The following article will list 11 actions that are prohibited in public investment in Vietnam from January 1, 2025.
11 prohibited acts in public investment in Vietnam from January 1, 2025 (Image from the internet)
On November 29, 2024, the National Assembly of Vietnam passed the Public Investment Law 2024.
Article 17 of the Public Investment Law 2024 stipulates the following prohibited acts in public investment:
(1) Making an investment policy decision or deciding to adjust the investment policy that does not align with the strategy, planning, and plan; failing to determine funding sources and ability to balance funds; not following the authority, procedures, and sequence stipulated by law.
(2) Deciding to invest in programs or projects before obtaining approval for the investment policy from the competent authority; making investment or adjustment decisions for programs or projects not in accordance with the authority, goals, or location; exceeding public investment capital limits; exceeding the public investment capital of the higher level budget; exceeding the total investment amount within the already approved investment policy by the competent authority. Adjusting the total investment capital of the program or total project investment contrary to legal regulations.
(3) Abusing positions and powers to appropriate for personal gain or commit corruption in the management and use of public investment capital.
(4) Program owners or investors colluding with consulting organizations or contractors leading to investment policy decisions that cause losses and waste of state capital, assets, and national resources; harming or infringing on the legitimate interests of citizens and the community.
(5) Offering, accepting, or mediating bribery.
(6) Requesting organizations or individuals to invest their own funds when the program or project has not been approved for investment policy and investment decision; implementing projects without being allocated a public investment plan, leading to basic construction debts.
(7) Misusing public investment capital for improper purposes, for the wrong entities, or exceeding standards and quotas as prescribed by law.
(8) Forging or falsifying information, records, and documents related to investment policy decisions, investment decisions, and the implementation of programs, tasks, and projects.
(9) Intentionally reporting or providing incorrect, false, and non-objective information affecting the establishment, appraisal, and decision-making of plans, programs, and projects, as well as monitoring, evaluation, inspection, supervision, and handling of violations in the implementation of plans, programs, tasks, and projects.
(10) Intentionally destroying, deceiving, concealing, or incompletely retaining documents, vouchers, and records related to investment policy decisions, investment decisions, and the implementation of programs, tasks, and projects.
(11) Obstructing the detection of legal violations related to public investment.
Public investment management in Vietnam must ensure the following principles:
- Compliance with the law regarding public investment.
- Consistency with the national socio-economic development strategy, the five-year national socio-economic development plan, and related planning as stipulated by the law on planning.
- Fulfilling the responsibilities and authorities of the state management agencies, organizations, and individuals concerning public investment.
- Managing the use of public investment capital in conformity with each fund sources; ensuring a focused, synchronized, quality, thrifty, effective investment, and the ability to balance resources; avoiding loss and waste.
- Ensuring transparency and openness in public investment activities.
(Article 13 of the Public Investment Law 2024)
More details can be found in the Public Investment Law 2024 effective from January 1, 2025.
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