return icon

Gov't may recall unused funds for public investment projects

Undisbursed funds for public investment projects could be recalled if local governments failed to implement the projects for an extended period of time,

 said Deputy Prime Minister Le Minh Khai in a meeting with officials of five provinces in Hanoi on Thursday.

Deputy PM Le Minh Khai during a meeting with local officials on the disbursement of funding for public investment projects on May 19. — VNA/VNS Photo

According to the Ministry of Finance, funds allocated to five provinces, namely Vinh Phuc, Phu Yen, Khanh Hoa, Binh Thuan, Binh Phuoc, in 2022 will be VND26.6 trillion (US$1.2 bilion), including VND5.7 trillion from central budget and the rest from local budgets.

However, according to the State Treasury, as of May 15 this year, the five provinces managed to disburse just over VND5.5 trillion or 20.7 per cent of the year's target. Of which, nearly VND4.2 trillion came from local budget, VND1.28 trillion from central government budget and more than VND40 billion from ODA sources.

Deputy Chairman of Vinh Phuc People's Committee Vu Viet Van said the country's existing regulations on public investment have been showing shortcomings and limitations.

For example, he said the law required local governments to present public investment projects to the People's Council but the council only holds 2-3 meetings a year, making it near impossible for them to meet such requirements. 

Another issue was the land clearance procedure which is not allowed to start before a project received its final approval, significantly slowing down the speed at which a project can be implemented. 

As land clearance and compensation typically required a large amount of money, a bottlenecked process could potentially tie up trillions of funding. 

Le Ngoc Tien, director of Binh Thuan Province's Department of Planning and Investment, said it's high time the Government establish a detailed guideline for land clearance process to avoid confusions down the line.

Minister of Finance Ho Duc Phoc said his ministry is to collect and study all feedbacks by local officials and that the Government has been working around the clock to address said issues. However, he said disbursement for public investment projects has been too slow and too behind schedule. It was a cause for concern, especially in light of recent inflation waves, rising construction material prices and wages.

As a temporary solution, he suggested local governments to assign high-ranking officials to closely oversee the land clearance process. He said once all necessary steps are completed, his ministry only require no more than 72 hours to transfer the funds. 

He said the country's top priority right now is to quickly improve its infrastructure, a key component in speeding up economic recovery. As the National Assembly approved a VND350 trillion economic recovery package, nearly one-third of it has been earmarked for infrastructure building. 

Source: Vietnam News


Vietnam proposes to issue ID cards to people without Vietnamese nationality

Non-Vietnamese nationals living in Vietnam will likely be granted an electronic identification account to perform public administrative procedures.

VN, Hungary’s parliaments sign new cooperation agreement

A new cooperation agreement between Vietnam and Hungary’s national assemblies was assigned by National Assembly (NA) Chairman Vuong Dinh Hue and his Hungarian counterpart László Kövér in Budapest on Monday.

Australia pledges to continue fostering strategic partnership with Vietnam

Australian Foreign Minister Penny Wong has affirmed that her nation always attaches importance to Vietnam's role in the region, and pledges to continue strengthening its strategic partnership with the Southeast Asian nation.

Ben Tre coconut-based dishes set World Record

The World Records Union (WorldKings) and the Vietnam Records Organisation (Vietkings) on June 27 recognised the 222 coconut-based dishes cooked at an event held in the Mekong Delta province of Ben Tre.

Health Ministry yet to consider COVID-19 endemic disease

The Ministry of Health has proposed considering COVID-19 a Group A infectious disease, not an endemic disease in its latest draft on COVID-19 prevention and control measures in the new situation.

E-commerce enabler OnPoint raises $50 million from Singapore fund

OnPoint has successfully raised $50 million in a series B fund-raising round from SeaTown Private Capital Master Fund managed by SeaTown Holdings International, an indirect wholly-owned subsidiary of Singapore’s Temasek Holdings.

SARS-CoV-2 Omicron sub-lineage BA.5 enters Vietnam

The SARS-CoV-2 Omicron sub-lineage BA.5 has entered Vietnam and may overwhelm the old sub-lineage BA.2 which is dominant in the country, according to Prof. Dr. Phan Trong Lan, Director of the Health Ministry’s Department of Preventive Medicine.

HCM City promises to ease problems faced by Korean investors

The chairman of the Korean Chamber of Commerce and Industry in Vietnam, Shon Young Il, has called on HCM City authorities to help Korean firms resolve difficulties they face in investing and operating in the city.


Newly-appeared low pressure zone in East Sea may develop into storm


Vietnam’s exports to Hungary on the rise

Football star to join France's Pau FC

Vietnam’s football star Nguyen Quang Hai will play for Pau FC in Ligue 2, France’s second division.

Multiple int’l air routes to Danang to be reopened by year-end

Multiple international air routes linking Danang City and regional destinations will be reopened from now until the end of 2022, giving an impetus to tourism growth in the city.

One of a kind: banana species needs boiling, non-sour citrus fruit sells out

While regular bananas need time to become ripe, a particular type in Vietnam requires boiling or grilling to reach its maximum taste. In Vietnam, there is also a unique citrus fruit, not sour but sweet.

VN animation project depicts traditional culture

A short film depicting Vietnamese traditional culture, U Linh Tích Ký: Bột Thần Kỳ (Linh: Magic Powder), has attracted viewers on YouTube.

NBA gets first Vietnamese-origin players

The National Basketball Association (NBA)'s Oklahoma Thunder selected Jaylin Williams, a 2.08-metre power forward from the University of Arkansas in the fourth pick of the second round of the draft on Friday (June 24).