In the first 11 months 2018, some ministries, branches and localities still have not disbursed foreign capital

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Hai Duong has not yet disbursed capital after the first 11 months of 2018. Photo: Internet

There are many ministries, branches and localities that have disbursed with very low rates such as: Hai Duong has not disbursed any capital; Vietnam Institute of Science and Technology has disbursed insignificantly, reaching only 0.08% of the capital plan; The Ministry of Health has only disbursed about 10% of the plan; The Ministry of Planning and Investment has disbursed 7.07% of the plan; Vinh Phuc has disbursed 13.6%. Some ministries, branches and localities disbursed foreign capital significantly such as: Hai Phong reached 95%; Lang Son reached 93%; Tuyen Quang reached 79.41%.

Through summarizing from the ministries, branches and localities, there are many causes of slow disbursement, such as the mechanism and allocated capital plan is inappropriate and shortcomings from the project. Some projects have not yet been disbursed due to the suspension of implementation to adjust the total capital investment, investment policies, and efficiency re-evaluation, for example, the Vietnam Space Center project; project for construction of Metro line No.2 in Ho Chi Minh City, Ben Thanh - Tham Luong line.

The allocated capital plans of some projects are inappropriate; the capital plans are high and inconsistent with the implementation schedule (Project on development of Can Tho City and enhancement of urban adaptability). There are projects that must be reallocated capital investment and remarkably adjusted the total capital investment, currently they have not yet completed procedures in the country and have not been implemented, but are still allocated capital plans (Hanoi Railway Project, route No. 1, phase 1 - project implementation part)...

In a recent report to the Prime Minister, the Ministry of Finance has proposed the Prime Minister to assign the Ministry of Planning and Investment to lead and coordinate with ministries, branches and localities, to submit the plan for adjusting the foreign capital plan in 2018 to the Prime Minister, in accordance with the Prime Minister's direction in the Government Office's Official Letter No. 10140/VPCP-KTTH on promoting the implementation and payment of the public capital investment plan 2018.

According to the explanation of the Ministry of Finance, while many projects have not disbursed any capital, there are projects that can be completed in the year but they are lacking capital. The transfer of capital from the surplus to shortage places will contribute to accelerating the disbursement of foreign loans.

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Separately, the Ministry of Health, the disbursement of foreign capital (ODA capital and preferential loans of foreign donors, excluding foreign capital disbursed under the domestic financial mechanism) reached VND 272.16/2,650 billion (reaching 10.2% of the plan). Among 12 projects under the medium-term investment plan of foreign capital 2016-2020 deployed by the Ministry of Health, there are two projects that are behind schedule. The Ministry of Health has reviewed and summarized the demand for capital disbursement in 2018 of the projects, in which it proposed reducing more than VND 2 billion for the project of foreign capital to strive to disburse 100% of the plan after adjustment.