HANOI: Accelerated disbursement of public investment capital in late 2023 and sustained momentum in 2024 will fuel growth for infrastructure construction companies.

       Prime Minister Pham Minh Chinh said this and called for solutions to achieve the set objectives.

       According to the Planning and Investment Ministry, public investment disbursements as of the end of November reached 461 trillion dong, equivalent to 65.1% of the 2023 blueprint.

       There is still approximately 247 trillion dong to be disbursed, requiring resolute and coordinated efforts at all levels of the political system to achieve the minimum rate of 95%.

       Nguyen Duc Chi, Deputy Minister of Finance, said that they would consider disbursements for completed projects within three working days.

       The People’s Committee of Cao Bang Province said the process of selecting investors for the Dong Dang to Tra Linh expressway construction investment project has been completed.

       It said that the joint venture between Deo Ca Group JSC, ICV Vietnam Investment and Construction JSC, Deo Ca Traffic Infrastructure Investment JSC and 568 Project Construction JSC was chosen for the project.

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       Deo Ca Group proposed several tunnels and valley overpasses for the project, which shortened the route by 23km and reduced the costs by nearly 23 trillion dong, almost half of the original proposal.

       “If we assume that 89% of disbursements will be handed out this year, there will be 83 trillion dong left to add to public investment capital next year. And as a result, the total disbursement capital in 2024 will be 760 trillion dong, 5% higher than the government’s target in 2023,” VNDirect said.

       FiinGroup believes that construction businesses will grow in 2024.

       The construction arm of Vinaconex is also expected to benefit from the government’s policy of promoting public investment, said Yuanta Securities Company. — Viet Nam News/ANN