A maximum of two days for payments and one day for advances
Removing bottlenecks and ensuring that funds from the State Treasury reach construction sites quickly and efficiently has become a top priority for all levels and sectors as they enter the final push of the fourth quarter of 2026.
As of September 10, 2026, cumulative payments and disbursements of public investment capital through the State Treasury system under the 2026 plan had exceeded 436.6 trillion VND, equivalent to 47.0% of the target assigned by the Prime Minister and 43.4% if including the planned resources assigned by the Provincial People's Committees. For capital extending from the previous year to 2026, the disbursement value reached 40,840.1 billion VND, equal to 33.4% of the plan.
These figures reflect the considerable efforts made across the financial system, but they also highlight the substantial volume of capital that must still be disbursed in the final months of the year. However, observations at payment agencies reveal a paradox: “There is no shortage of money at the State Treasury, and procedures are no longer a barrier, but payment applications are arriving only in small numbers.”
“Capital for public investment at State Treasury in Region XI are always fully available, with no cases of funding shortages. As soon as investors submit their applications, the State Treasury can make the funds available immediately,” Le Minh Duc, Head of Professional Division 1 at State Treasury in Region XI in Thanh Hoa Province, affirmed.
Sharing this view, Ngo Duc Quy, Deputy Director of the Ha Tinh Civil Construction Investment Project Management Board, said: “Payments and disbursements through the State Treasury are now processed very quickly and promptly. However, disbursement requires actual completed construction work and complete, accurate payment documentation. The main bottlenecks lie in handling issues at construction sites and completing the procedures associated with project documentation.”
In recent years, the State Treasury system has made major advances in applying information technology and reforming administrative procedures. All procedures handled through the State Treasury are now conducted via online public services, enabling investors to track the progress of their applications accurately.
In particular, the introduction of Decree No. 254/2025/ND-CP marked a major breakthrough by granting investors and project management boards full authority and responsibility for the legal validity of their documentation. Meanwhile, the State Treasury has shifted decisively from pre-payment checks to post-payment inspections, focusing on its payment function.
Speaking about the State Treasury's proactive support for investors and project management boards, Le Minh Duc, Head of Professional Division 1 at State Treasury in Region XI in Thanh Hoa, said: “The State Treasury always works alongside investors to provide guidance on procedures. In June 2026, the Director of State Treasury in Region XI issued an official document directing the entire system to support investors and project management boards, particularly during the transition to the two-tier local government model. Staff worked on Saturdays and Sundays to assist the relevant units. Even during the recent National Day holiday on September 2, the State Treasury arranged for staff to remain on duty to process applications and prevent backlogs.”
Nguyen Tien Dung, Deputy Director of State Treasury in Region XII, said: “State Treasury in Region XII proactively urges investors and project management boards to complete the necessary documentation whenever they submit evidence of completed work. We prepare sufficient staffing and funding to ensure that payments are processed as quickly as possible once applications submitted. Advance payments for site clearance and key projects designated for the “green channel” receive priority and are processed on the same day.”
Assessing the role of contract advance payment as a financial lever to support contractors amid fluctuating construction material prices, Duong Canh Dai, Chief Accountant of the Thanh Hoa Transport Construction Investment Project Management Board, said: “On the basis of the economic contract and a bank guarantee certificate, the investor may consider advancing up to 30% of the contract value, enabling the contractor to proactively secure resources to purchase materials and equipment. Amid price volatility, this mechanism helps businesses maintain stable construction operations and meet the required schedule.”
Bottlenecks in site clearance, materials, and solutions for the sprint period
Despite the considerable pressures facing the country as a whole, several localities have made significant breakthroughs through innovative and decisive approaches.
As of September 15, 2026, total public investment disbursements in Ha Tinh Province, including capital carried over from previous years, had reached 6,075.688 billion VND, equivalent to 68.9% of the target assigned by the Prime Minister. This placed the province third among the country's 34 provinces and centrally governed cities, behind Bac Ninh and Ha Noi.
To achieve this result, the Standing Board of the Ha Tinh Provincial Party Committee established a Steering Committee for key projects. The provincial People's Committee also established working delegations led by its deputy chairpersons, who visit construction sites in person to urge progress and resolve difficulties on a weekly basis.
