According to the ministry, the National Assembly set this year’s total investment capital at VND254.95 trillion, the Vietnam News Agency reported.

At a meeting held on Tuesday to find ways to accelerate public investment disbursements, Minister of Planning and Investment Nguyen Chi Dung said capital in most projects and programs of national significance planned for implementation in the first five months of this year has not been disbursed in the absence of official approval and guidance from the ministry.

Regarding proceeds from government bond sales, the Prime Minister has approved VND40.59 trillion out of the planned VND60 trillion for public investments. However, ministries, agencies and localities have so far disbursed a total of over VND6.08 trillion (15.4%).

Disbursements of proceeds from G-bonds sales remained low in the five-month period, with the Ministry of Transport reaching 6.2% of the target, Hanoi a mere 3% and the Mekong Delta province of Kien Giang only 4%.

Dung ascribed slow disbursements of public investments in the year to date to a number of ministries, agencies and localities being late in issuing capital allocation plans.

The disbursement process is also obstructed by improper guiding documents for project evaluation, unclear roles of investors and project management units, and the absence of special management units in some localities.

In addition, slow site clearance and poor capacities of contractors are to blame.

Competent ministries and agencies pledged to focus on completing guiding documents and speeding up the disbursement process in the coming time.

Deputy Prime Minister Vuong Dinh Hue, who is also head of the steering committee for disbursements of public investments, urged ministries and agencies to put the disbursement process on fast track to fuel job generation and economic growth.

Speaking at the meeting, Hue requested ministries to amend guidelines for the implementation and control the quality of public investment projects, speed up capital allocations, and use public spending effectively.

With programs of national significance, relevant agencies were told to solve remaining problems so that the ministries of planning-investment and finance could work out specific capital allocation plans.

Source: The Saigon Times Daily