PM sets target of disbursing at least 95% of public investment capital this year

Prime Minister Pham Minh Chinh urged the acceleration of public investment disbursement, striving to disburse at least around 676 trillion VND (27.8 billion USD) or 95% of the target this year while chairing an online meeting in Hanoi on November 27 between permanent Government members and ministries, agencies and localities. In the first 11 months of this year, nearly 461 trillion VND (19.2 billion USD) in public investment capital was disbursed, reaching 65.1% of the target, or 6.77% higher than the same period last year. Though the figure was better than last year, 41 ministries and centrally-run agencies along with 24 localities posted disbursement rates lower than the national average. PM Chinh said while there is just over one month left to conclude the fiscal year 2023, there is still a considerable amount of funding in need of disbursement, roughly 247 trillion VND (10.2 billion USD). He urged ministries, agencies and localities to elevate the spirit of overcoming difficulties to fulfil the new tar get of at least 95%. To achieve the goal, they were asked to follow the directives of the Party, State, National Assembly and Government leaders, the Government's resolutions regarding the work, which should be accompanied by ensuring the quality of projects and combating corruption and wastefulness. Ministries were assigned to remove difficulties, including those related to three national target programmes in order to strengthen inspection and supervision while urging investors, contractors and consultants to accelerate project progress. They were also responsible for thoroughly checking the project preparation, selecting projects for capital allocation, paying attention to the design, bidding, construction and payment procedures. Additionally, efforts must be intensified in administrative reform, application of information technology, and digital transformation in public investment. The Government leader also requested maintaining the activities of the Government's five working groups and the quarterly working session mechanism between Government members and localities. He emphasised the continuation of special working groups led by the Chairpersons of the People's Committees of provinces to promote public investment./. Source: Vietnam News Agency