Regarding compensation, site clearance, and resettlement, the Standing Board of the Ha Tinh Provincial Party Committee has clearly assigned responsibilities and deadlines for resolving outstanding issues. It has also stepped up public communications and dialogue, while disclosing policies and compensation rates to create consensus and facilitate the early handover of cleared sites for construction.
For investors, provincial and local project management boards, and relevant units, the Standing Board of the Ha Tinh Provincial Party Committee has issued the following requirements: (i) urgently complete investment and bidding procedures, and accelerate construction, prioritising key projects, natural disaster recovery works and projects scheduled for completion in 2026; (ii) proactively secure supplies of construction materials to avoid disruptions and price fluctuations; (iii) carry out acceptance procedures and make payments as soon as work is completed, prepare monthly disbursement plans, and proactively propose reallocating capital from delayed projects to those making good progress; and (iv) fully disburse natural disaster recovery funds before December 31, 2026 and submit periodic reports in accordance with regulations.
The Standing Board of the Ha Tinh Provincial Party Committee has also instructed departments, sectors, and localities to publish disbursement results and link the responsibility for task completion to the heads of agencies, and ensure timely commendation or disciplinary review.
The Department of Construction has been tasked with promptly publishing construction material prices that reflect market prices, checking compliance with price-listing requirements, and strictly handling stockpiling, price increases, and market manipulation. The Department of Finance and the State Treasury have been assigned to monitor disbursement progress, advise on capital reallocations, provide guidance and shorten the time required to process payment procedures.
At the Xo Viet Nghe Tinh Road extension project towards the east in Ha Tinh, which has a total investment of 1.4 trillion VND, measures to resolve material supply problems have marked a major turning point. Nguyen Thien Hieu, Deputy Director of Joint Stock Company 484, said: “The province has placed the project on the “green channel”, allowing additional specialised material extraction sites and the addition of new soil, sand and stone quarries. With 100% of the site cleared and a stable supply of materials, the contractor is stepping up shifts and working hours, determined to complete the project on schedule.”
Demonstrating the same proactive and flexible approach, Major Nguyen Dac Thang, Commander of Company 185 under Army Corps 12, representing the military contractor, affirmed: “As we are in the storm and rainy season, our unit makes the most of every hour of sunshine to deploy machinery and carry out construction. As soon as each work item is completed, we prepare its payment procedures immediately to secure disbursement, absolutely avoiding a backlog of applications at the end of the year.”
In Thanh Hoa, the determination to “overcome the heat and conquer the rain” is clearly evident at key construction projects. The Le Loi Boulevard project, covering the 1.5-kilometre section from Phu Son crossroads to Dong Bridge, has a cross-section width of 43 metres and serves as a major transport artery for the city.
Although the contract stipulates a completion date of December 31, 2026, the Chairman of the Thanh Hoa Provincial People's Committee has ordered the project to be accelerated. It is therefore expected to be completed before September 30, 2026, three months ahead of schedule.
A representative of the Thanh Hoa Civil and Industrial Project Management Board said: “Despite difficulties caused by the weather and site clearance issues affecting more than 357 households, the board has worked with the contractor to build a day-by-day construction plan. The project had disbursed 100% of its planned capital before September 30, 2026, three months ahead of schedule.”
Objectively assessed, public investment disbursement in 2026 continues to be significantly affected by non-financial factors, including: (i) fluctuations in raw material and fuel prices, which put pressure on total investment costs, particularly for packages using lump-sum or fixed-unit-price contracts; (ii) the complex challenges of determining land origins, setting compensation rates and relocating technical infrastructure; (iii) the preparation, appraisal and approval of designs and the selection of contractors, which often take between six and eight months; and (iv) the need to comply simultaneously with domestic regulations and foreign donors' requirements for projects financed by overseas funding.
Accelerating public investment disbursement through the State Treasury is not merely a matter of financial discipline or percentage figures in reports. When the State Treasury has expanded its “green channel” and reduced procedural processing times to a minimum, the initiative of investors, decisive action on site clearance, and the flexibility of contractors at construction sites are the crucial links to unlock the flow of public investment capital and generate a strong boost to economic growth in 2026 and following years.
