June 26, 2018 00:17

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Disbursing 100% public investment in 2018 is a challenge

10:43 | 11/04/2018

VCN- At the meeting with the Ministry of Planning and Investment (MPI) on "Evaluation of public investment disbursement and improvement of the legal system on labor market" on 10 April 2018, the Deputy Prime Minister Vuong Dinh Hue said that this was the first term of public investment in the medium term, so the allocation of capital, disbursement and improvement of public investment is very important.

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giai ngan 100 von dau tu cong 2018 la mot thach thuc
The meeting between Deputy Prime Minister Vuong Dinh Hue with the MPI on disbursement of public investment. Photo: Chan Luan.

At the meeting, the Vice Minister of Planning and Investment, Mr. Le Quang Manh reported on the status of the first quarter of 2018 and the implementation of the medium-term public investment plan for 2016-2020.

Accordingly, the total medium-term investment capital of the State budget for the period 2016-2020 is VND 2,000 trillion. Specifically, 10% of the general provision is allocated for each source of capital, with the total maximum investment capital of VND 1.8 trillion.

Till now, the total investment capital of the medium-term public investment which has been allocated and assigned by the Prime Minister reached VND 1.642 trillion, equal to 91.3% of the total plan set by the National Assembly.

The Deputy Minister Le Quang Manh said that the medium-term investment plan was an important breakthrough in State management of public investment, which was the basic renewal in the allocation of central budget capital.

However, there are still some shortcomings as follows: the possibility of budget imbalance is still difficult, the demand for frequent recurring expenditure leads to the low proportion of capital investment budget, only about 25% of total State budget expenditure, much lower than previous period.

In addition, many projects and mainly localities have not been fully allocated capital in the medium-term public investment plan, but the local authorities have not yet conducted the review, reduction, adjustment, division investment period or additional capital source.

Addressing the working session, the Deputy Prime Minister Vuong Dinh Hue emphasized that one of the central tasks of the MPI was public investment, raising the efficiency of public investment.

According to the Deputy Prime Minister, when promulgating the Law on Public Investment, the operation is progressive, there are many strict regulations, tightening public investment. In the past 2 years, the implementation of public investment capital has made a lot of effort, raising the effectiveness of the use of capital support from the central budget.

Accordingly, in 2016, 91.3% of public investment was disbursed. In 2017, 86% of public investment was disbursed, lower than in 2016, with the main reason that many new investment projects using government bond funds made the implementation of source disbursement slowly.

The Deputy Prime Minister Vuong Dinh Hue said that the issue of public and long-term investment policy is still limited. Public investment has been in place for more than two years, with a three-year implementation to review and adjust.

The Deputy Prime Minister stressed that the Government has approved the project of restructuring public investment. The MPI should point out the causes, where and who is responsible for the delay. The implementation process will help us detect to amend the Public Investment Law for the offsets. In particular, the MPI should complete the highest quality public investment law project to submit to the National Assembly.

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In 2018, the Government set a target of 100% public investment to be disbursed, and the implementation of this goal is also a challenge. Accordingly, there are three issues that need to be resolved, as follows: the problems related to the Public Investment Law; issues that are not in the Law but in the Decrees; and coordination in the implementation of the Law.

By Hoai Anh/ Hoang Anh