Vietnam will trim the list of public projects to around 5,000 after cutting at least 1,500 deemed unnecessary and ineffective.
This will improve investment efficiency, officials say. So far, around 1,050 projects have been cut from the country’s investment plan for the 2021-2025 period, according to the Ministry of Planning and Investment.
Prime Minister Pham Minh Chinh had asked authorities to stop scattering their investment and fight corruption in implementing projects.
He noted that some provinces with limited budgets have planned hundreds of projects for the 2021-2025 five-year period.
Localities need to exercise prudence, reduce regular spending and prioritize investment with focus on projects that boost socio-economic development, like dealing with natural disasters and taking care of the vulnerable people, he said.
PM Chinh also said that he is considering a mechanism for state investment to account for around half the funds needed for expressway projects in the 2021-2025 period, sourcing the rest from other investors.Related News: