According to National Assembly delegate Tran Van Lam, the situation of having money but not being able to spend it is a reality that is happening in many fields, not just public investment.
Delegate Tran Van Lam, Member of the National Assembly's Finance and Budget Committee.
In the period of 2021-2022, when finalizing and reporting, the amount of transferred resources is up to 700,000 to 800,000 billion VND, not yet put into the economy. In addition, the capital and money for basic construction investment are slow to disburse. There is capital, money but it cannot be allocated or allocated but cannot be disbursed.
According to delegate Lam, more than 1 million billion VND is a huge amount of money that is in surplus in a number of areas such as public investment, salary reform, basic construction investment and a number of regular expenditures.
"Everyone feels sorry when the budget has such a large amount of money. 1 million billion VND is not being used, while we still have to borrow and pay interest on more than 3 million billion VND. Every year, the budget deficit makes us have to borrow 200,000 to 300,000 billion VND, while the money is in the safe but cannot be spent. That is a waste" - the delegate, a member of the National Assembly's Finance and Budget Committee, expressed.
However, delegate Lam said that we should not push public investment money out at all costs, but need to use it effectively. If we spend money and it is lost or wasted, it will be even more painful. We cannot rush to come up with extreme solutions. In budget spending, we also need to be careful and comply with the law. Because if we cut all processes and procedures, it is easy for loss, negativity and waste to arise.
Answering the question about removing barriers and unblocking public investment capital, Minister of Finance Ho Duc Phoc said that it is necessary to soon use a law to amend many laws, including the Law on Public Investment... Delegate Tran Van Lam said that we must simplify procedures and processes to shorten the time for preparing documents, preparing investment projects, and making final payments. Each step of reducing procedures will speed up and simplify the time. The National Assembly has made many efforts in this direction. The laws being amended such as the Law on Bidding, the Law on Prices, the Law on Land... all aim to strengthen management but simplify and reduce unnecessary cumbersome procedures.
The member of the National Assembly's Finance and Budget Committee also said that in terms of subjective factors, the speed or slowness of disbursement of public investment capital depends on the management capacity and implementation capacity of the responsible person. As for objective factors, each locality has different characteristics.
For localities without any problems, public investment capital disbursement is very fast. As for localities where "every inch of land is gold", if compensation is wrong by even a millimeter, it will lead to lawsuits, making the project implementation process more complicated and difficult. Therefore, it is difficult to compare the complexity between Ho Chi Minh City, Hanoi with some mountainous provinces...
Answering the question of whether the National Assembly needs a resolution to overhaul the "blood clot" in public investment, delegate Tran Van Lam said that the National Assembly has repeatedly mentioned policies and solutions to speed up the disbursement process and use capital effectively. Specifically, such as the pilot separation of site clearance from the project. With some key transport projects, we have cleared the entire planning area and bid for land use. This is a way of doing things that is different from the law, so it is necessary to pilot, do it step by step, then summarize and evaluate.
Previously, on May 25, at the discussion session in the group on the implementation of the socio-economic development plan, National Assembly delegate Ha Sy Dong (Quang Tri delegation) said that the remaining state budget funds deposited in the banking system by mid-May had exceeded 1 quadrillion VND. This is a painful problem, a paradox of "money in the pocket but unable to spend", unable to return to the economy due to the blockage in the public investment disbursement channel.
Speaking to the press on the sidelines of the National Assembly, Finance Minister Ho Duc Phoc said that due to the current congestion of public investment disbursement, the Ministry of Finance has to deposit this amount of money from the State Treasury into the State Bank with an interest rate of 0.8%/year.
Minister Ho Duc Phoc said that laws, including the Law on Public Investment, must be amended to overcome this situation. According to the Minister, the current investment preparation stage still has many shortcomings.
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