Investors are ramping up construction progress on key projects.

During the first six months of the year, the province directed departments, districts, cities, and investors to accelerate construction on key projects, disburse funds, and boost investments critical for sustainable socio-economic development. However, local budget constraints and challenges in investment promotion and private funding have led to a projected 5.16% decrease in total investment for Q2 2024 compared to the previous year.

In the second quarter of 2024, total investment in the province is projected to reach VND 4,921.28 billion, down 5.16% year-on-year. This includes: state investment at VND 1,475.70 billion (29.99%), a 24.13% decrease from last year, with central government funds at VND 207.86 billion (14.09%) and local funds at VND 1,267.84 billion (85.91%). Private sector investment is estimated at VND 3,440.52 billion (69.91%), up 8.95% year-on-year. Foreign direct investment totals VND 5.06 billion (0.1%).

Total investment in the province for the first half of 2024 is estimated at VND 9,405.23 billion, a 3.18% decrease from last year. This includes: state investment at VND 2,714.28 billion (28.86%), down 24.99% year-on-year, with central government funds at VND 450.21 billion (16.59%) and local funds at VND 2,264.07 billion (83.41%). Private sector investment is estimated at VND 6,639.44 billion (70.59%), up 8.95% from the previous year.

To ensure effective use of investment funds, especially for infrastructure and technical development, the province has implemented various mechanisms and policies. Priority is given to key projects and urgent social welfare initiatives. This approach has addressed issues of scattered and inefficient investment, enhancing the impact and alignment with socio-economic development goals.

In the near future, it is essential to proactively review and address legal and administrative hurdles in the 2024 public investment plan, aiming to disburse over 95% of the allocated funds. Investment should avoid being spread too thin, with non-essential projects being eliminated and funds redirected to feasible ones. Efforts should focus on boosting revenue collection and securing investment capital, optimizing existing sources, creating new revenue streams, and combating tax evasion. Additionally, strict budgetary savings should be practiced, avoiding waste in infrastructure investment, administrative expenses, and other areas.

Nguyễn Hạnh

Translated by Huyen Thao Vu