Public spending meets 39% of year's target

By Quynh Trang   August 24, 2022 | 01:05 am PT
Public spending meets 39% of year's target
Van Don – Mong Cai Expressway in Quang Ninh Province. Photo by VnExpress/Le Tan
Public spending hit only 39.15% of Prime Minister's Pham Minh Chinh's target for the year in the first eight months, with roadblocks including land clearance and investment procedures.

Three localities and 27 ministries spent only 20% of the year's target, according to a report by the Ministry of Finance.

Public spending, considered a key factor in boosting economic growth, has been low for many years in Vietnam.

But there are certain reasons why it was delayed this year, one being that the public investment plan for 2021-2025 was only approved in July last year, stalling the start of many projects, said Minister of Finance Nguyen Chi Dung.

Many localities are reluctant to deal with complicated land clearance, compensation and investment procedures, he noted.

PM Chinh this month ordered six task forces to speed up public spending among government bodies and localities with low disbursement rates.

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