20/01/2024 16:28

What are the bases for formulation of annual public investment plans in Vietnam?

What are the bases for formulation of annual public investment plans in Vietnam?

What are the bases for formulation of annual public investment plans in Vietnam? What are the procedures for design and evaluation of annual public investment plans in Vietnam?_Vu Quang (Tuyen Quang)

Hello, Lawnet would like to answer as follows:

1. What are the bases for formulation of annual public investment plans in Vietnam?

According to the provisions of Clause 2, Article 47 of the Law on Public Investment 2019, annual public investment plan shall be formulated on the following bases:

- Review of progress in and outcomes of implementation of national, sector-specific, industry-specific and local socio-economic development plans; outcomes of implementation of the previous-year public investment plan;

- Annual socio-economic development plan;

- Midterm public investment plan;

- Demands for and capabilities of balancing resources for the purposes of investing in construction of socio-economic infrastructure in the plan year.

Along with that, contents of reports on annual public investment plans submitted to competent authorities to seek their approval include:

- Review of progress in implementation of the previous-year public investment plan.

- Directions for making public investment in the plan year.

- Capability of calling for and balancing capital to be realized in the plan year.

- Selecting the investment portfolio and capital allocated to specific projects to ensure relevance to the portfolio of projects belonging to the midterm public investment plan and capabilities of balancing the annual budgeted capital.

- Measures for administration, arrangements for implementation and expected outcomes.

(According to Article 50 of the Law on Public Investment 2019)

2. What are the procedures for design and evaluation of annual public investment plans in Vietnam?

According to Article 56 of the Law on Public Investment 2019, procedures for design and evaluation of annual public investment plans include:

Prior to every May 15,

- The Prime Minister promulgates regulations on designing the socio-economic development plan and making the subsequent-year state budget estimate under which this plan and estimate must describe main aims and objectives and assignment of duties to take control of drawing up the subsequent-year public investment plan.

Prior to every June 15,

- The Ministry of Planning and Investment provides Ministries, central and local regulatory authorities with instructions about the socio-economic development plan, objectives, requirements, contents, duration and schedule of formulation of the subsequent-year midterm public investment plan.

Prior to every June 30,

- The Ministries, central and local regulatory entities provide their subordinate entities and units to prepare subsequent-year public investment plans.

Prior to every July 20,

- The bodies specialized in management of public investment take charge of preparing, evaluating and compiling subsequent-year public investment plans to ensure that these activities fall within the scope of their assigned duties and the budget for each of such plans does not exceed the limit of expenditures under their management, and reporting to same-level People's Committees.

Prior to every July 25,

- The People’s Committees present the proposed public investment plan in the subsequent year to same-level People’s Councils to seek their ratification.

Prior to every July 31,

- The Ministries, central and local regulatory authorities prepares complete subsequent-year public investment plans for submission to the Ministry of Planning and Investment and the Ministry of Finance.

Prior to every August 15,

- The Ministry of Finance presides over and cooperates with the Ministry of Planning and Investment in estimating capacity of state budget revenues and expenditures, and the state budget’s capital expenditures for use in implementation of the subsequent-year public investment plan. The Ministry of Planning and Investment makes the public disclosure of the amount of the central budget's development capital proposed to be allocated to Ministries, central and local regulatory authorities in the subsequent-year public investment plan.

Prior to every August 25,

- The Ministries, central and local regulatory authorities prepares complete subsequent-year public investment plans for submission to the Ministry of Planning and Investment and the Ministry of Finance.

Prior to every August 31,

- The Ministry of Planning and Investment compiles the national subsequent-year public investment plan for submission to the Government.

Thus, the annual public investment plans are designed and evaluated according to specific order and deadline.

At the same time, clearly define the responsibilities of the Government, central ministries, and relevant localities in developing, appraising, and synthesizing plans to ensure consistency between public investment plans, socio-economic development plans, and annual state budget estimates. In addition, public investment planning in the above order ensures feasibility, science, compatibility with socio-economic development goals, and the ability to balance the budget.

Hua Le Huy
15


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