Public investment has a spillover effect on the development of sectors in the economic sector.

(MPI) - Sharing with the press about the disbursement of public investment capital in the first months of 2024, Deputy Minister of Planning and Investment Tran Quoc Phuong emphasized that investment is one of the important driving forces for growth. In particular, public investment is always of interest, because this is a part of the Government's spending, which can be proactive in terms of policy to promote growth. Public investment also has a spillover effect on the development of other sectors in the economic sector.

Deputy Minister of Planning and Investment Tran Quoc Phuong.

In recent years, the Government has paid great attention and taken specific actions in directing and promoting the disbursement of public investment capital. The results show that in recent years, the disbursement rate of public investment capital has continuously improved. Most specifically, in 2023, a special year with a very large amount of public investment disbursement capital, the rate reached nearly 95%. This is a very impressive figure, we can be satisfied with the set target.

Entering 2024, the demand for growth drivers will increase more strongly and faster; including public investment. Right from the beginning of the year, the Prime Minister has given very strong instructions on strengthening solutions to promote disbursement of public investment capital. Accordingly, in the first 3 months of the year, a large amount of capital was disbursed, more than 80,000 billion VND, reaching a rate of more than 13.7%; much higher than the rate of the same period last year in both relative and absolute terms (the same period last year reached more than 10%).

2023 is the year with the highest amount of public investment capital ever, and the amount of capital to be disbursed in 2024 is about 100,000 billion VND lower. However, the special point in the first 3 months of 2024 is that the absolute amount of public investment disbursement is higher than the same period last year. The reason for this result shows that the solutions that the Government and the Prime Minister have proposed are comprehensive in all fields, promoting practical effectiveness, and are of great significance in promoting the disbursement of public investment capital.

Firstly, the institution has many reforms and innovations, especially new mechanisms, specific mechanisms, submitted to competent authorities, submitted to the National Assembly for promulgation in recent times to apply to large-scale and important projects.

Second, the direction and administration work in recent years that the Government has applied and implemented very drastically. From 5 working groups to urge the disbursement of public investment, there are now 26 groups, headed by ministers and members of the Government, to urge all solutions, including public investment. In addition, there are many Resolutions, directions, and directives of the Government and the Prime Minister to organize and synchronously implement solutions in direction and administration.

Third, the most important solutions are the self-awareness and determination of the organizing units, ministries, and localities in organizing and implementing the construction works. “We see the working atmosphere at the construction site and we are often familiar with the saying that the Prime Minister often says, “Working in 3 shifts and 4 teams”, “Overcoming the sun and rain”… Almost all common obstacles for construction sites have solutions to overcome, to do the construction as quickly, as well as possible and achieve the highest volume, from which we can see that the disbursed capital will increase accordingly. This is a very important factor”, the Deputy Minister shared.

Finally, there are solutions for smooth coordination between central and local agencies in handling situations. In public investment, there are situations that arise during the implementation process such as project adjustments, changes in policy mechanisms or solutions... Obviously, one agency cannot do it, there must be smooth coordination from the central to local levels.

The Deputy Minister said that in each current solution, each change and adjustment has specific and clear regulations and those procedures must be implemented. The most important thing is to be quick so that we can ensure that the public investment process is not interrupted.

Sharing about the solutions to be implemented in the coming time to achieve the goal of achieving a disbursement rate of 95%, Deputy Minister Tran Quoc Phuong said that this is a difficult task and not at all simple. In reports submitted to the Government, the Ministry of Planning and Investment always summarizes the causes and lessons learned to have further actions and solutions in the coming time.

According to Deputy Minister Tran Quoc Phuong, although there have been many lessons learned and to achieve the goal of disbursing all public investment capital, in addition to the four solutions mentioned above, another solution must be added, which is the issue of handling situations arising for projects, especially large projects.

Currently, the National Assembly has a supreme supervision delegation on the implementation of important national projects whose investment policies have been decided by the National Assembly. These are very large-scale projects with a large amount of investment capital. However, during the implementation process, it is inevitable that there will be situations arising from the site clearance stage, compensation procedures for people, etc. Or adjustments arising in the survey and exploration, project design, which give rise to factors that were not yet available when the project was approved.

“All such situations need to be dealt with quickly, because if these actions are not taken quickly, the project will be stalled, discontinuous and interrupted, and the disbursement progress will be affected,” the Deputy Minister emphasized.

The Deputy Minister also expressed concern about the lack of capital at the end of the year, because if the situation continues to be good. At the same time, he said that this is also the situation that the Ministry of Planning and Investment has reported to the Prime Minister about the ability to forecast this year and 2025 for the actual amount of capital that can be disbursed compared to the total limit of the medium-term public investment plan. According to estimates, this year we may lack more than 100,000 billion VND. To deal with this situation, the Ministry is conducting research according to the general policy of mobilizing all resources to supplement the disbursement of public investment capital.

Sharing more about this issue, the Deputy Minister emphasized that if a capital shortage occurs, there is a solution to harmonize the public investment plan, because there are places with shortages and places with surpluses, and it is clear that it must be transferred to the places with shortages so that all the money can be disbursed, and that it is not allowed to "hold on to money, not to keep money without doing anything. Therefore, the adjustment and harmonization of the plan is a very important step," said the Deputy Minister.

Thoroughly implementing the Prime Minister's directive to start early and from afar, the Ministry of Planning and Investment has reported to the Prime Minister on the policy of reviewing the 2024 plan right now to detect, record, and synthesize to prepare surplus capital and transfer it for disbursement.

Deputy Minister Tran Quoc Phuong said that the surplus capital is not necessarily much, but mainly focuses on the unallocated capital; find out the reason why it has not been fully allocated and if it cannot be allocated, it must be transferred to another place, this is the story of managing the plan. At the same time, he emphasized that this year will be the year of adjusting the plan many times, to ensure that money is transferred back and forth from places with surplus to places with shortage in a very balanced manner./.

Tung Linh

Ministry of Planning and Investment

Source: https://www.mpi.gov.vn/portal/Pages/2024-5-14/Minister-Tran-Quoc-Phuong-Dau-tu-cong-tac-dong-ldsqm1b.aspx