Chairing the third nationwide conference on public investment promotion in 2025, the PM pointed out certain problems during the application of the two-tier local administration model, shortcomings in project preparation, repeated adjustments to investment policies, delays due to officials' avoidance of responsibility, and lax coordination among agencies.
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Prime Minister Pham Minh Chinh chairs this year's third nationwide conference on public investment promotion. |
He emphasized that in the context of intertwined opportunities and challenges, ministries, sectors, agencies, and localities must stay steadfast in keeping macro-economic stability, controlling inflation, promoting growth, and guaranteeing major economic balances.
The urgent requirement is to accelerate public investment with greater determination and efficiency, enhance its quality, and prevent corruption, misconduct, and wastefulness. Public investment should serve as a key driver of growth, acting as seed capital to catalyze and mobilize all social resources, thereby fostering economic expansion, creating jobs and livelihoods, and improving the material and spiritual well-being of the people, he went on.
PM Pham Minh Chinh ordered agencies to urgently review and categorize projects by disbursement progress, set out monthly and quarterly schedules, and allocate the 38.4 trillion VND (1.45 billion USD) already assigned by the Government. Capital from slow-moving projects must be reallocated to those with strong disbursement capacity, while underperforming project investors, management boards, and contractors will face strict handling.
He also instructed ministries and localities to expedite site clearance, increase legal guidance, promptly report issues beyond their authority, and enhance the role of the PM’s working groups tasked with removing bottlenecks and promoting growth.
According to the Ministry of Finance, as of August 31, total disbursement nationwide reached 409.17 trillion VND, equal to 46.3% of the target set by the PM, higher than the 40.4% recorded in the same period last year. Central budget disbursement was 32.2% while local budget disbursement stood at 58.3%.
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The Provincial Road 702 project, funded by public investment and connecting Bac Son commune of Khanh Hoa province with National Highway 1A, is nearing completion. |
Eight ministries and central agencies, along with 22 localities, posted disbursement rates equal to or higher than the national average. Ho Chi Minh City (46.5%), Ninh Binh (90.1%), and Thai Nguyen (80.6%) were among those reporting higher-than-average rates. They also shared lessons and solutions to ensure all allocated funds are fully disbursed in 2025.
Source: VNA