The disbursement target of at least VND676,000 billion, or 95% of the public investment capital plan, can be achieved, according to the assessment of Deputy Minister of Planning and Investment Tran Quoc Phuong.
This information was stated by Deputy Minister of Planning and Investment Tran Quoc Phuong at the Government press conference on the afternoon of September 9, in the context that the disbursement of public investment capital in 8 months only reached more than 42% of the capital plan. This level is also only half of the Prime Minister's requirement to disburse at least 95% of the capital plan, or more than 676,000 billion VND this year.
According to Mr. Phuong, compared to last year, the disbursement progress has improved. For example, in 8 months, the disbursement rate reached nearly 297,700 billion VND, an increase of 2.95% over the same period in 2022. The absolute number also increased by 85,000 billion VND over the same period last year. Thus, in the last 4 months of the year, about 378,300 billion VND needs to be disbursed, equivalent to an average of nearly 94,600 billion VND per month.
Meanwhile, according to the General Statistics Office's report, investment capital from the budget in the first 8 months reached 49.4% of the yearly plan, an increase of over 23% over the same period - higher than the disbursed amount due to payment procedures.
"The amount of capital that needs to be disbursed is large, but this year it is completely possible to achieve the target of disbursing 95% of the public capital requested by the Prime Minister, which is more than 676,000 billion VND," said the Deputy Minister of Planning and Investment.
The solution, according to him, is that project management boards and contractors need to carefully prepare documents on volume and disbursement when submitting them to the treasury. Disbursement procedures have now been significantly reduced, so he believes that to get the fastest money transfer, it requires the efforts of project management boards and contractors.
Mr. Tran Quoc Phuong, Deputy Minister of Planning and Investment. Photo: VGP
According to calculations, in the 2021-2025 period, if public investment disbursement increases by 1% compared to the previous year, GDP in the following year can increase by 0.058%. This is considered one of the key tasks this year because it is an important driving force to help restore and promote socio-economic growth.
Public investment is the driving force for growth, so many localities are accelerating disbursement in the last months of 2023. Like Hai Phong, construction time has been shortened, making up for delays in project preparation. In Ho Chi Minh City, departments and branches have also shortened the time for processing procedures, especially for projects allocated capital this year. Projects delayed due to compensation and site clearance must focus on speeding up land allocation progress.
Regarding economic growth , today's Government meeting assessed that the economy is gradually regaining growth momentum. However, Mr. Tran Quoc Phuong admitted that achieving the 2023 GDP growth target of 6.5% is "a very heavy task in the last months of the year".
"The Government prioritizes promoting economic growth in the context of well-controlled macroeconomics, with CPI gradually decreasing and at a low level. Sectors and localities are required to focus on maximum solutions to promote growth. Therefore, the scenarios we advise the Government all try to achieve the best results for the goals," he said.
Three main driving forces, according to the leader of the Ministry of Planning and Investment, are breakthrough solutions for growth this year. First is the service sector, when this sector has just recovered well, increasing by 7.6% in August compared to the same period, and 10% in 8 months. International visitors in August reached 1.2 million, nearly 2.5 times higher than the same period. Vietnam attracted 7.8 million international visitors, 5.4 times higher than the same period.
The next driving force is to strengthen the development of the agricultural sector. In the context of food tension in the world market, Vietnam has advantages in exporting rice and agricultural products. "However, it is also necessary to balance the problem of serving economic growth and ensuring domestic food security," Mr. Tran Quoc Phuong noted.
Finally, the stimulus is the development of the domestic market, especially stimulating consumption, prioritizing the use of Vietnamese goods to create demand. Enterprises, in addition to expanding production to meet domestic demand when exports are difficult, also need to take advantage of every opportunity and increase export orders.
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