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| There are many reasons that make it difficult to disburse public investment capital. Photo: ST |
Many ministries, branches and localities have not allotted all capital
According to the latest report of the Ministry of Finance, it is estimated that by the end of March 2023, there are still over 71,941 billion VND, accounting for 10.17% of the public investment capital plan assigned by the Prime Minister (over 707,044 billion VND) that has not been allocated in detail. Only the capital from the central budget (excluding the capital in the national target program), up to 27 ministries, central agencies, and 37 provinces and cities, have not fully allocated the capital plan that the Prime Minister has already assigned.
The reason for this under-allocation of capital has been specifically pointed out. For domestic capital, the reason is that the projects under the Socio-Economic Development and Recovery Program have not yet completed investment procedures, so they are not eligible for detailed capital allocation in 2023. However, some projects under the new program assigned by the Prime Minister with details of the capital plan (Decision No. 202/QD-TTg dated March 8, 2023) are currently being completed by ministries and localities to implement the capital plan in 2023. Notably, some local projects have not yet completed investment procedures and project adjustment procedures, such as Cao Bang – Lang Son expressway; Ring Road 4 in the capital region (Bac Ninh, Hung Yen); Cu Mong lagoon embankment – Phu Yen province; Van Ly bridge and road – Quang Nam province.
In addition, the Ministry of Finance said that foreign capital had not been fully allocated due to several reasons, such as the signing procedures of the loan agreement not being completed (Quang Tri province); has not yet signed a loan agreement with the sponsors, collecting opinions from the donor to complete the procedure for using excess capital (Dak Nong province); local authorities requested to refund the central budget because the province assessed the possibility of not disbursing all (Quang Ninh province).
As for local budget balancing capital, there are 38 localities assigned the plan to balance local budgets, which is increased compared with the Prime Minister’s allocation from land use revenue, increasing revenue, and lottery sources of the localities. However, there are still 16 localities that have not fully allocated the capital plan to balance the local budget. The reason is that some localities have just assigned the plan’s first phase, some projects have not completed investment procedures, some have not allotted all investment capital from land use sources, and some have overspent the local budget.
Reportedly, right from the beginning of 2023, the Ministry of Finance has issued documents urging the allocation and input of Tabmis estimates (Budget and treasury management information system) and disbursement of the budget investment capital plan in 2023, and at the same time, inspect the allocation of capital by ministries, branches and localities. However, the inspection shows that there are still some shortcomings in allocating capital.
According to the Ministry of Finance, for projects that ministries and central agencies have properly allocated according to regulations, the Ministry of Finance has approved estimates to promptly have the capital to be disbursed for projects. However, for the unqualified capital allocation of the units, the Ministry of Finance has sent a document to each ministry, central agency and locality requesting to adjust the detailed allocation plan following regulations as the basis for estimates and payments control for projects.
New disbursement reached 9.69%
In parallel with the capital allocation, the Government, ministries and local agencies are urgently implementing the disbursement of public investment capital. From the beginning of the year until now, the Government has issued directives and dispatches requesting ministries, branches and localities to implement many solutions to speed up disbursement progress and bring high efficiency to society from this capital source. As a result, under the latest report, the estimated disbursement of investment capital in 2023 from the beginning of the year to the end of March is 73,192,092 billion VND, reaching 9.69% of the plan (reaching 10.35% of the plan assigned by the Prime Minister). Up to now, there are 49 ministries, central agencies and 24 localities with disbursement rates below 9%, of which 30 ministries and central agencies have not yet disbursed capital plans.
The Ministry of Finance said that the estimated disbursement rate in the first 3 months of 2023 is not high because the ministries, branches and localities have just completed the detailed assignment of capital plans for projects, so they are completing the procedures for acceptance of the completed volume for payment, focusing on bidding and contractor selection; many projects faced problems in site clearance. In addition, several key projects in the transport sector faced difficulties in material supply, affecting progress and volume of capital disbursement. For foreign capital, because many projects have not been able to remove difficulties in selecting consulting units of equipment price as a basis for determining bid package prices, they are not eligible for implementation and disbursement.
To speed up the disbursement of public investment capital, the Ministry of Finance proposes that the Ministry of Planning and Investment soon submit to the Prime Minister for a decision to allow the extension of time for implementation and payment of public investment capital from the state budget from 2022 to 2023 for ministries, central and local agencies to implement from the first months of the year. Furthermore, for ministries, central and local agencies, the Ministry of Finance urgently requests the detailed allocation of the entire investment plan of the state budget capital, including the capital of the 2023 national target program, which the Prime Minister has assigned following regulations.