VN cuts VND 45,000 bln in public investment

VGP – Việt Nam has cut around VND 45,000 billion in public investment since the introduction of the Government’s Resolution No. 11/NQ-CP dated February 24, reported the Ministry of Planning and Investment (MPI).

June 02, 2011 6:25 AM GMT+7

This year, the country planned to cut about VND 80,000 billion of public investment in an effort to contain inflation, stabilize macro-economy and ensure social welfare.

Of the above figure, ministries, sectors and localities have cut or reallocated VND 5,556.4 billion in 2,048 projects.

Meanwhile, State-owned enterprises (SOEs) have reviewed and delayed the implementation of 907 projects with total investment of VND 39,212.2 billion. Most of the SOEs’ delayed projects are non-production items.

The spirit of the Resolution No. 11/NQ-CP should be strictly followed to realize the preset target of reducing 9-10% public investment, said the MPI.

By Hải Minh