Finance Minister Ngô Văn Tuấn speaks at the meeting. — Photo baochinhphu.vn

HÀ NỘI — Slow capital disbursement remains a major obstacle to implementing Resolution No. 57-NQ/TW on science, technology, innovation and digital transformation, despite progress in reforming the legal and financial framework.

Finance Minister Ngô Văn Tuấn highlighted the issue at a Government steering committee meeting on science, technology, innovation, digital transformation and Project 06 this week, saying delays in allocating and disbursing investment capital were preventing resources from being deployed effectively.

According to a Government report, Việt Nam has approved VNĐ95 trillion (US$3.6 billion) for science, technology, innovation and digital transformation this year.

Of that amount, VNĐ82.75 trillion has been assigned and VNĐ71 trillion allocated, but only VNĐ8.7 trillion had been disbursed by June 10.

The report also showed that most provinces have yet to allocate at least 3 per cent of their total budgets to the three priority areas, despite central government targets. Disbursement rates remain below 30 per cent in most localities.

The funding bottleneck comes as many provinces seek to develop strategic industries such as artificial intelligence, semiconductors, biotechnology, unmanned aerial vehicles and advanced materials, but continue to face inflexible financing mechanisms, limited seed capital and a lack of risk-tolerant investment tools.

Tuấn said the Ministry of Finance had proposed a series of legal reforms, including amendments to laws governing public investment, procurement and taxation, to improve the institutional framework supporting Resolution 57.

However, he said faster capital allocation and more efficient spending would be essential to turn those reforms into tangible results.

He also called for a review of spending priorities, saying the current funding structure does not sufficiently support strategic technologies.

Around 60 per cent of the budget is allocated to science and technology, while strategic technology research and innovation each receive only about 1.5 per cent. Digital transformation accounts for the remaining 38.5 per cent.

Tuấn said funding should be managed more flexibly and directed towards projects with stronger implementation capacity and greater economic impact, particularly digital platforms, national databases and strategic technologies.

Deputy Minister of Science and Technology Hoàng Minh said ministries and local authorities had accelerated implementation following a government conference aimed at removing financial bottlenecks and improving capital disbursement in May.

The overall disbursement rate has since improved, although it remains below expectations.

The overall disbursement rate improved to 23.19 per cent by mid-June, from 14.78 per cent a month earlier, according to the Ministry of Science and Technology.

Minh said recent legal reforms had gradually established a more comprehensive framework for budgeting, allocating and managing resources for science, technology, innovation and digital transformation.

Nevertheless, implementation challenges persist because the legal framework is still evolving, while research, technology development and innovation require funding mechanisms that differ from traditional public investment models.

The Ministry of Science and Technology is continuing to work with relevant agencies to refine financial mechanisms, prepare new regulations to address spending bottlenecks, complete guidance for the Law on Digital Transformation and propose further amendments to legislation governing science, technology and innovation. — VNS