Gov't taskforce proposed to deal with unfinished projects
Projects lagging behind schedule are those financed by the official development assistance (ODA), preferential loans, foreign direct investment (FDI) and under the public-private partnership (PPP) mechanism.
The Ministry of Planning and Investment (MPI) has proposed the setup of a government’s taskforce to address difficulties in investment projects that have faced delays nationwide.
|North-South expressway project. Photo: Tran Dung|
The move came following a request from Prime Minister Pham Minh Chinh in early February on establishing a taskforce to deal with such projects.
The projects experiencing delays are those financed by the official development assistance (ODA), preferential loans, foreign direct investment (FDI) and under the public-private partnership (PPP) mechanism.
According to the MPI, investment projects in provinces/cities have been a focal point in attracting social resources for development. However, due to different reasons, many projects have not been implemented or lagged behind schedule, even for few decades.
“Such issues have led to the waste of land resources and public frustration, while becoming a bottleneck in investment for socio-economic development” stated the ministry.
“A comprehensive review of unfinished and delay projects is, therefore, necessary to clear the hurdle for development in each locality,” it added.
The MPI suggested the Deputy Prime Minister Pham Binh Minh to lead the taskforce, with minister and vice ministers of the MPI as deputy heads.
Other members would be senior officials at government agencies involving in investment projects or administering the investment procedures.
In the first five months of this year, disbursed amount of public investment stood at VND102.02 trillion (US$4.43 billion), down by 25% compared to the same period of last year and equivalent to 22.12% of the year’s target.
The disbursement rate of projects financed by ODA funds was estimated at only 3% during the period, for which the Ministry of Finance have been urging localities to transfer funds from projects with slow disbursement progress to those with higher pace.
Shortage of input materials, which resulted in higher prices, and the Covid-19 outbreak in a number of provinces/cities were cited by the government as contributing factors to the slowdown in the implementation of public investment projects.
- Bolstering Australia-Vietnam investment cooperation for mutual benefits
- Sojitz, Vinamilk to invest in $500-million beef project in Vietnam
- Vietnam, Japan sign cooperation agreements worth billions of US dollars
- Vietnamese PM calls for Japan’s support of new-generation ODA
- Vietnamese Gov’t sets up 6 task forces to accelerate public investment
- Vietnamese automaker VinFast opens US headquarters in Los Angeles
- Hanoi-based e-commerce platform raises US$22.5 million led by VNG
- Hanoi to have new airport in 2030-2050
- Vietnam-based Tiki secures $258 million in series E funding
- Vietnam calls for foreign investment in 157 projects
State President Nguyen Xuan Phuc wraps up successful trip to Russia
Avoiding economic disruption key for Vietnam to stay competitive: JETRO
Vietnamese composers win Music Against Child Labour song competition
Vietjet Air to operate direct flights to Russia in mid-2022
Fostering creativity from Hanoi’s cultural resources
Wild pear flower season comes early on the streets of Hanoi
Businesses recovery vital for Vietnam’s economic prospects: Expert
Safe, flexible adaptation to Covid-19 remains priority for Vietnam in 2022
Vietnam joins the world to end violence against women