Whereas in the past, the public investment sector was characterized by slow disbursement, fragmentation, and inefficiency, it’s now seeing significant shifts in both mindset and implementation methods, focusing on capital efficiency, discipline, accountability, and results.
Tangible results and management orientation
A milestone was reached in 2025 when the public investment disbursement rate approached 98% of the plan, about 33.6 billion USD. The quality of disbursement has also improved markedly, boosting demand amid ongoing difficulties in the private sector. The disbursement rates of many localities exceeded their plan, showing that public investment is no longer a “bottleneck” but an effective macroeconomic management tool. In the first three months of this year, more than 4.8 billion USD was disbursed, 12% of the Government plan, up nearly 10% year-on-year.
At a recent national conference on accelerating the allocation and disbursement of public investment capital in 2026, Prime Minister Le Minh Hung said the Government considers public investment a crucial political task for this year and the next 5 years, calling it a macroeconomic management tool and a key driver to achieve double-digit growth. To disburse this year’s public investment target, ministries, sectors, and localities must take drastic action, with particular attention to project selection and eliminating all “capital waiting for projects” situations.
Prime Minister Hung said, “It’s necessary to develop a disbursement plan for each project. Promptly reallocate capital from projects that are unable to disburse funds to those with strong disbursement capacity and those in need of additional capital. Efforts should be made to address difficulties arising at units and construction sites, and identify bottlenecks at each stage in order to quickly take corrective measures.”
The Prime Minister’s directive clearly reflects a shift in management mindset from “allocation” to “efficiency and readiness.” Public investment must promote production and business, generate jobs and livelihoods, and contribute to social security.
Strategic pillar of growth
The mechanism of power delegation tied to accountability has strengthened the autonomy of localities, turning public investment disbursement into an indicator of governance capacity. Many localities have prepared projects, cleared land, coordinated resources, and set high growth targets.
Hanoi, for example, has disbursed about 25.7% of the Government plan as of April 23, more than the national average. Vu Dai Thang, Chairman of the Hanoi People’s Committee, said the city is tightening discipline, reminding leaders of their responsibility, and using results to assess officials and agencies.
“Hanoi commits to disbursing all public investment capital for 2026 by the end of September, in order to mobilize additional funding, speed up total investment, and achieve an 11% growth rate. I ask all sectors, localities, and investors to focus on public investment disbursement,” said Mr. Thang.
Adhering to the “six clarities” principle (clear people, clear tasks, clear responsibilities, clear authority, clear progress, and clear results), provinces and cities have proactively issued disbursement scenarios with specific targets for each month and quarter.
Le Ngoc Chau, Chairman of the People’s Committee of Hai Phong City, said, “Based on the city’s scenarios, growth targets, and assigned disbursement capital, Party committees and heads of departments, sectors, and localities are responsible for developing detailed implementation plans. They will regularly update and monitor progress and make adjustments to ensure quarterly and annual growth of least 13%. Disbursed capital is expected to total at least 1.4 billion USD for 600 projects.”
Vietnam’s public investment is a strategic pillar of growth. The coordination between central and local levels has created a more effective “governance ecosystem.” A shift from administrative management to more efficient and accountable governance will generate more impactful projects, encourage private investment, and boost the economy. This will be the foundation for realizing Vietnam’s double-digit growth targets in the coming years.
