Deputy Prime Minister Vuong Dinh Hue recently requested that ministries, sectors, and localities speed up the allocation of public investment, amid the slow disbursement of public investment in the first two months of 2019.
Deputy Prime Minister Vuong Dinh Hue speaks at a meeting with representatives from the working group of the Government (Source: VNA)
According to a plan approved by the National Assembly, 416 trillion VND (18 billion USD) will be spent on development investment in 2019. To date, Prime Minister Nguyen Xuan Phuc has allocated 355.6 trillion VND to different projects.
Of the total allocated capital, disbursement during the January-February period reached 4.52 percent, 2.31 times higher than that of the same period last year, but still at a low level.
Therefore, the Deputy PM urged ministries, sectors, and localities to steer investors to quickly complete procedures to speed up disbursement and construction.
They were required to strictly follow the Government’s Resolution No.70 on main tasks and measures to speed up capital disbursement, including sending monthly reports on the implementation process to relevant ministries.
Over the past three years, procedure-related regulations of the 2014 Public Investment Law have resulted in slow investment disbursement, affecting the progress of projects and the nation’s economic growth.
The disbursement of public investment in 2018 reached 263.6 trillion VND, meeting just 66 percent of the National Assembly’s target. VNA