According to the Ministry of Finance , the total public investment plan from the state budget for 2026, as assigned by the Prime Minister, is over 1 trillion VND, including over 363 billion VND from the central budget and over 650 billion VND from local budgets. Including both the increased local budget allocation and funds carried over from previous years, the total public investment for 2026 will reach over 1.1 trillion VND.
"Leverage" triggers growth.
As of the end of April, ministries, sectors, and localities had allocated and assigned detailed investment capital plans for 2026 to a list of tasks and projects totaling over 980 trillion VND; 14 ministries and sectors and 17 localities have yet to allocate detailed capital, totaling over 46 trillion VND, equivalent to 4.56% of the capital plan assigned by the Prime Minister .
Regarding the disbursement of public investment capital, the Ministry of Finance reported that as of April 30th, ministries, sectors, and localities had disbursed over 144 trillion VND, reaching 14.2% of the plan assigned by the Prime Minister. Eight ministries and sectors, and 16 localities achieved a disbursement rate above the national average, while 27 ministries and sectors still had lower disbursement rates. The main reason for the slow disbursement rate in many areas is the obstacles in land clearance.
Furthermore, the higher-than-expected prices of raw materials and the shortage of construction materials have caused many projects to incur additional costs, forcing contract adjustments. In addition, the inadequate capacity and responsibility of some investors, project management boards, and contractors; a lack of specialized personnel at the grassroots level; and limited quality of investment preparation have also led to adjustments or extensions of project implementation time.
According to the Ministry of Finance, the total public investment plan from the state budget for 2026, as assigned by the Prime Minister, is over 1 trillion VND, including over 363 billion VND from the central budget and over 650 billion VND from local budgets. Including both the increased local budget allocation and funds carried over from previous years, the total public investment for 2026 will reach over 1.1 trillion VND. |
Associate Professor, Dr. Ngo Tri Long, an economic expert from the Vietnam Financial Consulting Association, noted that, from a positive perspective, public investment capital has shown movement, with many projects and works starting to get underway after the preparation phase at the beginning of the year. However, given the high growth targets for 2026, the disbursement results mentioned above are still not reassuring. The situation of "capital waiting for projects" has decreased, but "projects waiting for land, procedures, and payment acceptance" remains a bottleneck that needs to be addressed more decisively.
“According to calculations, a 1% increase in public investment disbursement could impact GDP growth by approximately 0.058 percentage points. If all 1.1 trillion VND of planned capital for 2026 is disbursed, public investment could contribute 1.7 percentage points to GDP growth. In the context of an economy needing to maintain a strong recovery, every dollar of investment from the budget that is delayed carries a huge opportunity cost. Public investment must become the runway for the economy to take off. That runway already has resources, plans, and targets. The remaining issue is organizing implementation with discipline, transparency, responsibility, and efficiency,” the expert said.
Tighten enforcement discipline
Experience shows that with the same mechanisms and policies, areas where local Party committees and authorities are proactive, clearly assign tasks, regularly monitor progress, and directly address difficulties related to land, procedures, and construction materials will see better disbursement of funds.
From the beginning of the year, Hanoi City has identified public investment as the main driving force, a management tool, and a lever to activate double-digit growth. It has decisively directed the disbursement of public investment capital with a consistent management approach, implementing disbursement from the first months and quarters to maximize time utilization.
Key infrastructure projects such as Ring Road 1, Ring Road 2.5, regional connecting routes, and bridges over the Red River are always prioritized for accelerated land clearance, with construction carried out during peak periods, including holidays and nights.
Hanoi has also established a "Command Team for Disbursing Public Investment Capital," headed by the Chairman of the People's Committee of each commune and ward, to directly supervise and resolve difficulties arising at the grassroots level, while also requiring departments and agencies to promptly and definitively handle tasks within their jurisdiction…
Thanks to strong political determination and the implementation of comprehensive and decisive solutions, as of May 6th, Hanoi had disbursed over 36,200 billion VND in public investment capital, equivalent to 30.17% of the assigned plan, significantly higher than the national average.
"From Hanoi's experience, we can learn that the disbursement of public investment capital should not only be promoted through general documents but also organized as a specific operational campaign. If we only request speeding up progress without specifying who does what, when it will be completed, and how to handle delays, then disbursement can easily fall into a situation where it's slow at the beginning of the year, becomes urgent in the middle of the year, and then rushes at the end of the year," analyzed economist Ngo Tri Long.
To improve the quality of allocation and disbursement of 100% of public investment capital in the remaining quarters of 2026, the Government has assigned the Ministry of Finance to urgently research and develop a scoring system (KPI) for the performance of public investment capital disbursement tasks in ministries, sectors, and localities.
According to Deputy Minister of Finance Nguyen Duc Chi, the current legal mechanisms and policies related to public investment are synchronized and very favorable. If the implementation results are not good, it is due to limitations in the implementation process. For public investment projects that have been approved and allocated funds but cannot be disbursed or implemented effectively, when applying KPIs, relevant officials involved in the implementation process will be assessed as failing to complete their tasks or completing them at a low level.
Among the solutions to promote rapid and sustainable economic growth, the research group from the National Economics University mentioned the role of public investment in contributing to supporting, creating, and strongly promoting private investment and foreign direct investment.
The research team leader, Professor To Trung Thanh, stated that to fulfill this role, priority should be given to allocating capital to projects with high spillover effects to stimulate investment from various economic sectors, especially transportation infrastructure projects connecting key economic regions, industrial zones, and tourist areas. Once operational, these projects can strongly boost production and consumption, thereby providing significant support for the overall economic growth target.
The research group also proposed establishing a mechanism for independent monitoring and evaluation, and greater accountability for the allocation, implementation, and operation of public investment; promoting the digitalization of public investment management and applying big data and artificial intelligence in real-time project evaluation. With this innovation, public investment will not only be a financial tool but also become an institutional lever and a strategic filter for selecting development options with high added value, sustainability, and strong spillover effects in the economy.
According to nhandan.vn
Source: https://baodongthap.vn/duong-bang-cho-nen-kinh-te-cat-canh-a240860.html
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