Prime Minister Pham Minh Chinh has set a target of disbursing at least 95 per cent of more than VND711 trillion ($30.1 billion) in public investment capital this year.

He made the direction while chairing a national teleconference on February 21 on the acceleration of public investment allocation and disbursement this year as well as the socio-economic recovery and development program.

As of February 17, more than VND595.61 trillion ($25.2 billion) of public investment for 2023 had been allocated and assigned to ministries, agencies, and localities, representing 84.2 per cent of the plan.

The Prime Minister asked ministries, sectors, and localities to propose specific solutions to disburse public capital in a practical, effective, and flexible manner in line with the actual situation.

The government issued many resolutions, directives, and official dispatches last year regarding public investment disbursement, while holding national online meetings and conferences to discuss the task and forming six working groups of the Prime Minister to inspect and quicken disbursement.

In 2022, 5,000 unnecessary projects were abolished to secure capital for large-scale effective projects while measures to raise earnings and cut spending were applied to boost public investment capital, he said, adding that disbursement of capital sourced from the State budget reached 93.5 per cent of the annual plan last year.