Efficiency of public investment for economic growth of Phu Yen province

Abstract

Recently, Phu Yen province has spent a lot of public investment capital to invest in infrastructure systems and socio-economic development, but the effectiveness of using public investment capital for economic growth remains unclear has not been specifically and scientifically evaluated. The purpose of this study is to evaluate the effectiveness of using public investment capital on the province's economic growth by using the ICOR coefficient. Through calculation and analysis of data from the Statistical Yearbook of Phu Yen province for the period 2011 - 2022, the results show that the ICOR coefficient of public investment capital of the province is higher than the ICOR coefficient of social investment capital and the ICOR coefficient of off-budget investment capital and foreign direct investment capital. On the other hand, this coefficient is gradually increasing, proving that the province's efficiency in using public investment capital is not high and tends to decrease. Based on analysis, evaluation, and research, we recommend implementing many key solutions to improve the efficiency of using public investment capital such as continue to grasp and strictly enforce laws and regulations thoroughly. version related to public investment; review and cut projects that are not urgent in the medium-term public investment plan for 2021 - 2025; further strengthen the management of public investment activities; do a good job of compensation and site clearance in project implementation; continue to effectively implement the public investment restructuring process; and monitor, inspect and evaluate on public investment plans.