The new Law on Public Investment is set to boost implementation of state-funded projects, Photo: Le Toan Compiled by the Ministry of Planning and Investment (MPI), the revised Law on Public Investment was adopted last week by the National Assembly (NA), with a series of brand-new provisions that create a sound legal framework for the government to conduct public investment. The first new point of the law is the unification of the definition on public investment. Specifically, it regulates two types of public investment capital, including state budget and the capital from legal revenue of state agencies and public non-business units reserved for investment. “This move is a very important change which simplifies the processes, order, and procedures of carrying out projects and public investment plans,” said Tran Quoc Phuong, director of the MPI’s Department for National Economic Issues, which is a member of the … [Read more...] about NA adopts Law on Public Investment
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Revised Public Investment Law gears toward progress
Trần Quốc Phương. — Photo infonet.vn Trần Quốc Phương, director general of the National Economic Issue Department under the Ministry of Planning and Investment, talks to Diễn đàn Doanh Nghiệp (Business Forum) about the revised Law on Public Investment What are the proposed changes to the Law on Public Investment to help speed up the disbursement of public investment capital? The Law on Public Investment has helped to tackle limitations in public investment activities. However, recent annual assessments on the rate of disbursement of public investment capital revealed the disbursement rate was only between 80-90 per cent. This is also what the Government wants to improve by speeding up the capital disbursement of public investment projects this year. This has become a driving force for us to revise the Law on Public Investment. The revision of the law will focus on … [Read more...] about Revised Public Investment Law gears toward progress
Public investment disbursement low in four months
Illustrative images. Of the four-month figure, VND67.361 trillion (US$2.89 billion) in domestic capital were disbursed, reaching 18.24 per cent of the target set by the National Assembly and 19.9 per cent of the figure assigned by the Prime Minister, according to a report recently sent by the Ministry of Finance (MoF) to the Prime Minister. Statistics show that public investment disbursements by ministries, agencies, and localities in the four-month period were at higher levels than those seen in the corresponding period last year. However, these disbursements fell short of the Government’s expectation. Particularly, the disbursement of foreign capital stood at only VND1.186 trillion (US$50.99 million), equal to 2.5 per cent of the National Assembly's target and 4.14 per cent of the total figure set by the Government. The Ministry of Finance cited a variety of reasons for the delayed disbursement of public investment. Regarding domestic capital, although a master plan … [Read more...] about Public investment disbursement low in four months
Don’t blame the law for issues with public investment projects: NA Chair
Viet Nam News HÀ NỘI — National Assembly Chairwoman Nguyễn Thị Kim Ngân on Thursday said the various issues afflicting State projects were not entirely due to shortcomings in current laws. “I think that many seem to blame the Law on Public Investment,” the top legislator said, adding that erroneous operation and organisation were the leading causes in many cases. In National Assembly Standing Committee’s 31st meeting held on Thursday in Hà Nội where lawmakers reviewed issues related to the draft of the revised public investment law, Ngân said there should not be expectations of extensive revamp of the law. The drafting committee of the revised public investment law submitted proposals to amend 80 articles out of the law’s total 108. “When a project fails to commence one year after the budget was allocated, is it because of the National Assembly or the law?” the NA Chairwoman Ngân said. She … [Read more...] about Don’t blame the law for issues with public investment projects: NA Chair
Improving efficiency of public investment
In addition, the removal of institutional knots to strengthen the mobilisation and effective use of social resources has also been requested, alongside strictly managing, avoiding loss and waste, and improving the efficiency of the use of public investment resources, considering this as one of the specific solutions in 2019 to drastically implement strategic breakthroughs, restructure the economy, renovate the growth model and enhance the quality of growth. Since the Law on Public Investment took effect in 2015, the overdiversified investment “disease” has been put under control, contributing to gradually improving the efficiency of investment from the state budget. The investment structure has also changed, reducing the proportion of public investment capital in the total social investment capital and increasing the percentage of investment capital from the private and foreign-invested sectors. This means public investment will serve as the “bait capital”, … [Read more...] about Improving efficiency of public investment