The Ministry of Transport disbursed VND9.4 trillion for transport projects during the year to October, equivalent to 35.7% of the full-year target, while the remaining VND16.9 trillion has yet to be disbursed.
High cranes are seen operating at the ODA-funded Ben Luc-Long Thanh Expressway in southern Vietnam. Between January and October this year, the transport ministry’s disbursements fell behind schedule, at VND5.7 trillion lower than the planned figure – PHOTO: LE ANH
A report by the Planning and Investment Department, under the ministry, indicated that a total of more than VND26.3 trillion in public investment has been allocated to the ministry this year.
The amount includes some VND25.2 trillion for the 2019 plan and VND1.1 trillion worth of projects carried over from the 2018 plan.
Between January and October this year, the ministry’s disbursements fell behind schedule, at VND5.7 trillion lower than the planned figure.
The department noted that the disbursement rate was too low, potentially failing to meet some 95% of the target.
The lower-than-expected capital disbursement was attributable to slow compensation and site clearance works for the north-south expressway components.
In addition, the bidding procedures of ODA-funded projects have yet to be completed, resulting in construction delays.
The pending public investment capital of VND16.9 trillion, mainly controlled by project management boards, must be disbursed by late 2019.
The Thang Long Project Management Board has yet to disburse VND1.8 trillion, while some VND1.85 trillion has not been disbursed by the Project Management Board No. 7.
To fully disburse the remainder by the end of 2019, Minister of Transport Nguyen Van The asked the project management boards to regularly launch on-site inspection trips and urge contractors to speed up construction to ensure that disbursement runs on schedule.
Minister The also told the boards to make sure that the disbursement rate meets 95% or more of the target.
As for boards making low disbursements of less than 95%, the ministry will consider removing the leaders of these boards from their positions. SGT
Vietnam’s public debt will fall to 56.1% of GDP by the end of 2019 from 58.4% last year, according to the Government’s latest report.
Total public investment spending reached VND192 trillion (US$8.25 billion) from January-September, the Ministry of Finance reported at an online meeting yesterday.