Will the Public Investment Law 2024 in Vietnam be effective from January 1, 2025?
Will the Public Investment Law 2024 in Vietnam be effective from January 1, 2025?
The Law on Public Investment 2024 was passed by the National Assembly of the Socialist Republic of Vietnam, Session XV, during its 8th session on November 29, 2024.
The Law on Public Investment 2024 regulates state management of public investment; management and use of public investment capital; rights, obligations, and responsibilities of agencies, units, organizations, and individuals involved in public investment activities.
The Law on Public Investment 2024 applies to agencies, units, organizations, and individuals participating in or related to public investment activities, management, and use of public investment capital.
The Law on Public Investment 2024 comes into effect from January 1, 2025.
Will the Public Investment Law 2024 in Vietnam be effective from January 1, 2025? (Image from the Internet)
Which sectors and fields in Vietnam may utilize public investment capital?
Based on Article 7 of the Law on Public Investment 2024, the sectors and fields that utilize public investment capital include:
- National Defense
- Security and social order, social safety
- Education, training, and vocational education
- Science, technology
- Healthcare, population, and family
- Culture, information
- Broadcasting, television, news agencies
- Physical education, sports
- Environmental protection
- Economic activities
- Activities of state agencies, public service providers, political organizations, and socio-political organizations
- Social security
- Other sectors and fields as stipulated by law
What actions are prohibited in public investment in Vietnam?
Based on Article 17 of the Law on Public Investment 2024, the prohibited acts in public investment include:
Article 17. Acts Prohibited in Public Investment
- Deciding investment policy or adjusting investment policy that is not consistent with strategy, planning, or plan; failing to determine investment capital sources and the ability to balance capital; incorrect authority, procedure, and order according to legal regulations.
- Deciding to invest in a program or project without authorized investment policy decision as prescribed; deciding to invest or adjust a program or project without the correct authority, not aligned with the objectives, location, exceeding public investment capital threshold, exceeding the public investment capital of higher-level budgets, exceeding the total investment in the investment policy decided by the competent authority. Deciding to adjust the total investment capital of the program or the total investment of the project contrary to legal provisions.
- Abusing position, power to embezzle, profiteer, commit corruption in the management and use of public investment capital.
- Program owner, investor colluding with consulting organizations or contractors leading to investment policy decisions, investment decisions of programs or projects causing losses, waste of state funds, national resources; harming, infringing upon the legitimate interests of citizens and the community.
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Thus, the prohibited acts in public investment include:
- Deciding investment policy or adjusting investment policy that is not consistent with strategy, planning, or plan; failing to determine investment capital sources and the ability to balance capital; incorrect authority, procedure, and order according to legal regulations.
- Deciding to invest in a program or project without authorized investment policy decision as prescribed.
- Deciding to invest or adjust a program or project without the correct authority, not aligned with the objectives, location, exceeding public investment capital threshold, exceeding the public investment capital of higher-level budgets, exceeding the total investment in the investment policy decided by the competent authority.
- Deciding to adjust the total investment capital of the program or the total investment of the project contrary to legal provisions.
- Abusing position, power to embezzle, profiteer, commit corruption in the management and use of public investment capital.
- Program owner, investor colluding with consulting organizations or contractors leading to investment policy decisions, investment decisions of programs or projects causing losses, waste of state funds, national resources; harming, infringing upon the legitimate interests of citizens and the community.
- Giving, receiving, or brokering bribes.
- Requesting organizations or individuals to invest their own capital when the program or project has not been decided on the investment policy, has not been approved for investment decision; implementing projects not yet assigned a public investment plan causing accumulative construction debt.
- Using public investment capital for incorrect purposes, beneficiaries, exceeding standards, and norms according to legal regulations.
- Falsifying, distorting information, dossiers, documents related to investment policy decisions, investment decisions, implementation of programs, tasks, projects.
- Intentionally reporting, providing false, untruthful, or not objective information affecting the preparation, appraisal, decision, monitoring, evaluation, inspection, audit, and handling of violations in implementing plans, programs, tasks, projects.
- Intentionally destroying, deceiving, concealing, or incompletely retaining documents, evidence, dossiers related to investment policy decisions, investment decisions, implementation of programs, tasks, projects.
- Obstructing the detection of violations in public investment law.
