Vietnam to spend $124.5 billion on public investment over next five years

Vietnam plans to outlay 2.87 quadrillion VND (124.5 billion USD) on public investment in the 2021-2025 period, up 120 trillion VND compared to the previous estimate.

Vietnam to spend $124.5 billion on public investment over next five years
Renewable energy facilities funded by public investment under construction in Ninh Thuan Province. (Photo: VNA)

The information was released at a meeting on medium-term public investment chaired by Prime Minister Pham Minh Chinh on May 24.

Of the total, 1.38 quadrillion VND is sourced from the central budget and 1.37 quadrillion VND from local budgets.

The Ministry of Planning and Investment said the rise in public investment capital has been sourced from savings from recurrent expenditures that will not increase total budget spending.

Speaking at the meeting, PM Chinh asked for the elimination of scattered, fragmented, and unplanned investment and cumbersome procedures in order to promote the efficiency of public investment projects.

He also suggested saving on recurrent expenditures in order to use the budget for development purposes, with a focus on projects serving social security, health care, natural disaster prevention, and other matters.

According to the Ministry of Planning and Investment, the 6,447 public investment projects planned for the 2021-2025 period has been cut to 5,397 and will come down to around 5,000.

Compared to the 2016-2020 period, the budget allocated to localities in the 2021-2025 period will not only give priority to supporting disadvantaged, mountainous, border, and ethnic minority areas but also ensure the development of pillar regions.

Public investment in the period will focus on the country’s key projects and those with a pervasive impact, especially those related to digital transformation, digital economy, and digital society.

Specifically, the Government will spend an appropriate amount on addressing shortcomings in urban development.

VNA

 
Public investment to spur faster growth

Public investment to spur faster growth

Vietnam is to continue speeding up disbursement of public investment, with a focus on infrastructure development, in a bid to spur on economic growth and create more space for private enterprises.

Reshuffle underway to further stimulate revival of economy

Reshuffle underway to further stimulate revival of economy

The 13th National Party Congress is expected to set the country’s average annual growth rate of 6.5-7 per cent from now until 2025, when Vietnam may become a higher middle-income nation. 

 
 

Other News

.
Businesses wait for bank debts rescheduling
Businesses wait for bank debts rescheduling
BUSINESSicon  15/09/2021 

A week after the State Bank of Vietnam issued Circular 14 on debt rescheduling to alleviate the difficulties faced by businesses due to the COVID-19...

When the two 'locomotives' restart at the same time
When the two 'locomotives' restart at the same time
FEATUREicon  14/09/2021 

Contributing about 45% of the country’s GDP, HCM City and Hanoi are considered the two engines pulling the national economy. Both must be healthy and go hand in hand to revive the pandemic-hit economy.

Post-pandemic economic recovery plans in the pipeline
Post-pandemic economic recovery plans in the pipeline
BUSINESSicon  14/09/2021 

The Ministry of Planning and Investment (MPI) plans to submit its economic recovery project to competent authorities for approval in October, with the 2022 to 2023 period to be identified as the ideal time for recovery efforts.

Consumers warned against buying Chinese mooncakes with no clear origin, quality
Consumers warned against buying Chinese mooncakes with no clear origin, quality
BUSINESSicon  15/09/2021 

Mooncakes with no clear information about origin, manufacturer names or quality are being sold at surprisingly low prices. Consumers have been advised to be cautious when buying mooncakes online.

Plan to re-open Vietnam’s aviation market revealed
Plan to re-open Vietnam’s aviation market revealed
BUSINESSicon  14/09/2021 

The plan to restore the domestic air transport market, developed by the Civil Aviation Authority of Vietnam (CAAV), has been divided into three phases.

VIETNAM BUSINESS NEWS SEPTEMBER 14
VIETNAM BUSINESS NEWS SEPTEMBER 14
BUSINESSicon  14/09/2021 

Vietnam needs additional 1 million ICT personnel by 2030

Vietnamese billionaire enters $10 billion pork, animal feed market
Vietnamese billionaire enters $10 billion pork, animal feed market
BUSINESSicon  14/09/2021 

After successfully entering the fish sauce market, billionaire Nguyen Dang Quang has invested in two segments with high potential: the US$10 billion pork and animal feed market.

