The Chairman stressed the need for stricter fiscal discipline, faster digital transformation, and more efficient management of State budget revenues and expenditures.

The Ministry of Transport aims to disburse at least 95% of the public investment capital allocated by the Prime Minister.

Prime Minister Pham Minh Chinh stressed that the country must pursue rapid but sustainable development, maintain high and continuous growth, uphold macroeconomic stability, control inflation, ensure major balances, and guarantee social welfare, as well as a sustainable, green, clean, and beautiful environment.

Public investment disbursement was estimated at 355.61 trillion VND (14 billion USD) in the first 10 months of this year, fulfilling 52.2% of the annual target, according to the Ministry of Finance (MoF).

The budget revenue of the northern port city of Hai Phong totaled nearly 96.2 trillion VND (3.8 billion USD) in the first 10 months of 2024, up over 29% year-on-year, equivalent to more than 90% of the target set by the municipal People's Council.

Hanoi is currently in a crucial phase of public investment disbursement, striving to maximise funding allocation so as to improve the efficiency of capital utilisation, accelerate the development of infrastructure, and enhance the capital city's competitiveness.

Vietnam is speeding up public investment disbursement to push growth, after going through difficult times due to the severe economic impact of Typhoon Yagi.

Prime Minister Pham Minh Chinh signed an official dispatch on October 8, calling for accelerated public investment disbursement in the remaining months of 2024.

With over three months left in 2024, ministries, sectors, and localities are under growing pressure to meet the 95% public investment disbursement goal outlined in Government Resolution No. 01/NQ-CP, dated January 5, 2024. Achieving this target presents a significant challenge, requiring extraordinary efforts and innovative solutions.

The Ministry of Transport has made disbursement a top priority, swiftly tackling bottlenecks with on-site task forces. By mid-year, the Ministry reported a 42% disbursement rate, solidifying its status as a leading performer nationwide.

The Government Office on July 9 issued an official dispatch on Prime Minister Pham Minh Chinh’s directions requiring the acceleration of public investment disbursement for 2024.

The southern industrial hub of Binh Duong is likely to record a 16.2% rise year on year in exports of nearly 8 billion USD in the first quarter of 2024 thanks to the strong recovery of local firms.

The Vietnamese economy is likely to record a strong development in the first quarter of this year thanks to Government’s support to businesses, improving public investment disbursement, and the positive results seen in the first two months of this year, according to Do Thi Ngoc, Deputy Director General of the General Statistics Office.

The disbursement of public investment in 2023 reached 95% of the plan, equivalent to over 27 billion USD, marking the record high so far.

The disbursement of public investment in 2023 was projected to reach 95% of the plan, equivalent to nearly 676 trillion VND (over 27 billion USD), marking the record high so far, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.

COVID-19 and geopolitical tensions in the region and the world have put Vietnam’s economy under pressure in recent times. Despite being viewed as among the world’s leading performers, Vietnam’s economic growth has now fallen behind the government’s initial plans for the 2021-2025 period.

Vietnam’s total retail sales of consumer goods and services saw a year-on-year increase of 9.4% to more than 5.1 trillion VND (207.8 million USD) during January – October, the General Statistics Office said.

The total disbursement of public investment reached 11.2 billion USD as of the end of July. According to the Ministry of Finance, the figure fulfilled only 35.5% of the plan set for 2023, but still higher than what recorded in the same period last year.

Strong disbursement of public investment, especially from the second quarter of this year, has helped increase demands and promote growth of economic sectors, thus contributing to boosting economic growth in the second quarter and the first half of 2023, said General Director of the General Statistics Office Nguyen Thi Huong.

Accelerating public investment disbursement, particularly for National Target Programmes, would bolster aggregate demand and foster short-term economic growth, according to a report published by the World Bank (WB) on June 19.