What is the public investment project in Vietnam?
What is the public investment project according to the provisions of the Public Investment Law in Vietnam? What is the legal basis for this issue? Thank you.
What is the public investment in Vietnam?
Public investment refers to the State’s investment in programs, projects and others classified as subjects of public investment as provided for herein.
What is the public investment project in Vietnam? (Image from the Internet)
What is the public investment project in Vietnam?
Public investment project refers to a project using all or part of public investment capital.
Public investment capital regulated herein shall comprise: state budget funds; legitimate revenues of state agencies and public service units that are retained for investment purposes as provided in law.
In addition, urgent public investment project refers to a public investment project designed to promptly prevent, control and mitigate consequences of acts of God, disasters or diseases; an urgent duty to ensure national defence, security and external relations that is subject to the decision of a competent authority.
The public investment objects in Vietnam
- Investment in socio-economic infrastructure construction programs and projects
Where really necessary, compensation, support and residential resettlement activities in investment projects of national significance may be divided into separate projects, subject to the National Assembly’s evaluation and decision; with respect to those activities in group-A investment projects, subject to the evaluation and decision of the Prime Minister or provincial-level People’s Council under their respective delegated powers. Projects may be separated when approving investment policies for investment projects of national significance and group-A investment projects.
- Investment in giving support to activities of state regulatory authorities, public service units, political organizations and socio-political organizations.
- Investment in and support given to investments in provision of public utility and social welfare products and services.
- Investment of the State in participation in implementing projects in the public-private partnership form.
- Investment in providing support for formulation, evaluation of and decision on or approval, public disclosure and modification of planning schemes as per law on planning.
- Investment in granting subsidies to offset preferential lending interest rates; making equity contribution to the charter capital of policy banks and state off-budget financial funds; providing investment support for other policy beneficiaries under the Prime Minister’s decisions.
The Government shall promulgate regulations procedures and processes for carrying out investment that are applied to those beneficiaries specified in this clause.
The classification of public investment projects in Vietnam
- Public investment projects can be classified by their characteristics as follows:
+ Projects with construction constituents constitute investment projects in new construction, renovation, upgradation and expansion of existing investment projects, including purchase of project-controlled assets and equipment;
+ Projects without construction constituents refer to investment projects in purchasing assets, acquiring transferred land use rights, procuring, repairing and upgrading equipment, machinery and other projects that are not prescribed in point a of this clause.
- Public investment projects may be classified by the level of significance and scale into investment projects of national significance, group-A, group-B and group-C investment projects according to criteria referred to in Article 7, 8, 9 and 10 herein.
Legal basis: The Public Investment Law 2019.
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