Statistics show that an estimated 92.1 trillion VND (roughly 4.7
billion USD) was disbursed from the State budget for development
projects in the first eight months of the year, making up almost 74
percent of the annual plan. Disbursement of Official Development
Assistance (ODA) commitments reached over 1.8 billion USD, or 74.5
percent of the annual target and 13.5 percent increase year on year.
Foreign Direct Investment (FDI) saw up to 7.25 billion USD disbursed,
representing an increase of 3.6 percent over the same period last year.
The Ministry of Planning and Investment (MPI)
forecast that development investment this year is expected to reach 800
trillion VND, accounting for 41.37 percent of gross domestic product and
representing a growth of 12.9 percent year on year.
Once the disbursement is reached, it would be the second consecutive
year Vietnam has surpassed the annual target for development
investment, said MPI.
The trend was of primary
importance for Vietnam since the country is largely dependent on
investment for economic growth, the ministry explained.
The figures have shown the great efforts made by the Government,
ministries, industries and local administrations to mobilise different
financial sources for development amid post-crisis economic difficulties
worldwide.
The figures were evidence of investors’ and partners’ confidence in Vietnam’s potential for growth, MPI said.
Problems, however, remain with cumbersome administrative procedures and limited management competence.
Experts have called on responsible agencies to move promptly in
reviewing and adjusting relevant policies and streamlining
administrative procedures in an effort to increase the country’s
capacity to absorb investment.
The Director of the
National Centre for Socio-Economic Information and Forecast, Le Dinh
An, said measures to lure FDI should be associated with economic
restructuring and geared to concrete industries and products.
Such an orientation should be also applied to ODA fundraising, he added.
National Assembly Vice Chairman Nguyen Duc Kien proposed an early
orientation for mobilising and using ODA at a workshop in July.
He also called for relevant agencies to make objective evaluations of
national debts in support of mobilising financial sources for economic
development./.
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