Hanoi (VNA) – Amidst global headwinds, Vietnam has worked to step up disbursement of public capital to bolster the economy as Prime Minister PhamMinh Chinh has reiterated the significance of publi🍨c investment disbursement as a motive to fuel economic growth in short term as well as put in place uniform andmodern infrastructure to lure more investment for sustainable development.

At an economic seminar on October 5, Deputy Minister of Planning andInvestment Tran Quoc Phuong highlighted that the disbursed capital during January-Septembertopped 363 trillion VND (14.89 billion USD), up 46.7% from the same time lastyear. The disbursement of investment sourced from the State budget was estimated at51.38% of the yearly plan, the highest rate ever, Phuong said. Director General of the General Statistics Office Nguyen Thi Huong saidthat the result is a vivid illustration of the Government and localities’ resolve to bolster implementation of projects right from thebeginning of the year so as to create a driving force for economic growth in Q3,first nine months and the whole year. A large volume of public capital will be disbursed in 2023, including for thesocio-economic recovery and development programme, she said, adding procedures havebeen completed for projects under the investment plan during the 2021-2025period, creating favourable conditions for promoting the implementation ofpublic investment.   Localities with highest disbursement rates included Long An (68%), Tien Giang(61%) and Dong Thap (55%). Meanwhile, Tra Vinh, Vinh Long, Soc Trang, An Giang and Ho Chi Minh Cityexperienced the lowest disbursement rate. Particularly, the figure in Ho ChiMinh City was only 30% due to bottlenecks in site clearance process. Phuong stressed that enhancing discipline is critical to deliver on the targetof disbursing at least 95% the public investment budget. Ministries, sectors and localities should make concerted efforts to removebottlenecks in a timely and effective fashion, Phuong said, adding strict punishmentshould be meted out to any officials who delay the disbursement. According to economist Nguyen Bich Lam, former General Director of the GeneralStatistics Office, the disbursement of 95% of public investment will spur the GDP to rise1.3%. Public investment is an important booster for the economic growth in2023 and the coming years, he said./.