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Tuesday, June 25, 2024

Vietnam struggles to meet 2023 public investment target

The Saigon Times

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HCMC – With less than six weeks before the year 2023 is out, Vietnam is seeing the public investment disbursement target for the year as an impossible mission.

Data from the Ministry of Finance showed that the nationwide disbursement results up to October amounted to 52% of the full-year plan and achieved 56% of the target set by the prime minister.

However, these disbursement figures displayed notable disparities among ministries and localities, with 15 central agencies disbursing less than 10%, and four localities falling below the 30% threshold. The ministry has expressed concerns that meeting the minimum 95% disbursement target is becoming increasingly difficult.

The substantial remaining budget for disbursement raises worries about the feasibility of achieving year-end goals. Legal constraints, such as issues related to land conversion, forest and agricultural land use, mineral extraction, and a shortage of construction sand, contribute to project delays.

Complications in land clearance, planning, and public dissent over compensation and resettlement plans are identified as key obstacles.

In light of these challenges, the ministry has recommended reviewing slow-disbursing projects and urges ministries, agencies, and localities to prioritize projects with higher potential for accelerated disbursement.

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