As of February 28, total disbursed capital reached VND55.74 trillion, equivalent to 5.6% of the plan assigned by the Prime Minister. Of the figure, disbursement of the central budget was estimated at VND10.18 trillion, or 2.9% of the plan, while that of local budgets totalled VND45.56 trillion, reaching 7% of the target.

Compared with the same period in 2025, the disbursement rate was similar in percentage terms but higher in absolute value by VND10.93 trillion.

By the same date, six ministries and central agencies and 14 localities recorded disbursement rates equal to or higher than the national average. Meanwhile, 29 ministries and central agencies and 20 localities reported rates below the national average, including 25 ministries and central agencies with rates below 1% or without any disbursement.

Regarding the detailed allocation of the 2026 investment plan to specific programmes and projects, ministries, central agencies and localities had allocated VND975.47 trillion by the end of February.

Aside from locally balanced budgets and extra funding provided by local governments, the detailed allocation reached VND962.54 trillion, equivalent to 96.7% of the plan assigned by the Prime Minister. Unallocated capital amounted to VND32.81 trillion, accounting for 3.3% of the assigned plan across 15 ministries and central agencies and 15 localities. Most of this capital is still undergoing procedures for project allocation.

According to the Ministry of Finance (MoF), delays in capital allocation are among the factors directly affecting disbursement progress in the early months of the year. In some cases, allocations have not complied with regulations, such as assigning capital to unqualified projects, those exceeding approved investment levels, or going beyond the permitted capital allocation period.

Disbursement progress is also typically slow at the beginning of the year as investors focus on completing procedures, implementing capital plans and continuing construction on ongoing projects. This year, the Lunar New Year holiday occurred later than usual, interrupting construction activities and reducing the volume of completed and payable work.

Beyond seasonal factors, several structural bottlenecks remain unresolved, including difficulties in compensation and site clearance, risks of shortages and price fluctuations of construction materials as many major projects are implemented simultaneously, and the impact of unusual weather conditions.

Several internal limitations have also been identified, including limited capacity and accountability among project investors, management boards and contractors, along with shortages of personnel in charge of public investment in some localities following administrative restructuring. Also, ODA-funded projects have not yet finalised legal procedures and therefore cannot be allocated capital.

To accelerate disbursement, the MoF said it would continue reviewing policy mechanisms while urging ministries, sectors and localities to speed up capital allocation and address implementation bottlenecks. Priority will be given to resolving site clearance obstacles and ensuring sufficient supplies of construction materials, particularly for key transport infrastructure projects.

Public investment disbursement hit five-year high

The disbursement of public investment in 2025 hit a five-year high although the Government fell short of its target of fully disbursing the plan, according to the Ministry of Finance.