Accelerating Public Investment in Vietnam: A Call to Action
In a bold move to enhance the nation’s socio-economic landscape, Prime Minister Pham Minh Chinh has recently called upon various ministries, sectors, and localities in Vietnam to intensify their commitment to public investment. The goal is clear: to boost economic growth and improve the living conditions for all citizens. This dialogue took center stage during a nationwide conference on October 18, which the Prime Minister chaired at the Government’s headquarters, linking online with 34 provinces and cities throughout the country.
The Importance of Public Investment
Prime Minister Chinh emphasized that public investment is not only vital but is also a primary driver for Vietnam’s growth. He aims for the country to achieve an economic growth rate exceeding 8% by 2025, setting the foundation for an even more ambitious double-digit growth trajectory in the years that follow. The Prime Minister articulated that effective public investment would be instrumental in achieving this goal.
Increased Funding for 2025
The financial commitment this term has seen a significant increase, with public investment capital swelling by 55% compared to previous terms. For the year 2025 alone, the government aims for an investment figure of approximately VNĐ1.11 quadrillion (about US$421.38 million). The ambitious target of achieving 100% disbursement of these funds is a cornerstone of the government’s strategy to stimulate growth and development across the nation.
Current Disbursement Trends
However, as of October 16, only VNĐ455 trillion—approximately 50.7% of the planned investment for the year—has been disbursed. While this figure remains a solid start, it still falls short of expected outcomes, with 29 central agencies and 18 localities lagging behind the national average in disbursement rates. This highlights a continued need for improvement in how these funds are managed and allocated.
Accountability and Performance Review
To hold agencies accountable, PM Chinh pointed out that under new guidelines from the Politburo, disbursement performance will now be a key criterion for evaluating the effectiveness of collectives and individual officials within the political system. This measure is expected to encourage a culture of responsibility and diligence, making it crucial for all stakeholders to review their disbursement results, identify delays, and clarify accountability—thereby avoiding any tendency to pass the buck.
Financial Plans Set Forth
According to the Ministry of Finance, the State budget investment plan for 2025 exceeds VNĐ897 trillion, with over VNĐ871 trillion (97.1%) already allocated. The remaining VNĐ26.2 trillion is yet to be distributed. Notably, as of mid-October, nine ministries and 16 localities have recorded disbursement rates above the national average. This is indicative of pockets of success amid broader challenges.
Government Initiatives and Oversight
Recognizing the critical need for efficient implementation, the government has been proactive in issuing multiple official directives and holding numerous conferences aimed at fortifying public investment. This is not merely a bureaucratic exercise: PM Chinh and Deputy Prime Ministers have conducted field inspections to identify and resolve institutional bottlenecks that may hinder progress on major national projects.
Infrastructure Development Achievements
One area where public investment is making a tangible impact is in infrastructure. Since the beginning of 2025, Vietnam has completed over 455 kilometers of expressways and has initiated construction on an additional 364 kilometers. The ambitious target is to expand this network to reach a total of 3,000 kilometers by the end of 2025, significantly enhancing connectivity and driving economic opportunities.
Commitment to Transparency and Efficiency
In tandem with increased investment, the government is also focusing on discipline and transparency in public spending. Regular reviews and reallocations of funds between projects have become routine, aimed at maximizing efficiency and ensuring that financial resources are deployed effectively. This commitment not only supports economic growth but also contributes to macroeconomic stability and sustainable development, creating a ripple effect that benefits society as a whole.
Through these concerted efforts, the Vietnamese government under PM Pham Minh Chinh is clearly steering the country towards a future where public investment is elevated as a vehicle of socio-economic improvement. Each initiative encapsulates a broader ambition to create a better quality of life for all citizens while laying the groundwork for enduring prosperity.