Allocated public investment totals 90.39% of the plan

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A number of new projects have lacked investment procedures but have received capital. Photo: Internet.

More than VND468 trillion is allocated

The Ministry of Finance said that the total plan for public investment capital from the state budget in 2022 is VND580,234.33 billion (including VND24,000 billion of the national target program that has not been assigned by the Prime Minister).

Of which, the capital plan in previous years transferred to 2022 is over VND1,077 billion (domestic capital); the capital plan for investment and development from the state budget in 2022 is over VND579,157 billion.

As of the end of February, the Ministry of Finance has received reports on capital allocation plans from 51 ministries, central agencies and 62 provinces and cities. Among them, 20 ministries and 34 provinces and cities have not yet completed the capital allocation plan assigned by the Prime Minister.

According to a report from the Ministry of Finance, the total allocated capital was estimated at more than VND468.3 trillion by the end of February, reaching 90.39% of the capital plan assigned by the Prime Minister.

Thus, the amount of unallocated capital is over VND86,838 billion (including domestic and foreign capital), accounting for 16.76% of the plan assigned by the Prime Minister.

The Ministry of Finance said, for capital from the central budget, 20 ministries and 24 local agencies have not completed the capital allocation plan. Of which, a number of ministries and central agencies have a relatively high proportion of unallocated capital (over 50%), such as the Ministry of Information and Communications (over 79%), the Government Inspector (nearly 85%), Vietnam Women's Union (over 84%).

This is because these ministries and agencies have not yet allocated detailed capital plans for new construction projects that have not yet completed investment procedures or not been included in the medium-term public investment plan for the 2021-2025 period.

As for the capital from the local budgets, in addition to the 36 localities assigned the capital plan higher than the plan assigned by the Prime Minister from revenues from land use fees, additional revenue, and lotteries, 15 others have not fully allocated this capital plan. The reason is that some localities have allocated the first phase of the plan, some projects have not yet completed investment procedures and the overspending will be allocated later.

Still many inadequacies

According to the Ministry of Finance, through inspecting and reviewing the allocation of capital plans by ministries, governmental agencies and local agencies, there is still a situation in which capital has been allocated to a number of new projects that have not yet met the investment procedures (with no approved investment decisions yet), for example, the Office of the National Assembly, Supreme People's Procuracy, Ministry of Foreign Affairs, Ministry of Transport, Ministry of Labor, War Invalids and Social Affairs, Ministry of Natural Resources and Environment.

In addition, the Ministry of Finance also pointed to other reasons, such as allocating investment exceeding the medium-term capital plan for the 2021 - 2025 period for a number of projects, including some projects of the Ministry of Foreign Affairs and the Ministry of Transport, or ODA-funded projects in some localities such as the Northern mountains urban development program project in Yen Bai, Yen Bai city allocated capital exceeding the medium-term capital plan by VND19.9 billion, the project strengthening land management and land database exceeding the medium-term plan by over VND49.9 billion; the project strengthen land management and land database in 2021 and 2022 in Bac Ninh province, exceeding VND18 billion of the medium-term plan.

In addition, many ministries, agencies and localities have allocated capital for a number of projects that are not on the list of medium-term public investment plans for the 2021-2025 period; have not allocated enough capital for projects to be completed in 2022 (Bac Giang, Ha Nam); approved investment in new projects with ineligible capital structure according to the Prime Minister's regulations in Decision 1535/QD-TTg on the arrangement of medium-term public investment capital plan for the 2021-2025 period.

For example, Soc Trang province has approved investment in 18 new projects. These projects are approved for 100% investment from the central budget and have been allocated capital plans in 2022 while according to regulations, the central budget only allocates 90% of the total project investment and the remaining 10% will be allocated from the local budget.

Lai Chau province has also approved investment in Lai Chau province sports complex project from 100% of central budget capital (VND190 billion). However, according to Decision 1535/QD-TTg, the project is only allocated VND150 billion, the remaining VND40 billion must be allocated from the local budget.

Bac Kan province has allocated capital in 2022 for the project to build a road from Bac Kan city to Ba Be lake connecting to Na Hang, Tuyen Quang province costing over VND930.9 billion. However, the approval of the revised investment policy of this project is not consistent with the provisions of the Law on Public Investment because this project belongs to group A and goes through two provinces.

In addition, there is a situation of allocating foreign capital plans to projects in not accordance with the allocation/re-lending ratio approved by competent authorities such as: Mekong Delta Integrated Climate Resilience and Sustainable Livelihood Project (Bac Lieu province); Second Greater Mekong Subregion Corridor Towns Development Project in Bac Giang city (Bac Giang province); the project on improving the urban infrastructure of Phat Diem, Kim Son district Ninh Binh province and the project of strengthening land management and land database in Ninh Binh province.

The Ministry of Finance also said the ODA plan assigned by the Prime Minister to Long An province exceeds the medium-term public investment plan. The ODA allocated to Long An province by the end of 2022 is over VND424.8 billion, over by VND187.1 billion compared to the medium-term public investment plan 2021-2025 (over VND237.6 billion).

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Therefore, the Ministry of Finance has sent a document to ministries, governmental agencies and local agencies to review, adjust or report to competent authorities on adjustment to ensure that the capital allocation complies with regulations, and speeding up the capital allocation to support the disbursement and contributing to promoting the development of the economy in 2022.