Will more than 650 trillion dong of public investment capital be spent in 2024?

On February 1st, during the regular Government press conference, a reporter asked about the Prime Minister’s directive to allocate and disburse public investment funds from the beginning of the year, avoiding the situation of “slack at the beginning of the year, struggling at the end of the year”. So how was the implementation carried out? Does the Government have breakthrough solutions for disbursement in 2024?

In response, Deputy Minister of Planning and Investment, Do Thanh Trung, stated that public investment is one of the important areas that the Government and the Prime Minister have been concerned about and provided clear instructions on. Since the beginning of the term, the Government has identified that disbursing public investment funds is both a solution to support economic development and a pillar to overcome difficulties and development bottlenecks.

According to Mr. Trung, the total amount of public investment in 2024 is 650 trillion VND. As of now, the total amount of funds allocated to ministries and localities has reached nearly 97%, significantly higher than in 2023. Thanks to early fund allocation, disbursement in January 2024 reached 16.9 trillion VND, higher than the same period last year.

“Public investment is a complex process, involving many regulations, from land, environment to construction… However, with close guidance and a focus on addressing difficulties and obstacles, we have achieved very encouraging results in fund allocation and disbursement for public investment,” Mr. Trung said.

Specifically, the Deputy Minister of Planning and Investment noted that in 2023, the Government submitted to the National Assembly a resolution on the special mechanism for road transportation projects. Immediately after the National Assembly passed the resolution, the Government issued regulations to implement it right away.

“In 2024, many major and influential projects have completed the necessary procedures. This gives us confidence that the disbursement results in 2024 will be high and the set targets will be achieved,” Mr. Trung said.