Ministries, sectors, and localities are urged to speed up the allocation and disbursement of the public investment in 2025. (Photo: chinhphu.vn)

Prime Minister Pham Minh Chinh signed an official dispatch on February 18, requesting ministries, sectors, and localities to speed up the allocation and disbursement of the public investment in 2025.

The dispatch highlighted that the detailed allocation of the capital accounted for only 96.07% of the Government leader’s assigned target as of January 23, with some 84.84 trillion VND (3.32 billion USD) remaining unallocated across 26 central agencies and 48 localities. Besides, January's disbursement rate was notably low at 1.26% as compared to 2.58% recorded in the same period last year.

PM Chinh laid stress on the significant of the public capital disbursement results, highlighting it has a crucial role to play in stimulating growth, maintaining macroeconomic stability, ensuring major balances of the economy, creating jobs, and successfully delivering on the Party and National Assembly’s economic growth target of at least 8% this year.

To achieve the targeted 95% disbursement rate for 2025, the directive outlined comprehensive measures including accelerated site clearance, enhanced project supervision, and removal of challenges in a timely fashion. It also stated that flexible solutions must be put in place to expedite the construction of key projects across the nation. Besides, the acceleration of the public investment must go hand in hand with projects’ quality and prevention of negative phenomena, wastefulness, and group interests.

Strict punishment will be meted out to any investors, management boards, organisations, and individuals who deliberately delay the allocation and disbursement of the capital. Besides, underperforming officials and civil servants who create bureaucratic obstacles or cause any difficulties in the management of public investment will be replaced.

Vietnam eyes to achieve the targeted 95% public capital disbursement rate for 2025. (Photo: VNA)

The Ministry of Finance is tasked with monitoring disbursement progress and make monthly report to the Prime Minister. The ministry must also coordinate with state media outlets to publicly disclose monthly disbursement results of central and local agencies. Additionally, it is responsible for reviewing related laws for suitable amendments to speed up the disbursement and ensure the efficacy of the capital.

As for the State Treasury, it must make prompt payment processing for completed work volumes and promote online public services to reduce travel costs and time for project investors while ensuring transparency in document processing. The Treasury must also coordinate with functional units to secure payment sources for projects and swiftly resolve issues related to payments, final accounts, negotiations, agreement signing, and capital withdrawal from sponsors.

The Prime Minister’s working groups are urged to remove bottlenecks and speed up public capital disbursement in ministries, agencies, and localities.