Public investment disbursement acceleration helps promote economic growth

Prime Minister Pham Minh Chinh has requested ministries and sectors speed up administrative reform and disbursement of public investment, towards promoting economic activities to create jobs and livelihoods for people.

Addressing a recent conference to discuss measures to remove difficulties in implementing projects, he underlined the need to approve projects early, accelerate land clearance and construction, and provide enough construction materials for contractors.

According to the Ministry of Planning and Investment (MPI), in the first quarter of 2023, over 73.19 trillion VND (3.1 billion USD) was pumped into the economy, equivalent to 10.35% of the plan assigned by the Prime Minister, lower than the 11,88% in the same period last year.

Up to 30 ministries and centrally-run agencies have yet to disburse public investment while the remainder’s disbursement was below the national average, said MPI Minister Nguyen Chi Dung.

The slow disbursement was attributed to the incomplete investment procedures of some projects.

Experts said it is necessary to speed up public investment - the motivator for economic growth. They stressed that amidst the global decline in demand affecting Vietnam's exports, accelerating the disbursement of public investment is an important and effective solution to improve the competitiveness of the Vietnamese economy and boost growth.

Minister Dung requested ministries, sectors, and localities accelerate the detailed allocation of capital plans, and take measures to separate compensation and site clearance tasks from investment projects, thus speeding up the implementation of projects