Vietnam Aims for 95% Disbursement of Public Investment Capital in 2023

Prime Minister Pham Minh Chinh of Vietnam has urged for the efficient allocation and disbursement of public investment capital in 2023. At a nationwide online conference, he requested that at least 95% of the total investment capital of over VND711 trillion ($31 billion) be disbursed and strict action be taken against violations and slow disbursement progress.

The Prime Minister highlighted several challenges faced in the disbursement of public investment capital, including institutional, policy, and framework challenges, limited digital transformation, and scattered investment activities. 

He also emphasized the need to strengthen post-audit work in public investment disbursement and to boost innovation, digital transformation, and administrative procedure reform.

In 2022, public investment disbursement reached nearly 93.5% of the plan, with over VND541 trillion ($23.7 billion) disbursed, although it was lower than in the same period in 2021. In 2023, the total state budget capital plan is nearly VND711.7 trillion ($31.2 billion), an increase of over VND130 trillion compared to the previous year.

The Prime Minister demanded a high rate of public investment disbursement in 2023 while ensuring the quality and efficiency of projects. He warned that delayed disbursement of public investment will become more wasteful and less effective, negatively impacting the resources and driving force of development.