to ensure public investment resources are used in the fastest and most effective manner.

By HoaiAnh/ HuuTuc

Related News

Strengthening the financial “health” of state-owned enterprises

Strengthening the financial “health” of state-owned enterprises

VCN - The state economy plays a key role in the socio-economic development process, but it is necessary to strengthen the financial health and competitiveness of state-owned enterprises (SOEs).
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.
“New path” for small and micro enterprises to access capital

“New path” for small and micro enterprises to access capital

VCN - Small and micro enterprises and business households are often classified as high-risk, so banks are not interested in granting credit. Therefore, improving efficiency and promoting the application of technology for financial inclusion is the way for these enterprises to access capital.
Removing many bottlenecks in regular spending to purchase assets and equipment

Removing many bottlenecks in regular spending to purchase assets and equipment

VCN - Decree No. 138/2024/ND-CP, which has just been issued, is expected to contribute to resolving bottlenecks in allocating funds for purchasing assets and equipment; renovating, upgrading, expanding, and constructing new construction items in projects that have been invested in and constructed in the past.

Latest News

Agricultural, forestry and fishery trade surplus value shoots up

Agricultural, forestry and fishery trade surplus value shoots up

VCN - According to the Ministry of Agriculture and Rural Development, the total export turnover of agricultural, forestry and fishery products in the first 10 months reached 51.74 billion USD, up 20.2% over the same period in 2023. Notably, the trade surplus value recorded a spectacular increase year on year.
New export and business cooperation opportunities from "dual conversion"

New export and business cooperation opportunities from "dual conversion"

VCN - According to a recent study from NielsenIQ, 16% of Vietnamese consumers consider a sustainable future as one of the important factors in their consumption decisions.
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - As one of Vietnam's strong export industries to the UK, especially when the Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) comes into effect, with a detailed information approach strategy, it has created a great driving force to promote the export of Vietnamese seafood products to this market.

More News

Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

VCN - By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN – In recent years, with the rapid development of cross-border e-commerce (CBEC) platforms, domestic enterprises in Vietnam have been facing numerous difficulties and challenges.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Shrimp exports surge in 10 months, generating 3.2 billion USD

Shrimp exports surge in 10 months, generating 3.2 billion USD

Vietnam’s shrimp exports in October reached US$394 million, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

VCN - By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

VCN - The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.
What obstacles limit the market share of Vietnamese goods in the UK?

What obstacles limit the market share of Vietnamese goods in the UK?

VCN - Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
Why seafood exports to some Middle Eastern Countries are stalled

Why seafood exports to some Middle Eastern Countries are stalled

VCN - Several shipments of seafood exported to certain Middle Eastern countries have been delayed due to legal challenges related to consular legalization procedures. This has created significant bottlenecks in accessing these markets.
Storm No. 3 destroys profits of many insurance companies

Storm No. 3 destroys profits of many insurance companies

VCN - Due to the impact of storm No. 3, the business results of the third quarter and the first 9 months of 2024 of the insurance sector have been significantly affected. This requires more efforts from businesses for the results of the whole year 2024.
Read More

Your care

Latest Most read
Agricultural, forestry and fishery trade surplus value shoots up

Agricultural, forestry and fishery trade surplus value shoots up

VCN - According to the Ministry of Agriculture and Rural Development, the total export turnover of agricultural, forestry and fishery products in the first 10 months reached 51.74 billion USD, up 20.2% over the same period in 2023. Notably, the trade surp
New export and business cooperation opportunities from "dual conversion"

New export and business cooperation opportunities from "dual conversion"

According to a recent study from NielsenIQ, 16% of Vietnamese consumers consider a sustainable future as one of the important factors in their consumption decisions.
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - Mr. Nguyen Hoai Nam, Deputy General Secretary, Vietnam Association of Seafood Exporters and Producers (VASEP), said that the advantage that UKVFTA brings is that the main products of the seafood industry enjoy 0% import tax to the UK, especially key
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Mobile Version