PM urges faster public investment disbursement

Prime Minister Nguyen Xuan Phuc has urged localities nationwide to hasten the disbursement of more than VND633 trillion (nearly US$28 billion) of public investment this year.

PM urges faster public investment disbursement

A rendering of the proposed Long Thanh International Airport in the southern province of Dong Nai. — Photo courtesy of Airports Corporation of Vietnam 

Strict penalties will be imposed on leaders of localities and sectors which postpone disbursement and investment will be transferred from localities and sectors with slow disbursement to others which disburse investment faster, he said.

At a teleconference between the Government and localities on Thursday, PM Phuc said labourers are experiencing a tough time with many having their wages cut or losing their jobs due to the COVID-19 pandemic.

Social and State investment remains low and disbursement is slower than the plan. This is one of the primary reasons behind the slow growth of the national economy.

According to the Ministry of Planning and Investment, in the first half of this year, three ministries, State agencies and nine localities had a disbursement rate of more than 50 per cent.

The disbursement rate of 33 ministries and State agencies, as well as three localities, was below 20 per cent.

Among national key projects, the project retrieving land, compensation and resettlement support for Long Thanh International Airport had a disbursement rate of only 10.1 per cent in the first half.

The southern Dong Nai Province’s authorities will struggle to complete land clearance, land transfer and disburse all of the State budget allocation to meet dealines for the airport, according to the Ministry of Planning and Investment.

At the meeting, localities with slow disbursement rates were named and shamed, including Quang Tri, Tra Vinh, Khanh Hoa, Hoa Binh, Can Tho, Ninh Thuan, Dong Nai and Thai Nguyen.

 

He asked mass media to publicise the list of localities and sectors with good and slow investment disbursement.

“Public investment is key to helping the country overcome difficulties. According to the General Statistics Office, 1 per cent of investment contributes to increasing GDP by 0.06 per cent,” he said.

The Government leader told localities and sectors to solve unsettled capital, debts and accelerate procedure settlement to speed up investment disbursement.

Bureaucracy affects the progress of investment disbursement, especially land clearance, he said, asking State inspection teams and chairpersons of local people’s committees to step up inspections on disbursement and address difficulties in policies and procedures.

Noting that Ninh Binh Province holds People’s Council meeting every month to hasten investment disbursement instead of once every six months like many other localities, PM Phuc requested localities and sectors to update disbursement once every two weeks.

The Ministry of Planning and Investment was assigned to compile and submit to the Government a list of projects that need to be prioritised for capital for investment transferring plans.  VNS

Economists: speed up public investments

Economists: speed up public investments

If the huge capital for public investment can be brought into the economy, Vietnam would be able to save GDP growth.

The head must take responsibility for causing slow disbursement

The head must take responsibility for causing slow disbursement

National Assembly (NA) deputy Do Van Sinh, Permanent Member of NA Economic Committee, talks about the disbursement process for public investment projects this year.

 
 

Other News

.
E-commerce M&A activities ready to take centre stage
E-commerce M&A activities ready to take centre stage
BUSINESSicon  25/11/2020 

As brick and mortar shopping falls in popularity during the pandemic, online shopping platforms took have increased presence among Vietnamese consumers. 

Realty stocks are attractive: experts
Realty stocks are attractive: experts
BUSINESSicon  25/11/2020 

Though difficulties caused by COVID-19 were reflected in the business results of listed realty firms, experts are still optimistic about the market. ​

Banks to deduct tax payments from clients’ accounts
Banks to deduct tax payments from clients’ accounts
BUSINESSicon  25/11/2020 

Banks will be able to deduct the tax payments of suppliers based in foreign countries—that conduct e-commerce or digital transactions with organizations and individuals in Vietnam—from their bank accounts,

Vietnamese farmers sell farm produce via smartphones
Vietnamese farmers sell farm produce via smartphones
FEATUREicon  25/11/2020 

An eel farm of an older man brings turnover of nearly VND10 billion a year, and 99 percent orders are online. Another farmer sold 26 tons of rambutan by contract after putting goods on online sale.

Aviation industry awaits new bigger bailout
Aviation industry awaits new bigger bailout
FEATUREicon  25/11/2020 

Private airlines including Vietjet Air and Bamboo Airways struggling to survive are looking forward for a new support package to maintain their operations.

