Workers on the construction site of Vân Tiên Bridge in Quảng Ninh. VNA/VNS Photo

QUẢNG NINH — Quảng Ninh Provincial People's Committee earlier this month approved an adjustment and supplement to the medium-term public investment plan under the provincial budget for 2021-25, to enhance the efficiency of State capital.

Total capital set aside for the province's five-year plan increased by VNĐ289 billion, partly thanks to a bonus of nearly VNĐ94.9 trillion (US$3.83 billion) for exceeding revenue in 2021, approved by the Prime Minister in July. 

The provincial budget after the adjustment is VNĐ63.6 trillion, and the remaining unallocated capital is VNĐ22.7 trillion.

The provincial authority decided to reduce capital assigned for the riverside road project connecting the Hạ Long-Hải Phòng highway to Đông Triều township by over VNĐ1.5 trillion while allocating nearly VNĐ1.6 trillion from the unallocated capital for newly-added projects.

The allocation of public investment from the provincial budget is nearly VNĐ2.9 trillion, of which VNĐ2.89 trillion will be given to 25 projects newly added to the medium-term public investment plan, and one existing project will receive an additional VNĐ4.9 billion.

Adjustment in 2022

After reviewing and evaluating the results of implementing the projects under this year's plan, the provincial authority approved the resolution to adjust, supplement and allocate the province's budget expenditure estimates.

The public investment plan was adjusted down by VNĐ1.16 trillion of 35 projects that are no longer needed due to the completion, final settlement or unguaranteed disbursement in 2022, while an additional VNĐ1.7 trillion was allocated to the projects in need of capital.

For expenditure, the provincial People's Committee agreed to reduce the estimate of regular expenditures and the budget reserve to VNĐ469.3 billion (of which, reduction of recurrent expenditure is VNĐ301.4 billion), at the same time providing additional funding for some tasks from the reduced adjustment source. As a result, the adjusted budget expenditure estimate increased from VNĐ289 billion to VNĐ19.6 trillion.

Nguyễn Xuân Ký, Secretary of the provincial Party Committee and Chairman of the People's Committee emphasised the responsibility of the heads of the branches and agencies in building programmes, appraising projects to effectively implement the goals set by the provincial authority, ensuring balance and harmony between the industries and regions, while developing a specific monitoring mechanism to enhance efficiency and avoid the state capital loss.

Quảng Ninh is assigned a large scale of public investment capital, which plays a particularly important role in both creating resources and driving force for rapid and sustainable socio-economic development of the province, being one of the key pillars to ensure the two-digit gross regional domestic product (GRDP) growth. — VNS