Q1 2026: 18 central ministries still disburse under 1% of public investment

Disbursement of public investment capital in the first quarter of 2026 has shown signs of improvement versus the start of the year, according to an update from the Ministry of Finance. However, the overall pace remains slow and uneven across ministries and localities.

As of March 26, 2026, total disbursed capital reached 96,229 billion VND, equivalent to 9.5% of the plan assigned by the Prime Minister. In the final week of March and the first week of April, the disbursement pace accelerated. From March 27 to April 2, 2026, disbursed capital increased by 17,147.4 billion VND, about 1.3 times the previous week. By April 2, 2026, cumulative disbursement of public investment capital rose to 113,376.4 billion VND, equal to 11.2% of the plan.

Disbursement performance varies widely

Despite the improvement in overall pace, disbursement results across ministries and localities still differ significantly. By early April 2026, only 7 ministries/agencies and 16 localities achieved a disbursement rate equal to or higher than the national average.

These include the Social Policy Bank; Vietnam Expressway Development Investment Corporation; the Ministry of Justice; the Ministry of National Defense; the Ministry of Industry and Trade; the Ministry of Public Security; the Supreme People’s Procuracy; and localities including Lang Son, Hai Phong City, Quang Ninh, Ha Tinh, Hanoi, Dien Bien, Ca Mau, Thai Nguyen, Lai Chau, Phu Tho, Hue City, Lao Cai, Gia Lai, Khanh Hoa, Tuyen Quang, and Ho Chi Minh City.

2026 public investment allocation and unallocated capital

From the state budget, total public investment in 2026 is 1,013,443.4 billion VND, comprising 363,216.8 billion VND from the central budget and 650,226.6 billion VND from local budgets. Compared with the initial plan, the capital size has been adjusted upward: the central budget increased by 18,095.4 billion VND, while local governments added 13,136.2 billion VND from balancing budgets. As a result, the total public investment capital allocated for 2026 to date is 1,026,579.6 billion VND.

Specifically, the initial plan for state budget investment was 995,348.05 billion VND, including 345,121.45 billion VND from the central budget (327,440.122 billion VND domestic and 17,681.328 billion VND foreign) and 650,226.6 billion VND from local budgets.

Nevertheless, unallocated capital remains around 41,624.7 billion VND for 14 central agencies and 22 localities. Excluding new funds added in March, unallocated funds still stand at 23,529.3 billion VND, about 2.3% of the total plan, suggesting that some places are still lagging in preparing and finalizing investment procedures.

Ministry assessment and policy direction

At the Q1/2026 press briefing, Deputy Finance Minister Nguyen Duc Chi said current shortcomings are not mainly due to the mechanism, but rather the implementation stage. Delays in project execution, low disbursement, or low investment efficiency reflect the responsibility of the respective units.

In response, the Finance Ministry said the evaluation and rating framework for task completion will be tightened and linked directly to disbursement outcomes. The aim is to strengthen implementation discipline by applying pressure while encouraging ministries, agencies, and localities to be more proactive and decisive.

Finance Ministry officials also noted that the Government and the Prime Minister have issued directives to remove bottlenecks in public investment. The policy framework has been reviewed to be more consistent, transparent, and conducive to project deployment. Measures highlighted include greater decentralization and delegation; improved bidding and direct contracting procedures; and simplification of procedures in allocation, payment, and settlement of funds.

The ministry added that common execution bottlenecks related to planning, land, and resources are being addressed to improve project integration. It also noted concerns about the disbursement performance of 25 central units.

Separately, there were calls to accelerate disbursement to support bank liquidity.