Black Friday: World under Covid-19 bans, but Vietnamese excited
Black Friday: World under Covid-19 bans, but Vietnamese excited
BUSINESSicon  24/11/2020 

Around the world, Black Friday this year may be very dim because of Covid-19 pandemic. But in Vietnam, people are enjoying the safety of a "new normal", squeezing together to buy discounted goods at shopping malls.

Vietnamese industrial market update – Rise of coastal industrial zones
Vietnamese industrial market update – Rise of coastal industrial zones
BUSINESSicon  24/11/2020 

The demand for industrial property at coastal regions is high, but the supply of industrial land ready to hand over in industrial zones in both regions was scarce.

Improved business environment is the key to FDI not tax and land incentives
Improved business environment is the key to FDI not tax and land incentives
BUSINESSicon  25/11/2020 

ASEAN countries need to choose between recovery based on wasteful competition for investment or coordination, cooperation, and joint hands to generate sustainable tax revenue to spend on health, education,

FDI possible in digital cross-border services
FDI possible in digital cross-border services
BUSINESSicon  24/11/2020 

With regional nations racing to lower their taxes in order to woo more investment, which may dent their coffers, creating feasible policies for collecting taxes is expected to help reach their goals of attracting more high-quality funding.

RCEP will not worsen trade deficit: ministry
RCEP will not worsen trade deficit: ministry
BUSINESSicon  24/11/2020 

The Regional Comprehensive Economic Partnership (RCEP) would not worsen the trade deficit Vietnam was running with signatory markets, according to the Ministry of Industry and Trade.

HCM City hopes to attract investment by allotting more lands in IPs, EPZs for infrastructure
HCM City hopes to attract investment by allotting more lands in IPs, EPZs for infrastructure
BUSINESSicon  24/11/2020 

HCM City authorities plan to offer competitive land rents and other incentives at industrial parks (IPs) and export processing zones (EPZs), and earmark more lands for building infrastructure to attract investment.

HCM City seeks ideas for underground space planning through international competitions
HCM City seeks ideas for underground space planning through international competitions
BUSINESSicon  24/11/2020 

The HCM City Department of Planning and Architecture has reported to the city People’s Committee on underground space planning and underground space management regulations.

RCEP will not make the trade deficit with China worse: MOIT
RCEP will not make the trade deficit with China worse: MOIT
FEATUREicon  24/11/2020 

Worries have been raised that RCEP will lead to a higher trade deficit with partners, especially China. But the Ministry of Industry and Trade (MOIT) doesn’t think so.

Lofty goals achievable through stable regulations
Lofty goals achievable through stable regulations
BUSINESSicon  25/11/2020 

The Ministry of Planning and Investment aims to have 15 Vietnamese private companies with market capitalisation of over $1 billion each by 2025, with that target increasing to 20 by 2030.

Preliminary decision on tyre exports flusters the market
Preliminary decision on tyre exports flusters the market
BUSINESSicon  24/11/2020 

The global demand for rubber and tyre products has been consistently increasing throughout the last decade, with Vietnam being one of the top suppliers of these items.

17th CAEXPO to benefit China-Vietnam cooperation
17th CAEXPO to benefit China-Vietnam cooperation
BUSINESSicon  23/11/2020 

China and Vietnam are friendly neighbors connected by mountains and rivers, and have achieved fruitful results in the sustained economic and trade cooperation. 

The path for digital business in Vietnam
The path for digital business in Vietnam
BUSINESSicon  26/11/2020 

Digital transformation is taking place across industries in Vietnam, with more enterprises succeeding in this journey. 

VIETNAM BUSINESS NEWS HEADLINES NOVEMBER 25
VIETNAM BUSINESS NEWS HEADLINES NOVEMBER 25
BUSINESSicon  25/11/2020 

State Bank Operations Centre adjusts down USD rate for first time in 2020

More M&A deals in the banking sector next year: local media
More M&A deals in the banking sector next year: local media
BUSINESSicon  23/11/2020 

Vietnam’s equity market may witness big merger and acquisition (M&A) deals in 2021 as local banks are trying to lure foreign capital on the country’s participation in international trade deals.

Office rental rates to fall by end of year: experts
Office rental rates to fall by end of year: experts
BUSINESSicon  23/11/2020 

Office rental rates will continue to drop while supply will be in the non-central business district areas in HCM City in the coming time, according to property research companies.

 
 
 
Leave your comment on an article

OR QUICK LOGIN