At the conference (Photo: SGGP)

Prime Minister Pham Minh Chinh today chaired a nationwide online conference on the allocation and disbursement of public investment capital in 2023 and the implementation of the Program on socio-economic recovery and development.

Speaking at the conference, Prime Minister Pham Minh Chinh stated that the implementation of the Resolutions of the 13th National Congress, the Resolution of the National Assembly on the Economic Development Plan for five years from 2021 to 2025 will be carried out this year. Thus, all sectors and agencies must be flexible to lead and direct socio-economic development amid difficulties. He emphasized on promotion of public investment disbursement which is both a resource and a driving force for development, but this is still a heavy task.

In 2023, the Government determined to accelerate the allocation and disbursement of public investment capital and implement the socio-economic recovery and development program, three national target programs as one of the key tasks of local administrations, sectors and agencies.

Disbursement of public investment is important in many aspects as it contributes to the removal of bottlenecks in transport infrastructure, education, culture, health care, and society as well as ensures national defense security and social security, create jobs, and promote production and business.

Moreover, high public investment disbursement helps maintain macroeconomic stability, increase the production capacity of the economy, and promote rapid recovery and sustainable development.

Prime Minister Pham Minh Chinh (Photo: SGGP)

Acceleration of public investment disbursement also contributes to the implementation of a focused expansionary fiscal policy and close coordination with a flexible and effective monetary policy and other policies with the aim to maintain macroeconomic stability, controlling inflation, and promoting growth.

In 2022, the estimated disbursement of the state budget investment plan to January 31, 2023 is VND 541,857 billion, equivalent to 93.5 percent of the plan assigned by the Prime Minister, although it is still lower than the same period in 2021 with 95.11 percent.

Disbursement of public investment and implementation of the program of socio-economic recovery and development are increasingly heavy when the total state budget capital plan in 2023 is nearly VND 711,700 billion, an increase of more than VND130,000 billion compared to 2022.

Therefore, the Prime Minister requires both to ensure a high disbursement rate of public investment capital and the quality of projects.

With a larger volume of public investment capital and higher requirements, the Prime Minister stated that the goal is to disburse at least 95 percent of the total of more than VND711,000 billion of public investment in 2023.

According to the report of the Ministry of Planning and Investment, the total state budget capital of ministries, central and local agencies has allocated and assigned detailed plans for tasks and projects was VND 551,378 billion in 2022, reaching 95.1 percent of the plan assigned by the Prime Minister.

According to PM Chinh, in addition to the achievements, several existing limitations including the role of leaders in ministries and agencies, responsible agencies’ limited capacity of planning for investment preparation and project implementation, unsolved land clearance problems, mining and exploiting construction materials; moreover, many projects have difficulty in finding dumping sites during construction; the coordination between agencies is not tight; inspection and examination work has not been drastic.

Source: SGGP