The global economy was expected to embark on the recovery process after a deep downturn in 2020 due to the pandemic. However, the recovery would be different from country to country, depending on the developments of the pandemic and efforts to contain the virus.
Accountability must be enhanced, he stressed.
To make public investment a pillar for economic growth, the finance ministry is developing a programme with a focus on removing legal bottlenecks to disbursement of public investment.
Inspections would also be enhanced to ensure the allocation and use of public investment to follow National Assembly and Government plans while close watch would be kept on the process to tackle problems.
Regarding the disbursement of public investment from foreign loans, Dũng said the progress remained stagnant, partly due to the pandemic.
There were also subjective reasons for the stagnation, including slow site clearance, a lack of accountability and poor preparation which required adjustments and slowed disbursement, he said.
Dũng said that to fulfil the public investment plan for 2021-25, it was important to enhance the accountability of all parties relevant to the use of public investment in all stages, from preparation to implementation and settlement.
Projects which failed to meet planned progress should have their capital revoked, he stressed.
Statistics of the Ministry of Planning and Investment showed the disbursement of public investment was estimated at VNĐ398 trillion (US$17.3 billion) as of the end of December, meeting 82.8 per cent of the Government’s plan – the highest rate in the 2016-20, thanks to the Government’s determination to speed up the disbursement of public investment as a major driver for economic growth.
According to the General Statistics Office, every increase by 1 per cent in public investment disbursement would push GDP by 0.06 percentage points.
Source: VNS