Key tasks and solutions to accelerate the disbursement of public investment funds in Vietnam in the final months of 2024

Key tasks and solutions to accelerate the disbursement of public investment funds in Vietnam in the final months of 2024 (Photo from the internet)

Key tasks and solutions to accelerate the disbursement of public investment funds in Vietnam in the final months of 2024

Key tasks and solutions to accelerate the disbursement of public investment funds in the final months of 2024 for ministries, central and local authorities, include:

(1) Accelerate the completion of investment and project bidding procedures in Vietnam

- Assign specialized officials to closely follow the process of organizing and appraising project dossiers; carefully check and review the quality of dossiers before submission for appraisal; minimize the need for dossier revisions due to unmet requirements.

- Regularly inspect and urge specialized agencies to guide and handle project appraisal-related dossiers, provide quality and progress-secured counsel, and effectively coordinate with provincial departments and authorities, localities, investors, project management boards to swiftly handle administrative procedures, especially those related to the implementation and disbursement of public investment projects.

- Strengthen coordination between relevant agencies to provide advice to competent authorities in the process of receiving, negotiating, signing, and approving ODA loan agreements; managing and using ODA loans; enhance further information connection, report explanation, monitor compliance with regulations, processes, progress, effectiveness, and project objectives (avoid passive project execution using ODA and concessional loans from foreign donors, minimize procedures for adjusting investment project policies, arising costs, causing capital losses, and reducing project effectiveness).

- Urgently complete investment and bidding procedures, strive to commence all public investment works and projects under the management scope, already allocated with public investment plans for 2024.

(2) Develop detailed disbursement plans for each project and strictly adhere to monthly and quarterly disbursement plans in Vietnam

- Enhance on-site inspection and supervision, urge contractors and consultants to speed up progress. Specifically assign leadership responsible for monitoring execution progress; closely monitor, promptly address difficulties, and take responsibility for each project's disbursement results, considering it a crucial basis for evaluating collective and individual task performance levels in 2024.

- Proactively review and assess the potential for each project's disbursement, summarize additional capital needs of projects, and plan for reallocating funds from slow-disbursing projects to those capable of disbursing within the ministry, central agency, or locality as per regulations, ensuring complete disbursement of allocated funds.

(3) Accelerate progress on compensation and site clearance for projects in Vietnam

- Focus on leadership and direction, identifying compensation and site clearance work as a bottleneck in project implementation that needs to be resolved; direct investors, project management boards: Coordinate closely with local authorities where the project is implemented in organizing public disclosure of plans, demarcating compensation and site clearance scope; promptly provide relevant dossiers and materials to local authorities to implement site clearance-related dossiers and procedures; comprehensively calculate all technical infrastructure projects to be relocated, giving priority to executing them first to avoid obstacles and arising costs during implementation.

- Prioritize sufficient funding for compensation and site clearance of eligible land; prevent projects from waiting for site clearance, especially national, expressway, pivotal, inter-regional, and coastal projects.

- Request socio-political organizations to participate in propagating and mobilizing the people in compensation and site clearance work to expedite the implementation progress of the 2024 public investment plan.

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