Accelerating disbursement of public investment capital

Early June 16, provincial People's Committee held a regular meeting to evaluate the results of implementing the local tasks on socio-economic development in the first 6 months of the year and implement orientations & tasks for the last 6 months of the year. Chairing the meeting, Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee requested departments, sectors and localities to continue making greater efforts in directing, operating, supporting production and business activities, speeding up the process of the local socio-economic recovery and development.

State budget collection gaining positive results

In order to ensure the plan and targets for State budget collection, right from the beginning of the year, provincial People's Committee has directed departments, sectors, units and localities to strengthen the task of rechecking revenue sources, increase them and fight against revenue loss on the basis of supporting and removing enterprises ‘difficulties, promoting economic development. Ha Van Ut, Director of provincial Department of Finance said that in the first six months of the year, enterprises have gradually stabilized and expanded their production and business activities with real estate market being positive, contributing to creating a stable source of State budget revenue. The province has well implemented the provisions of the Government’s Decree No. 18/2021/ND-CP dated March 11, 2021, creating favorable conditions for import and export, attracting businesses to carry out long-term procedures, contributing to increasing the local State budget  revenue.

Leaders of provincial departments and sectors speak at the session

In the first 6 months of 2022, the province’s total State budget revenue was estimated at VND34.8trillion, reaching 59% of the estimate assigned by the Prime Minister and reaching 58% of the estimate approved by provincial People's Council, or 95% compared to the same period last year. This was a positive number in the context that in the first 6 months of the year, the Covid-19 pandemic still had complicated developments, significantly affecting the activities of many industries and fields.

Mr. Minh said that in order to ensure the local State budget collection scenario in the last 6 months of the year, departments, sectors and localities should strengthen revenue management, exploit revenue sources and combat revenue loss. All-level authorities of the province must review, balance State budget spending-expenditure, and minimize expenditure that is not really urgent. In 2022, Binh Duong has set a target of reaching more than VND60 trillion in State budget collection. This is a great revenue source in the context of the economy still facing many difficulties. The world’s situation has many complicated and unpredictable developments, affecting most industries and fields. All-level authorities and sectors of the province need to make more efforts in supporting and removing difficulties for businesses, ensuring the local State budget revenue.

Drastically disbursing public investment capital

Mr. Minh emphasized that although the pandemic is still complicated, the local socio-economic situation in the first half of the year still continued achieving positive and comprehensive results in most aspects. So far, 13 out of 34 targets have met or exceeded the yearly plan. The local economy has recovered gradually... Along with positive results, he also pointed out some shortcomings for change. The local progress of disbursing public investment capital didn’t achieve results as expected.

Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee speaks at the session

In a report explaining the progress of public investment capital disbursement, Trinh Hoang Tuan Anh, Deputy Director of provincial Department of Planning and Investment said that in 2022, Binh Duong will allocate more than VND 8.8 trillion in public investment capital. As of May 31, 2022, the province’s total disbursement value was more than VND1.82 trillion, or 20.5% of the plan assigned by provincial People's Council and 20.8% of the plan assigned by the Prime Minister. The province’s disbursement rate of public investment capital ranked second in the Southeastern region (after Tay Ninh), but was still low compared to the country’s average level. The reason was that the province's economy has just begun recovering with new market development initially getting thriving and investment procedures for projects being still slow, due to site clearance work. ..

Mr. Minh emphasized that the province’s slow disbursement progress of public investment was worrying, so he requested departments, agencies and People's Committees of districts, towns and cities to promptly remove obstacles, aiming at reaching 100% of the local target on public investment capital disbursement in 2022. Particularly, they need to have coordination in monitoring and promoting the progress of key projects that are capable of being disbursed quickly and immediately absorbed into the economy, ensuring the ability to balance capital for completion in the period of 2022-2025. Priority is given to support site clearance for a number of new projects that are important to the local socio-economic development.

The disbursement of public investment capital plays a very important role in the context that production, business and service activities have been seriously affected by the Covid-19 pandemic. Doing this job well will promote production and consumption of a variety of materials and raw materials, thereby creating jobs, contributing to promoting economic growth and ensuring social welfare. Units and localities must seriously implement the key tasks and solutions set out by provincial People's Committee to accelerate the implementation and disbursement of public investment capital. They need to focus on analyzing and assessing shortcomings in the disbursement of public investment capital, identifying these as key political tasks, one of the important criteria for year-end evaluation and grading.  (Vo Van Minh, Vice-Secretary of provincial Party Committee, Chairman of provincial People's Committee)

In the first 6 months of 2022, the province's gross regional domestic product (GRDP) increased by 6.84% over the same period last year. The province’s industrial production index was estimated at increasing by 8.35%. The province also attracted more than VND33.81 trillion in domestic investment capital and US$2.52 billion in FDI capital (or 171% of the plan, up 91% over the same period). The province’s total retail sales revenue of goods and services was estimated at VND133.3trillion, up 12.3% over the same period. The province’s total State budget spending was estimated at VND 6.85 trillion, or 34% of the estimate, up 11% over the same period. The province’s export turnover was estimated at US$ 19.18 billion, up 10% over the same period while import value was estimated at US$12.79 billion. The province’s trade surplus was nearly US$6.4 billion.

Reported by Ngoc Thanh-Translated by Kim Tin