Ministry of Planning and Investment: Strive to Disburse Over 95% of Public Investment Capital in 2024

DNHN - One of the core tasks of the sector in 2024 is to strive to disburse over 95% of the public investment capital as assigned by the Prime Minister; continuing to use public investment capital as seed capital to attract investment from economic sectors.

The Minister of Planning and Investment, Nguyen Chi Dung, made this declaration during the "Conference on Concluding the Work of 2023 and Deploying Tasks for 2024," which took place early on January 11 in Hanoi.

The Minister states that to evaluate the medium-term public investment plan for the 2021–2025 period and to develop a plan for the 2026–2030 period in conjunction with the resolutions of the Politburo, the national master plan, and regional and local plans, the planning and investment sector will work in coordination with ministries, sectors, and localities.

The government will continue to allocate resources in the 2026–2030 timeframe to complete the construction of at least 5,000 km of motorways by 2030; connecting routes to complete the multi-modal transport network and boost national competitiveness; seaport systems; and railway infrastructure, particularly the implementation of the high-speed railway investment project on the North–South axis.

To promote the disbursement of public investment capital in 2023, the Ministry of Planning and Investment, as the state management agency for public investment, has issued seven telegrams and 13 documents urging ministries, central agencies, and localities to complete investment procedures for projects and allocate detailed plans for public investment capital in 2023. Simultaneously, it has steadfastly put into practice strategies to increase disbursement related to enhancing the management and utilisation of public investment capital, starting from the start of the year; these include routinely monitoring, overseeing, and fortifying discipline and order in the disbursement of public investment capital, as well as connecting the heads of agencies and units' accountability with the disbursement outcomes.

Notably, there have been numerous improvements in the public investment capital disbursement in 2023; both in absolute and relative terms, the monthly and quarterly disbursement results are consistently greater than over the same period. Additionally, working groups led by the prime minister, working delegations comprised of government officials, and working groups within communities have been established to push for and eliminate challenges and roadblocks, particularly in the execution of major infrastructure projects, particularly those involving motorways, coastal regions, and interregions.

As a result, public investment capital distribution has been progressing much more quickly each month, which is an important factor supporting economic growth. It is projected that the public investment capital disbursement rate will be roughly 95% in 2023, which is 3.58 percentage points higher than the 2022 rate of 91.42%.

The conference report states that in 2023, the Ministry of Planning and Investment diligently adhered to the Government's and the National Assembly's resolutions rigorously carried out the directives of the Prime Minister and the Government, and pro-actively offered advice and suggested procedures, mechanisms, and policies. The objectives are to eliminate obstacles, encourage business and production, hasten the release of public investment funds, guarantee social security, generate growth scenarios, grab recovery possibilities, and infuse new life into the nation's economic progress.

To actively advise the Government and the Prime Minister on appropriate development scenarios and response solutions to minimise negative impacts and achieve dual goals in socio-economic development, the Ministry of Planning and Investment promptly studied, monitored, assessed, and forecasted the situation in 2023.

The Ministry's suggested solutions are strong, targeted, adequately detailed, adaptable, and follow both immediate and long-term needs. As a result, it encourages the distribution of money from public investments, as well as innovation, digital transformation, regional connectivity, and company development. By doing this, it promotes sustainable development and green growth in the economy following the global green recovery process.

The Ministry has effectively advised the Government and the Prime Minister to study and implement measures to continue attracting high-quality FDI flows; promote the improvement of the investment and business environment to create favourable conditions, increase confidence, and inspire the entrepreneurial spirit, creativity, and mettle of businesses.

In addition, it keeps taking the initiative and working with ministries, businesses, and communities to define policies that support new economic models (such as the sharing, digital, nighttime, and circular economies) and the need for sustainable development after COVID-19.

T.H