The revised Law on Public Investment, which took effect on January 1,2015, is expected to provide a comprehensive legal framework forrestructuring the public investment process.
Minister of Planningand Investment Bui Quang Vinh said the law is a step further of thePrime Minister’s Direction 1792/CT-TTg toward optimising publicinvestment via a synchronous legal framework for the management of theentire public investment process, including project approvals, capitalsource verification, and the implementation, supervision and evaluationof projects.
An important new point in the law is the stipulationon investment planning, which should be made on a five-year basisinstead of annual plans in the past. The move is in accordance with thecountry’s five-year socio-economic development plans, which willfacilitate the allocation of investment resources and help ministriesand localities make suitable investment decision, he said.
Thelaw is intended to maximise the efficiency of public investment,especially amid limited capital sources, and to facilitate transparentuse of the State and local budget, Vinh noted, admitting that otheroverall measures are needed in conjunction to optimise publicinvestment.
Le Hai Mo, Deputy Director of the Institute ofStrategy and Policy on Finance, underlined the strict control of theState budget and proposed a fixed cap on the State budget deficit. Hestressed the design and implementation of mid-term investments must bebased on national interests, and conducted with the utmost discipline.
Meanwhile,Dr. Nguyen Quang Thai from the Vietnam Economic Association said theincreased engagement of the public and the National Assembly in theapproval and supervision of public investment is the most effectivemeasure, as recommended by domestic and international experts.
Publicinvestment restructuring is part of the economic restructuring strategystated in the Vietnamese National Assembly’s Resolution No.10/2011/QH13on the socio-economic development plan for 2011 to 2015. The strategyalso covers the reform of State-owned enterprises and the bankingsystem.-VNA
Minister of Planningand Investment Bui Quang Vinh said the law is a step further of thePrime Minister’s Direction 1792/CT-TTg toward optimising publicinvestment via a synchronous legal framework for the management of theentire public investment process, including project approvals, capitalsource verification, and the implementation, supervision and evaluationof projects.
An important new point in the law is the stipulationon investment planning, which should be made on a five-year basisinstead of annual plans in the past. The move is in accordance with thecountry’s five-year socio-economic development plans, which willfacilitate the allocation of investment resources and help ministriesand localities make suitable investment decision, he said.
Thelaw is intended to maximise the efficiency of public investment,especially amid limited capital sources, and to facilitate transparentuse of the State and local budget, Vinh noted, admitting that otheroverall measures are needed in conjunction to optimise publicinvestment.
Le Hai Mo, Deputy Director of the Institute ofStrategy and Policy on Finance, underlined the strict control of theState budget and proposed a fixed cap on the State budget deficit. Hestressed the design and implementation of mid-term investments must bebased on national interests, and conducted with the utmost discipline.
Meanwhile,Dr. Nguyen Quang Thai from the Vietnam Economic Association said theincreased engagement of the public and the National Assembly in theapproval and supervision of public investment is the most effectivemeasure, as recommended by domestic and international experts.
Publicinvestment restructuring is part of the economic restructuring strategystated in the Vietnamese National Assembly’s Resolution No.10/2011/QH13on the socio-economic development plan for 2011 to 2015. The strategyalso covers the reform of State-owned enterprises and the bankingsystem.-VNA