Decree for Fintech sandbox to be submitted in Q4
Decree for Fintech sandbox to be submitted in Q4
BUSINESSicon  14/09/2021 

The Government has issued a resolution to create a sandbox for financial technology (Fintech) in the country’s banking sector.

Over 60% of US firms will not consider shifting production out of Vietnam
Over 60% of US firms will not consider shifting production out of Vietnam
BUSINESSicon  13/09/2021 

A flash survey by the American Chamber of Commerce in Vietnam revealed that while many US companies' operations in Vietnam have been affected significantly by the pandemic, the majority do not want to shift production out of Vietnam.

Hao Hao instant noodles in EU: supplier to company used EO to sterilize materials
Hao Hao instant noodles in EU: supplier to company used EO to sterilize materials
BUSINESSicon  14/09/2021 

Acecook Vietnam, after checking up on material suppliers, has found that a supplier used Ethylene oxide (EO) to sterilize some materials.

VIETNAM BUSINESS NEWS SEPTEMBER 13
VIETNAM BUSINESS NEWS SEPTEMBER 13
BUSINESSicon  13/09/2021 

Banks on road for digital transformation

Fish harvesting teams need to be set up amid pandemic
Fish harvesting teams need to be set up amid pandemic
BUSINESSicon  13/09/2021 

Localities should establish groups and teams for harvesting fish that could facilitate the issuance of travel permits in groups instead of individual travel permits amid the COVID-19 pandemic.

Cold storage, sweet but high-hanging fruit
Cold storage, sweet but high-hanging fruit
BUSINESSicon  13/09/2021 

The trend of shoppers going online en masse is driving demand for cold storage facilities in most countries, with Vietnam seemingly among those with a severe short supply.

Vietnamese keen on cryptocurrencies: surveys
Vietnamese keen on cryptocurrencies: surveys
BUSINESSicon  13/09/2021 

According to a survey by Chainalysis, Vietnam's cryptocurrency market has grown by 881 percent year-on-year, ranking first out of 154 countries in the "Global Cryptocurrency Adoption Index 2021" ranking.

Agricultural by-products: a billion-dollar 'gold mine' in Vietnam
Agricultural by-products: a billion-dollar 'gold mine' in Vietnam
FEATUREicon  13/09/2021 

Agricultural by-products are called the "gold mine" of the Vietnam agricultural industry with up to 156 million tons per year. But these lucrative sources have been neglected for many years.

Hanoi woman earns over $14 million from writing apps for Google and Apple
Hanoi woman earns over $14 million from writing apps for Google and Apple
BUSINESSicon  13/09/2021 

A 29-year-old Hanoi woman earned VND30 billion (nearly $14.5 million) a year by writing software for Google Play and App Store, paying tax of VND23.4 billion (over $1 million).

VIETNAM BUSINESS NEWS SEPTEMBER 12
VIETNAM BUSINESS NEWS SEPTEMBER 12
BUSINESSicon  12/09/2021 

Vietnam continues to be attractive investment destination: HSBC

NA Chairman witnesses signing of deals between Vietnamese and European firms
NA Chairman witnesses signing of deals between Vietnamese and European firms
BUSINESSicon  12/09/2021 

NA Chairman Vuong Dinh Hue witnessed the handover of donations of medical supplies to Vietnam and the signing of several agreements between Vietnamese and European businesses at a ceremony held in Helsinki on September 11.

Real estate remains attractive to foreign investors
Real estate remains attractive to foreign investors
BUSINESSicon  11/09/2021 

With a total registered capital of nearly US$1.6 billion during January-August, real estate continued to rank third among 18 sectors attracting foreign direct investment (FDI).

Government issues resolution to support businesses
Government issues resolution to support businesses
BUSINESSicon  11/09/2021 

Facing the decline in resilience of businesses, cooperatives and business households in the rapidly spreading COVID-19 pandemic, the Government has issued Resolution No 105/NQ-CP on supporting businesses.

 
 
 
Leave your comment on an article

OR QUICK LOGIN