HÀ NỘI — The Government has proposed a total of around VNĐ8.22 quadrillion (US$315 billion) in public investment for the 2026–2030 period, prioritising strategic infrastructure, regional connectivity, and key development programmes.

Minister of Finance Ngô Văn Tuấn, on behalf of the Prime Minister, presented the medium-term public investment plan for 2026–2030 to the 16th National Assembly's first session on Thursday afternoon.

The 2021–2025 medium-term public investment plan had fulfilled and surpassed all five targets, said the minister. 

Total public investment for the period reached VNĐ2.87 quadrillion. The Government allocated central budget funds to 4,652 projects, roughly halving the number compared to the previous period, thereby streamlining the project portfolio and reducing fragmented investment.

Total disbursement is estimated at VNĐ3.02 quadrillion, focusing on the implementation of major national and strategic infrastructure projects. The significant reduction in centrally-funded projects has contributed to improved investment efficiency.

However, several shortcomings remain. Project preparation quality in some cases has been inadequate, leading to repeated adjustments and delays. Implementation at certain ministries and localities has been inconsistent and at times ineffective.

Slow disbursement persists, particularly for ODA-funded projects and national target programmes. In some localities, budget allocation remains dispersed. Although the incremental capital-output ratio (ICOR) has declined compared to the previous period, it remains at 6.4 per cent, while mobilisation of non-state resources has fallen short of expectations.

For the 2026–2030 period, the Government has developed the public investment plan based on conclusions of the Party Central Committee, the Politburo, and the National Assembly, setting out five specific objectives and eight key groups of solutions.

Total public investment is projected at VNĐ8.22 quadrillion, including approximately VNĐ3.8 quadrillion from the central budget and VNĐ4.42 quadrillion from local budgets.

The Government also aims to reduce the number of projects by at least 30 per cent compared to the previous period, strengthen fiscal discipline, and enhance coordination between public and private investment, thereby further reducing the ICOR.

To implement the plan, the Government has outlined several solutions, including improving the efficiency-based management of public investment, refining institutional frameworks, and strengthening accountability of leaders throughout the entire investment process from project selection and preparation to disbursement and settlement.

At the same time, efforts will be made to mobilise private sector resources through public-private partnerships (PPP), foreign funding, and contributions from businesses and citizens, combined with the state budget to implement large-scale projects.

A new approach under consideration is the rolling planning method for public investment, which would enhance flexibility and enable more proactive responses to domestic and international developments. — VNS