Public investment 2025: Sprint to overcome bottlenecks to preserve golden growth momentum

"'Seed capital' accelerates: Public investment disbursement reaches new record."

2025 is marked by the highest volume of public investment allocated ever, serving as a key "seed capital" to stimulate aggregate demand and maintain GDP growth amidst global economic uncertainty. After more than 10 months of implementation, the disbursement picture has shown many positive signs with encouraging figures, demonstrating the decisive involvement of the Government and relevant agencies.

According to the Ministry of Finance 's updated report, as of October 31, 2025, the whole country had disbursed VND 491,043.3 billion, reaching 54.4% of the plan assigned by the Prime Minister. This is a positive result, not only because it increased by 3.5 percentage points compared to the same period in 2024, but also because it corresponds to injecting nearly VND 145,000 billion into the economy. Notably, local budget capital achieved a high disbursement rate (68%), demonstrating the proactive approach of local authorities.

Đầu tư công 2025: Nước rút vượt điểm nghẽn để bảo toàn đà tăng trưởng vàng - Ảnh 1. — As of October 31, 2025, the whole country had disbursed 491,043.3 billion VND.

A prominent highlight in the disbursement "picture" is the group of ministries, sectors, and localities that achieved high disbursement rates, such as Hanoi , Ho Chi Minh City, Quang Ninh, and Hai Phong... This is clear evidence of the effectiveness of proactive and decisive leadership and management, and the acceleration of administrative reform, decentralization, and delegation of power, which has effectively boosted capital circulation.

According to the Ministry of Finance leadership, this positive result is thanks to the consistent and decisive direction of the Government. Public investment has always been a central topic at regular meetings. The Prime Minister has held four online conferences, issued eight directives and telegrams, and sent working groups to localities to resolve difficulties for each project.

In particular, the improvement of mechanisms and policies has created a more open legal framework. Decree No. 254/2025/ND-CP is a groundbreaking step forward, significantly shortening the capital disbursement time to a maximum of only 2 working days, instead of 3 days, while also reducing the number of required documents by up to 33%.

Simultaneously, a series of key national projects have been accelerated and completed. In the past 10 months, the country has completed an additional 455 km of expressways, bringing the total length in operation to 2,476 km. It is expected that approximately 700 km more will be completed between now and the end of the year, aiming for 3,000 km of expressways by the end of 2025. Major projects such as the connecting road and Terminal 3 of Tan Son Nhat Airport, the expressway from Ca Mau to Dat Mui, and the acceleration of the North-South high-speed railway line have created a vibrant atmosphere and made a significant contribution to GDP growth targets.

Discussing this issue, Dr. Can Van Luc, Chief Economist of BIDV and Member of the Prime Minister's Policy Advisory Council, stated that disbursing public investment is not just about disbursing numbers, but also about freeing up resources, creating national assets, reducing logistics costs, and enhancing the competitiveness of the economy. A high disbursement rate, especially in local capital, demonstrates the proactive approach of leaders in using budgetary leverage to stimulate internal growth.

Accelerated disbursement: Removing bottlenecks and promoting the spread of capital.

Despite achieving many noteworthy results, overall, the disbursement of public investment capital remains slower than expected. As of the end of October, 411,000 billion VND remained undisbursed, creating immense pressure in the last two months of the year.

According to information from the Ministry of Finance, the cause of this delay stems from a number of subjective and objective factors, forming inherent "bottlenecks" that urgently need to be addressed. Specifically, the plans were not realistic, and some ministries, sectors, and localities planned for capital exceeding their implementation capacity, leading to more than 24 ministries and sectors and 10 localities having to request the return of central government budget funds, disrupting the overall plan.

Furthermore, land clearance continues to be the biggest bottleneck. Eighteen localities reported difficulties in determining land prices, negotiating compensation, and arranging resettlement. According to Associate Professor Tran Dinh Thien, former Director of the Vietnam Institute of Economics, land clearance is a matter of trust and consensus, requiring courage, transparency, and strong political determination from the leaders. Many projects have had to halt construction, and payment documents have accumulated.

Furthermore, the fear of making mistakes and the tendency to avoid responsibility also act as barriers. The capacity and responsibility of some investors, project management boards, and officials are limited. There is a phenomenon of fear of making mistakes, avoidance, and shirking responsibility, causing dossiers to drag on, requiring numerous revisions, and wasting time on appraisal and approval.

In 2025, the disbursement of public investment capital will not only be a fiscal target but also a "comprehensive test" of the operational capacity, governance, and leadership qualities of all levels of leadership. Successfully disbursing 100% of the planned capital will not only fulfill political objectives but also provide a significant boost, reduce logistics costs, and enhance national competitiveness.

Notably, one contributing factor is the impact of the administrative restructuring. The process of restructuring and transforming the two-tiered local government model, after more than four months of implementation, has caused confusion in many areas, requiring the consolidation of the administrative apparatus and personnel rearrangement, thus slowing down the disbursement of funds.

Furthermore, other contributing factors include the implementation of new laws such as the 2024 Land Law and the Construction Law, creating temporary gaps due to a lack of specific guidelines. This has resulted in some regulations regarding land valuation and adjustments to total investment not being consistent with reality; the scarcity of construction materials, coupled with sharp increases in land, sand, and stone prices, has driven up costs, forcing many projects to adjust their total investment; and natural disasters and extreme weather events have severely impacted construction sites, particularly key transportation infrastructure projects in the mountainous regions of Northern and Central Vietnam.

Đầu tư công 2025: Nước rút vượt điểm nghẽn để bảo toàn đà tăng trưởng vàng - Ảnh 3. — Public investment is the "main lever" for maintaining growth momentum.

The final stretch of 2025 is becoming a pivotal time for ministries, sectors, and localities to demonstrate their implementation capacity and sense of responsibility in promoting the disbursement of public investment capital. The goal of disbursing 100% of the planned capital is not simply about achieving a figure, but a test of the effectiveness of economic management, the ability to coordinate between different levels of government, and the extent to which policies have a ripple effect on recovery and growth. The Ministry of Finance and the Government clearly define public investment as the "main lever" to maintain growth momentum and as a measure of the competence and ethics of the public service team. In this context, the "six clear principles" – clear person, clear task, clear responsibility, clear authority, clear time, and clear results – become the guiding principle for action, closely linking disbursement results with emulation, reward, and disciplinary actions.

The spirit of "running and resolving simultaneously" is spreading strongly across localities. The restructuring of the administrative apparatus after mergers, and the placement of competent and capable officials, are considered the first steps to ensure the smooth operation of the two-tiered government model. Alongside this, land clearance continues to be a breakthrough. The government requires prioritizing sufficient funding for compensation and resettlement, while mobilizing the entire political system in propaganda and persuasion to gain public consensus and avoid projects being delayed due to land clearance. Synchronized coordination among all parties is considered a decisive factor in helping many key projects overcome bottlenecks, maintain progress, and ensure construction quality.

Simultaneously, bottlenecks regarding materials, ODA procedures, and the progress of key projects are being addressed through a series of concrete solutions. The issuance of Resolution 66.4/2025/NQ-CP is considered a "timely remedy," helping to unblock the supply of construction materials, especially sand, soil, and stone, for large-scale infrastructure projects. Projects such as the North-South Expressway and Long Thanh Airport are given absolute priority, from bidding and contract signing to completing legal documentation. With a comprehensive, transparent, and decisive approach, the disbursement target is not just a matter of capital, but also a manifestation of the leadership's capabilities, of a spirit of integrity, efficiency, and accountability, contributing to affirming the image of a modern, decisive public administration committed to sustainable growth.

Comment (0)