According to Hai Phong Chairman Nguyen Van Tung, the city’s disbursements in the first quarter accounted for just 1.4% of the full-year target, significantly lower than the figures of 100% and 98% in 2016 and 2017 respectively.
However, the disbursement rate will reach 50% by the second quarter and 100% by the year-end, since the city’s 12 major projects will commence in May, Secretary Le Van Thanh said.
The nationwide rate of public disbursement was also only 9.4% in the first three months of 2018, official data showed.
Between 2016 and 2020, the total public investment capital allocated to Hai Phong amounts to more than VND66 trillion (US$2.9 billion).
Deputy PM Hue said that the slow disbursement of public investment in the first quarter will affect the macroeconomic situation because money mobilised from bond sales and official development cannot be spent.
He added that as a locality with rapid economic growth, Hai Phong’s effective disbursement of public investment will have a positive impact on the nation’s disbursement rate and economic development.
