With just over two months left to focus on disbursing public investment funds for 2024, while the resources that need to be disbursed are enormous, now is the time for ministries, sectors, and localities to race against time.
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| To accelerate the disbursement of public investment funds in 2024, the Ministry of Planning and Investment has emphasized a series of solutions. |
Racing against time
On the last working day of last week, Deputy Prime Minister Ho Duc Phoc chaired a meeting of Task Force No. 4 and Task Force No. 7 of the Prime Minister's Office to inspect, supervise, and resolve difficulties and obstacles, and promote the disbursement of public investment capital in 2024. Representatives from 26 relevant ministries, sectors, and localities attended this meeting.
Among the ministries, sectors, and localities belonging to these two task forces, many units have disbursement rates below the national average. Specifically, in Task Force No. 4, there are 5 ministries and 3 localities; while in Task Force No. 7, two provinces , Kon Tum (42.93%) and Lam Dong (38.37%), have disbursement rates lower than the national average.
The day before, Prime Minister Pham Minh Chinh personally conducted his third on-site inspection of the Dong Dang (Lang Son) – Tra Linh (Cao Bang) and Huu Nghi – Chi Lang (Lang Son province) expressway projects. The Prime Minister demanded that these two projects be completed by 2025, contributing to the opening of the expressway connecting Cao Bang to Ca Mau…
Meanwhile, Ho Chi Minh City, Da Nang, Hung Yen, and other cities are all rushing to disburse public investment funds in the final stretch. Ho Chi Minh City is one of the most concerning localities, as by the end of October 2024, the disbursement rate had only reached about 22% of the capital allocated by the Prime Minister, much lower than the planned target.
With a total allocated budget of over 79,263 billion VND for 2024, Ho Chi Minh City still has over 62,000 billion VND that needs to be disbursed in the next two months. This is a very large sum, making the target of disbursing 95% this year, which Chairman of the People's Committee of Ho Chi Minh City Phan Van Mai has repeatedly affirmed, a greater challenge than ever before.
To a better extent, Da Nang has disbursed 60% of its allocated budget by the beginning of November 2024, but the pressure remains significant. To achieve the 95% disbursement target, city leaders have continued to urge investors and project management units to accelerate construction on projects behind schedule. Meanwhile, the leaders of the City People's Committee and relevant departments and agencies are responsible for directing and expediting the disbursement process…
Thus, not only ministries, sectors, and localities, but even members of the Government are urgently accelerating the disbursement of public investment capital. The concern is considerable, as according to a report from the Ministry of Finance, in the first 10 months of 2024, the disbursement of public investment capital only reached 52.29% of the plan assigned by the Prime Minister, about 4 percentage points lower than the disbursement rate of the same period last year (56.7%).
Notably, 33 ministries and 22 localities still have disbursement rates below the national average for the first 10 months. Meanwhile, public investment disbursement is one of the key drivers for economic growth in the last quarter of the year to reach 7.4-7.6%, bringing the annual GDP growth target of 7% as set by the Government. In this final sprint, there is no room for further delay!
Remote preparation
At the same time that ministries, localities, and the Government were carrying out activities to promote the disbursement of public investment capital, the draft Law on Public Investment (amended) was brought up for discussion in the National Assembly. Many groundbreaking provisions were proposed, including stronger decentralization and delegation of power, reform of investment procedures, and improvements in investment preparation.
According to Deputy Minister of Planning and Investment Tran Quoc Phuong, this is a significant institutional breakthrough. Therefore, when the draft Law on Public Investment (amended) is passed, expected to be in the eighth session of the 15th National Assembly, the disbursement of public investment capital is expected to see a more positive change, starting next year. "Next year, when the Law comes into effect, some past obstacles and outstanding issues will be resolved," Deputy Minister Tran Quoc Phuong said.
Recently, the Prime Minister issued Official Dispatch No. 115/CĐ-TTg on resolutely implementing tasks and solutions to accelerate the disbursement of public investment capital in the remaining months of 2024. Accordingly, the Prime Minister requested ministries, central agencies, and localities to focus on implementing flexible, creative, timely, and effective measures and solutions; to be decisive and highly determined in directing and managing, clearly assigning responsibilities, tasks, timelines, and expected results; to strengthen discipline and order in the disbursement of public investment capital; and to pay attention to inspection and supervision, promptly resolving bottlenecks and obstacles in implementation. 
When difficulties and existing problems are resolved, and investment preparation is done better, disbursement will also improve. This is a rather challenging task, because in 2025, a significant amount of public investment capital will be allocated, approximately over 790,000 billion VND. This is also the final year of implementing the 2021-2025 Medium-Term Public Investment Plan; therefore, if disbursement is not accelerated from the beginning of the year, the pressure will be immense.
But before discussing the story of next year, to boost the disbursement of public investment capital in 2024, the Ministry of Planning and Investment has emphasized a series of solutions. These include strengthening discipline in public investment; quickly resolving difficulties and obstacles, including those related to construction materials; promoting the activities of the Prime Minister's task forces on urging the disbursement of public investment; and strengthening the accountability of heads of departments…
Speaking at a meeting with 26 localities belonging to Task Force No. 4 and Task Force No. 7, Deputy Prime Minister Ho Duc Phoc also emphasized that with only 45 days left until the end of 2024, achieving 95% of the committed capital disbursement requires tremendous effort, working day and night, with timely and strict procedures to prevent losses.
Referring to the important amendments to the Law on Public Investment, especially regarding decentralization and delegation of authority, Deputy Prime Minister Ho Duc Phoc stated that decentralization and delegation of authority in the spirit of "local authorities decide, local authorities do, local authorities are responsible" will create proactiveness, helping public investment projects to be completed early and to be effective.
However, along with decentralization and delegation of power, strict supervision is necessary. "When investing, localities must have a long-term vision, act quickly, decisively, and reliably, ensuring the quality of the projects and avoiding waste," Deputy Prime Minister Ho Duc Phoc emphasized.
Source: https://baodautu.vn/giai-ngan-dau-tu-cong-chay-dua-voi-thoi-gian-d230225.html
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