Vietnam to spend 124.5 billion USD on public investment over next five years
Vietnam plans to outlay 2.87 quadrillion VND (124.5 billion USD) on public investment in the 2021-2025 period, up 120 trillion VND compared to the previous estimate.
Renewable energy facilities funded by public investment under construction in Ninh Thuan province (Photo: VNA)
Hanoi (VNA) - Vietnam plans to outlay 2.87 quadrillion VND (124.5 billion USD) on public investment in the 2021-2025 period, up 120 trillion VND compared to the previous estimate.
The information was released at a meeting on medium-term public investment chaired by Prime Minister Pham Minh Chinh on May 24.
Of the total, 1.38 quadrillion VND is sourced from the central budget and 1.37 quadrillion VND from local budgets.
The Ministry of Planning and Investment said the rise in public investment capital has been sourced from savings from recurrent expenditures that will not increase total budget spending.
Speaking at the meeting, PM Chinh asked for the elimination of scattered, fragmented, and unplanned investment and cumbersome procedures in order to promote the efficiency of public investment projects.
He also suggested saving on recurrent expenditures in order to use the budget for development purposes, with a focus on projects serving social security, health care, natural disaster prevention, and other matters.
According to the Ministry of Planning and Investment, the 6,447 public investment projects planned for the 2021-2025 period has been cut to 5,397 and will come down to around 5,000.
Compared to the 2016-2020 period, the budget allocated to localities in the 2021-2025 period will not only give priority to supporting disadvantaged, mountainous, border, and ethnic minority areas but also ensure the development of pillar regions.
Public investment in the period will focus on the country’s key projects and those with a pervasive impact, especially those related to digital transformation, digital economy, and digital society.
Specifically, the Government will spend an appropriate amount on addressing shortcomings in urban development./.
Public investment will focus on key national projects with important roles in enhancing regional links and creating new drivers and room for economic growth, Minister of Planning and Investment Nguyen Chi Dung has said.
Minister of Planning and Investment Nguyen Chi Dung has asked ministries, central agencies, and localities to continue applying measures to speed up the disbursement of public investment capital, with the aim of completing 90 percent of disbursement planned for 2021 by the fourth quarter of the year.
Speeding up the disbursement of public investment from the start of this year was an important solution to accelerate economic recovery amid the COVID-19 pandemic, Minister of Finance Dinh Tien Dung has said.
The Ministry of Transport has said its units are expected to disburse close to 10.86 trillion VND (470 million USD) of public investment by the end of April, fulfilling 28 percent of the annual target.
The disbursement of public investment sourced from the State budget in April was estimated at 30.4 trillion VND (1.32 billion USD), a year-on-year surge of 23.9 percent, and reaching the highest monthly level since 2017, according to the General Statistics Office.
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Renewable energy facilities funded by public investment under construction in Ninh Thuan province (Photo: VNA) 
