State Treasury accelerates the disbursement of investment capital in the last months of 2018

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As of 31st July 2018, the accumulated investment capital disbursed in 2018 via the State Treasury is estimated at VND 135. 11 billion

According to the State Treasury, over the past time, under the drastic direction by the Government and Ministry of Finance, the State Treasury has urgently requested and comprehensively implemented solutions to accelerate the disbursement of capital construction investment in 2018. However, the rate of capital construction investment that is controlled and paid via the State Treasury is lower than the same period in 2017.

As of 31st July 2018, the accumulated investment capital disbursed in 2018 via the State Treasury is estimated at VND 135. 11 billion (accounting for 35.7% of the plan).

Of which, the disbursement of capital resources allocated by the Government was VND 133,820 billion, only reaching 35.6% of the plan. Specifically, the disbursement of capital construction investment was VND 110,455 billion (reaching 37.2% of the plan), the disbursement of the Government bonds capital was VND 7.020 billion (accounting for 17.6% of the plan); the disbursement of target program and national target program was VND 16,344.6 billion (reaching 41.3% of the plan).

Thus, in order to continuously strengthen financial rules and disciplines and enhance responsibility of Treasury units’ leaders in performing their tasks and accelerating the disbursement of public investment capital in the last months on 2018, the General Director of the State Treasury issued Directive 3933/CT-KBNN dated 14th August 2017, requesting leaders of units under the State Treasury, directors of provincial and municipal State Treasury to direct and implement works to accelerate the disbursement of investment capital in the last months of the year.

Specifically, the General Director of the State Treasury has requested units at all levels to closely follow directions of the Government and Ministry of Finance and closely coordinate with investors to continuously implement the Government’s Resolution 70/NQ-CP dated 3rd August 2017, on tasks and solutions to accelerate the implementation of disbursement of investment capital and Resolutions of the Government’s monthly meeting, and strive to disburse 100% of the plan for development investment capital assigned by the National Assembly and the Prime Minister.

In addition, based on the actual disbursement in each locality, to direct the State Treasury at all levels to take the initiative in coordinating with finance agencies in holding dialogue conferences with investors, thereby, understanding and removing inadequacies arising in the implementation and the disbursement of each project under their competencies. At the same time, summing up inadequacies beyond their competences and propose solutions and then report competent agencies for consideration and settlement.

Notably, the State Treasury has requested officers controlling expenditure to drastically implement assigned tasks, not to be overdue and omit their assigned tasks; not to delay any payment dossier at the State Treasury without reasons; not shirk responsibility and tasks. Always having a good attitude and enthusiastically servicing transactions with customers, and facilitating units. Closely checking documents and guiding units only once, absolutely not making units to have to move around a lot.

The State Treasury has also prohibited officers controlling expenditure from taking advantage of their positions to harass and seek profit upon handling issues related to units using budget and investors. At the same time, the State Treasury at all levels must strengthen the internal inspection on investment expenditure control, strictly handle officers and unit’s leader who violate on regulations and procedures on expenditure control.

Particularly, the State Treasury has requested the State Treasury at all levels to promote the task of administrative reform and implemented mode of expenditure control under the rule of "pre-payment and post-control" for multi-payment contracts. As per regulations of the Ministry of Finance and guidance of the State Treasury. At the same time, notifying investors and the project management boards on the mode of expenditure control of the State Treasury. By implementing this mode, the time of control and payment will be shortened to 1 working day since the date of receiving legible dossiers of the units.

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From now to the end of the year, the State Treasury at all levels need to take the initiative in urging investors and project management boards to expeditiously complete their dossiers within 4 days since the date their works have been accepted, and immediately implement the payment with the State Treasury and not to delay the payment until the end of the year.

At the same time, based on the decisions of competent authorities, the State Treasury at all levels shall urge investors to recover capital in advance and report in writing to the People's Committees at all levels in order to direct the investors to strictly implement, contributing to accelerating the disbursement of capital construction investment in 2018.