Allocate over 90% of medium-term public investment capital.
Implementing the medium-term public investment plan for 2021-2025, Nghe An province has so far completed the allocation of over 99% of the total planned capital to localities and units, helping to implement hundreds of projects and works in the province.
Capital allocation is over 99% complete.
Traveling along the main roads of Vinh City these days, one can clearly see the remarkable changes in infrastructure. Many roads have been upgraded and modernized, such as Le Nin Street, Le Hong Phong Street, Minh Khai Street, and Nguyen Van Cu Street…
In particular, alongside the road surface upgrade, the drainage canals are also being upgraded simultaneously, helping to drain water faster and effectively prevent flooding.
Upgrading Vinh City's roads is one of more than 120 projects allocated public investment funds for the 2021-2025 period. According to the Department of Planning and Investment, the allocation of medium-term capital for the 2021-2025 period basically ensures adherence to the principles and priorities as stipulated.
The total medium-term public investment plan for the period 2021-2025 reached VND 20,914.7 billion, of which VND 19,768 billion was allocated at the beginning of the period; and VND 1,184.3 billion was added during the period. As of October 2024, VND 20,796.5 billion had been allocated in detail, reaching 99.44% of the total plan. The unallocated amount was VND 118.12 billion (from local budgets), accounting for 0.56% of the total plan.
Elaborating on this matter, a representative from the Department of Planning and Investment stated that, among the projects for which funding has not yet been allocated, 88 billion VND is for ODA projects currently under negotiation awaiting the Prime Minister's approval, and this amount has not been allocated during the period because no projects have met the required conditions.
Currently, only one project has been appraised: the Sustainable Fisheries Development Project in Nghe An Province, which is expected to use 30 billion VND from ODA funds. However, procedures are underway to adjust the project proposal due to changes in the financial mechanism. In addition, over 30 billion VND in other investment preparation and planning funds are expected to be allocated in the 2025 plan to prepare for investment in projects scheduled to start in the medium-term plan 2026-2030 and other plans as per current regulations.
Adjusting the capital plan ensures efficiency.
Regarding the results of the medium-term public investment allocation, Mr. Ho Viet Dung, Deputy Director of the Department of Planning and Investment, stated that the implementation of the medium-term public investment plan for the 2021-2025 period has been developed in accordance with the principles, criteria, and priorities as stipulated. Investment has been focused on key areas, gradually overcoming the situation of scattered and dispersed investment. Annual plans are consistent with the assigned medium-term plan. The process of preparing, appraising, and approving investment policies and investment decisions has basically ensured compliance with procedures and regulations.
The Provincial People's Committee, specifically the Department of Planning and Investment, proactively guided units in preparing necessary documents and procedures early on, ensuring that the allocation of medium-term and annual plans was implemented promptly. The Provincial People's Committee, along with the Public Investment Task Force, regularly monitored and urged coordination among departments, agencies, and district People's Committees, ensuring timely progress. Furthermore, they identified difficulties and obstacles to promptly report to competent authorities for resolution. The mobilization and integration of capital sources were generally more effective and positive than in the previous period.
In addition to integrating increased revenue and annual surplus funds to complete projects in the assigned medium-term plan, especially key projects such as the coastal road project, the Vinh - Cua Lo Boulevard, and the road connecting National Highway 7C (Do Luong) to the Ho Chi Minh Highway (Tan Ky), for projects arising in the medium-term period, the Provincial People's Committee has also directed the Department of Finance to advise on handling them, contributing to resolving investment needs and helping to put many works and projects into use, creating new capacity in the area.
Public investment funds for the 2021-2025 period, specifically for the years 2021-2023, have been allocated to 407 out of 456 projects, reaching 89%. Of these, 23 projects have been completed; 182 projects are underway; and 2 projects are still facing obstacles. Among the 407 projects for which funds have been allocated, the Provincial People's Committee has made adjustments to reflect the actual implementation situation each year.
Specifically, in 2021, there were 5 rounds of adjustments involving 80 projects with a total adjusted capital of over 225 billion VND (5 projects with reduced capital, 25 projects with increased capital). In 2022, there were 5 rounds of adjustments involving 6 projects, with a total adjusted capital of over 235 billion VND (36 projects with reduced capital, 3 projects with increased capital). In 2023, there were 4 rounds of adjustments, corresponding to 81 projects with a total adjusted capital of over 423 billion VND (43 projects with reduced capital and 83 projects with increased capital).
In addition to adjusting capital plans, the Provincial People's Council also adjusted investment policies for projects under the medium-term public investment plan. Specifically, the total number of projects for which the Provincial People's Council adjusted investment policies from the beginning of the period to date is 73 projects with 41 adjustments.
Evaluating the effectiveness of the province's medium-term public investment allocation, Mr. Nguyen Nam Dinh – Member of the Provincial Party Standing Committee, Permanent Vice Chairman of the Provincial People's Council – stated that, through the recently completed supervision of this matter by the Provincial People's Council, it was found that the implementation of the public investment plan for the 2021-2025 period has significantly contributed to changing the province's infrastructure and socio-economic development, creating conditions for economic growth and attracting other sources of capital. Public investment resources, as well as the accelerated disbursement of public investment resources in the past period, are important factors, acting as seed capital to mobilize all resources to promote the recovery and socio-economic development of the province.
