Deputy Prime Minister Vương Đình Huệ has urged relevant ministries, localities and sectors to hasten the disbursement of public investment capital.— Photo thoibaotaichinhvietnam.vn

HÀ NỘI — Deputy Prime Minister Vương Đình Huệ has urged relevant ministries, localities and sectors to hasten the disbursement of public investment capital.

The move was made following slow disbursement progress in the first two months, accounting for only 4.52 per cent of the target for the year, according to the Ministry of Finance.

The ministry report showed VNĐ16.2 trillion (US$685 million) of public investment money was disbursed in January and February.

It attributed the low level of disbursement to the impact of the prolonged Tết holiday in February.

Ministries, ministerial-level agencies and local authorities were still completing plans for public investment during the first two months of the year, slowing disbursement progress.

The National Assembly decided to spend VNĐ416 trillion for development investment in 2019, 88 per cent of which will come from domestic capital and 12 per cent from foreign sources. The Government has earmarked more than VNĐ355 trillion of the total for qualified public development projects.

Deputy PM Huệ asked for strict punishments for investors that completed disbursement procedures slowly.

He requested relevant ministries, agencies and localities promptly allocate all assigned capital for public projects in line with regulations and report their results to the Prime Minister and the ministries of Planning and Investment, and Finance.

They were also instructed to guide investors to complete investment procedures and promptly tackle problems that emerge during the implementation and payment process.

The deputy PM asked ministries, localities and sectors to adopt Government Resolution No 70/NQ-CP on measures to speed disbursement and regularly update authorised ministries and the Prime Minister.

He requested the Ministry of Planning and Investment propose qualified public projects to continue allocating the remaining public investment capital.

Over the past three years, disbursement of public investment was slow due to shortcomings in the 2014 Law on Public Investment, affecting the progress of investment projects and the country’s economic growth, he said. The deputy PM added that while the law has not yet been amended, responsibilities and awareness played a key role in completing disbursement tasks set by the National Assembly.

He instructed the Ministry of Planning and Investment to co-ordinate with relevant ministries, agencies and localities to increase inspections and supervision of projects using public investment to prevent wastefulness and corruption and ensure observance of regulations.

It is also crucial to make clear the responsibilities of individuals and organisations in capital allocation and disbursement, he said.

He noted that some localities and sectors have recorded timely and effective disbursement. — VNS