State Treasury officials are in charge of controlling and disbursing public investment capital. Photo: H.T

According to the State Treasury report, the cumulative disbursed State budget capital of the project to July 31, 2023 was 55,015.1 billion VND, accounting for 83.7% of the assigned plan for the North-South Expressway project in the period 2017-2020. By August 31, 2023, the estimated disbursement is 57,276.3 billion VND, representing 87.1% of the assigned plan.

The MoF stated that the Ministry of Transport (MoT) has proposed a flexible adjustment of 4,227.6 billion VND from the capital source of the socio-economic rebound and development program for 5 component projects (which are not on the list of tasks and projects funded by the program) in the aggerate State budget plan for 2023 allocated to the project.

Deputy Prime Minister Le Minh Khai assigned the Ministry of Planning and Investment the primary responsibility for, and coordination with, the MoF in, unifying the contents that must guide ministries, central and local agencies on the adjustment of the above two sources of capital in Government Office Notice No. 328/TB-VPCP dated August 15, 2023. On that basis, the Ministry of Planning and Investment must issue an urgent document guiding and reporting to the Prime Minister on the implementation results by August 18, 2023.

Following the Ministry of Planning and Investment's guidance, the MoF will have a basis for commenting on and checking the allocation of adjusted capital plans between the two sources of capital, as well as importing and approving disbursement estimates for projects to ensure compliance with regulations.

The total disbursed capital for the North-South Expressway project in the East 2021-2025 period was 26,593.1 billion VND as of July 31, 2023, accounting for 48.57% of the assigned annual capital plan. By August 31, 2023, the estimated disbursement is 32,702 billion VND, representing 59.7% of the assigned plan.

According to the MoF, the assigned project's 2023 capital plan is extremely large, accounting for 28% of aggerate investment and 33.5% of medium-term capital plan for the project's 2021-2025 period, all of which comes from the program of socioeconomic rebound and development. This is a capital source with a disbursement period of only two years (2022-2023).

As a result, in order to ensure that the project expends 100% of the assigned 2023 capital plan, the MoF has just requested that the MoT direct the investors and the project management board to immediately implement the advance procedures as prescribed, coordinating with the contractor to ensure that the contractors have capital to prepare necessary conditions and materials for the project's implementation. Simultaneously, the MoT has accelerated the process of accepting and finalizing payment documents as soon as the volume is available with the goal of accelerating disbursement progress, thus ensuring that by the end of the payment period (January 31, 2024), the project has disbursed all capital plans assigned in 2023.

Throughout the year, investors and project management boards have actively adjusted the capital plan between projects, from projects that are unable to implement due to late disbursement to projects that are capable of implementing but require capital plan supplementation for implementation.

According to the MoF, by the end of July 2023, three highway construction investment projects including Khanh Hoa - Buon Ma Thuot; Bien Hoa - Vung Tau; and Chau Doc - Can Tho - Soc Trang disbursed 5,462.4 billion VND, accounting for 36.7% of the 2023 plan. The estimated disbursement by August 31, 2023 is 7,000 billion VND, representing 47% of the 2023 plan.

To accelerate the project's disbursement progress, the MoF has requested the MoT and localities to expedite the acceptance process and complete the payment dossier as soon as the volume is available to ensure the payment deadline (January 31, 2024). The project disburses all capital plans in 2023 as assigned.

At the same time, throughout the year, the Ministry needs to proactively adjust the capital plan from projects that are unable to implement, slow disbursement to projects that are capable of implementation, and supplement the capital plan to urgently implement.