Implementation and disbursement period of annual public investment plan funds under the Law on Public Investment 2024 in Vietnam

Implementation and disbursement period of annual public investment plan funds under the Law on Public Investment 2024 in Vietnam (Image from the Internet)

Implementation and disbursement period of annual public investment plan funds under the Law on Public Investment 2024 in Vietnam

As stipulated in Article 72 of the Public Investment Law 2024, the implementation and disbursement period of annual public investment plan funds in Vietnam is as follows:

- The implementation and disbursement period for the annual public investment capital is until January 31 of the following year. In cases where authorities approve additional capital for Ministries, central agencies, or localities after September 30 of the planned year for executing tasks, programs, or projects, the implementation and disbursement period for the additional plan is extended until December 31 of the following year.

- The Prime Minister decides regarding the central budget capital, and the Chairpersons of the People's Committees of each level decide for the local budget capital under their management, allowing the extension of the implementation and disbursement time of the annual public investment capital until but not later than December 31 of the following year in the following circumstances:

+ National important projects;

+ Projects for compensation, support, resettlement, and land clearance;

+ Projects allocated with capital plans to be completed and put into use within the planned year, but not allocated with capital plans for the following year;

+ Projects affected by delays due to natural disasters, catastrophes, epidemics, unforeseeable and irreparable external causes;

+ Projects representing Vietnamese government agencies and other agencies overseas;

+ Ministries, central agencies, and localities with only one project in the planned year or unable to adjust the plan;

+ Other necessary and urgent cases as decided by the Prime Minister.

- Heads of public service providers that are self-sufficient in regular and investment expenditures decide on extending the implementation and disbursement period for capital sourced from legitimate revenue for investment managed by their unit, reporting to the supervising agency.

- Heads of Ministries, central agencies, Chairpersons of People's Committees at all levels decide on the extension of implementation and disbursement for capital from legitimate revenue of state agencies and public service providers dedicated to investment managed by the Ministry, central agency, or People's Committee under their jurisdiction, except for the public service providers specified in Clause 3, Article 72 of the Public Investment Law 2024.

Note: The public investment plan is a collection of objectives, orientations, and a list of public investment programs and projects; balance of public investment capital, capital allocation schemes, solutions for resource mobilization, and implementation. (According to Clause 19, Article 4, Public Investment Law 2024)

Guidelines on compliance with the public investment plan in Vietnam from January 1, 2025

Guidelines on compliance with the public investment plan shall be implemented according to Article 69 of the Public Investment Law 2024 as follows:

- Ministries, central agencies, local authorities, district and commune-level People's Committees are responsible for:

+ Announcing or deciding on the allocation of public investment plans to agencies and units utilizing public investment capital;

+ Reporting to competent authorities on the assignment of public investment plans.

- Agencies and units utilizing public investment capital report to competent authorities on the implementation status of the plan as prescribed by the Government of Vietnam.

- The Ministry of Planning and Investment and specialized agencies in charge of public investment management are responsible for inspecting and urging to ensure the allocation and compliance with the public investment plan according to decisions from competent authorities.

Refer to more details in the Public Investment Law 2024 effective from January 1, 2025.

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