Deputy Prime Minister Vuong Dinh Hue (Photo: VNA)

Hanoi (VNA) – The government has set a target of disbursing all public investment capital in 2018 although it acknowledged that this is a tough task, said Deputy Prime Minister Vuong Dinh Hue.

To that end, it is necessary to address issues regarding the Law on Public Investment, Deputy PM Hue said at his working session with the Ministry of Planning and Investment (MoPI) in Hanoi on April 10.

He pointed out limitations in the promulgation of mid- and long-term public investment policy, and stressed the importance of capital allocation and disbursement as well as the efficient use of public investment.

The Deputy PM reviewed the implementation of public investment over the past two years, saying that 91.3 percent of the capital was disbursed in 2016, but the figure dropped to 86 percent last year.

The Government has approved a project on restructuring public investment, he said, asking the MoPI to trace the root of the sluggishness and identify those responsible for the problem.

Hue urged the MoPI to work on the draft revised Law on Public Investment and submit the document to the National Assembly.

Deputy Minister of Planning and Investment Le Quang Manh reported that more than 1.6 trillion VND (70.4 million USD) has been allocated, fulfilling 91.3 percent of the target set by the legislature during 2016-2020.

He described the mid-term investment plan as an important breakthrough in State management and a fundamental reform in the allocation of State budget capital.-VNA