Prime Minister Nguyen Xuan Phuc on October 29 ordered competent ministries, sectors, and localities to take stronger actions to speed up the disbursement of official development assistance (ODA) and foreign loans for 2020, as disbursement remains at a critically-low level.

Disbursement of World Bank (WB) loans had increased 55% year-on-year as of September 30, the Ministry of Finance revealed on October 28.

Vietnam is making all-out efforts to boost the disbursement of public investment as it seeks to post GDP growth of 3% this year amid the global economic downturn triggered by the COVID-19 pandemic.

Ten out of 12 ministries and agencies have committed to completing the disbursement of foreign loans this year after adjusting down their capital plans, the Ministry of Finance has reported.

The State Audit Office of Vietnam (SAV) held a workshop in Hanoi on September 22 to discuss measures to boost the effectiveness of public investment disbursement and the role of State audits.

Ministers and leaders of People’s Committees of cities and provinces nationwide are required to remove difficulties and promote the disbursement of public investment as well as production, business and consumption.

Ho Chi Minh City will continue to speed up the disbursement of public funds and seek to increase budget revenue for the remaining months of the year, the chairman of the municipal People’s Committee has said.

Problems remain in the implementation of Hanoi’s middle-term public investment plan for the 2016-2020 period, Vice Chairwoman of the municipal People’s Council Phung Thi Hong Ha said.

The Finance Ministry has asked for synchronous and drastic measures from the entire political system, ministries, agencies, and localities to step up the disbursement of public investment capital.

While the disbursement of official development assistance (ODA) has seen progress, without drastic solutions, it will be difficult for ministries and sectors to achieve allocation targets, Deputy Minister of Finance Tran Xuan Ha has said.