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/ August 21, 2020

Vietnam PM warns of punishment for sluggish public investment

The Hanoitimes - The Vietnamese government remains steadfast in disbursing the full target amount of VND630 trillion (US$27.26 billion) to aid economic recovery. Officials would face disciplinary actions if their ministries and localities fail to realize their respective disbursement targets of public investment funds for this year, Prime Minister Nguyen Xuan Phuc has warned. The government remains steadfast in disbursing the full target amount of VND630 trillion (US$27.26 billion). The government remains steadfast in disbursing the full target amount of VND630 trillion (US$27.26 billion) to aid economic recovery, and this requires the active participation of the entire political system, Mr. Phuc said at a government meeting today [August 21]. Priority should be given to major infrastructure projects to avoid any delay, including the North-South Expressway, Long Thanh International Airport, and My Thuan – Can Tho expressway, among others, Mr. Phuc stressed. Minister of Planning and Investment Nguyen Chi Dung said the most challenging issue in public disbursement is the site clearance process, including the verification of the origin of land and the compensation for affected households. Mr. Dung pointed to the site clearance as a major obstacle for the Eastern North-South expressway project in the 2017 – 2020 period, in which 13 provinces and cities are involved. As of July 31, the disbursement amount stood at VND193.04 trillion (US$8.32 billion) or 40.98% of the government’s target. The figure is estimated to reach VND221.76 trillion (US$9.56 billion) or 47% of the total estimate by August 31, higher than the 41.39% recorded in the same period last year. To date, 39 ministries, ministerial-level agencies and six provinces have disbursed 35% of plans or less, with 15 agencies and one province disbursing even less than 15%. …

/ December 8, 2020

Hanoi People’s Council approves $9 billion for 2021-25 public investment plan

The Hanoitimes - Hanoi will not allocate funds for fields and projects subject for the participation of private sector. Members of Hanoi People’s Council on December 7 approved the mid-term public investment plan for the 2021-25 period. Director of Hanoi's Department of Planning and Investment Nguyen Manh Quyen at the session. “In the next five year, Hanoi is set to allocate VND206.75 trillion (US$8.93 billion) for public investment,” said Director of the Hanoi Department of Planning and Investment Nguyen Manh Quyen before the voting. “During this period, the city expects to ensure greater efficiency in the use of public fund for economic development, focusing on upgrading essential socio-economic infrastructure systems,” stated Mr. Quyen. This is especially important for projects with high spill-over effects for socio-economic development in 11 priorities areas that the city has identified as the focus of investment in 2021-25, he noted. “Hanoi will not allocate funds for fields and projects subject for the participation of private sector, while pushing for greater mobilization of investment capital from other economic components,” stressed Mr. Quyen. In the first 11 months of this year, Hanoi’s progress of public fund disbursement reached an all-time high of 89% of the target for this year or VND40.4 trillion (US$1.74 billion). Seen as Hanoi’s top priority to ensure economic recovery in the post Covid-19 pandemic era, the city aims to disburse 100% of the target amount this year. Prime Minister Nguyen Xuan Phuc in a government meeting late August urged local authorities to realize their disbursement targets for this year, otherwise they would face strict punishment. This year, the government aims to disburse the full amount of VND470.6 trillion (US$20.32 billion) to aid economic recovery, and the progress as of October met 68.3% of the target, or VND321.5 trillion (US$13.8 billion). …

/ November 25, 2020

Hanoi pushes for disbursement of public funds

The Hanoitimes - As of November 10, the disbursed amount of public funds in Hanoi stood at VND22.35 trillion (US$965.35 million), or 57.5% of the target set by the government. The fulfillment of the disbursement target of public funds in Hanoi, which accounts for 10% of total public investment in Vietnam, would help ensure the realization of the country’s disbursement target, seen as a key solution to boost economic recovery amid the Covid-19 pandemic. Hanoi has set up six task forces specialized in accelerating the disbursement of public funds. Photo: Hai Linh. As of November 10, the disbursed amount of public funds in Hanoi stood at VND22.35 trillion (US$965.35 million), meeting 57.5% of the target set by the government. To further accelerate the disbursement progress in the remaining months of the year, Hanoi has set up six task forces specialized in this regard. For the public investment plan in 2021, Director of Hanoi’s Department of Planning and Investment Nguyen Manh Quyen said the local authorities would identify priorities for investment and submit them to the municipal People’s Council in the upcoming meeting session in December. “The allocation of state fund is aimed to realize Hanoi’s socio-economic development plan and the overall planning, with a focus on national projects or those with high impacts to the local economy,” he noted. According to Mr. Quyen, priority would be given to projects that are set to be finished in the 2016 – 2020 period but still fall short of funds; projects financed by official development assistance (ODA) or preferential loans from foreign donors; major projects during the 2021 – 2025 period; among others. Specifically, Hanoi would focus on transportation projects, aiming to boost inter-provincial and urban linkages, and information and technology, among others. Public funds allocation should be carried out in a fair and transparent manner, he noted . Hanoi’s leaders are scheduled to …