Revised Public Investment Law gears toward progress

16-May-2019 Intellasia | VNS | 6:00 AM Print This Post

Tran Quoc Phuong, director general of the National Economic Issue Department under the Ministry of Planning and Investment, talks to Dien dan Doanh Nghiep (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 regulations on the decentralisation of power and rights relating to administrative procedures of public investment projects and public investment plans.

What are the most important decentralisation points included in the revised law?

The Law on Public Investment regulates the decentralisation of power quite comprehensively. For example, the assessment of capital sources and capital balance capacity would be decentralised for ministries and localities to help them evaluate capital sources and capital balance capacity defined for medium-term investment plans over five years. This step is expected to help speed up the progress of projects’ implementation as it would help cut administrative procedure time.

Under the revised Law on Public Investment, provincial people’ councils and district-level people’s committees would be given the right to grant licences to projects under their management.


Category: Economy, Vietnam

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