Implementation of medium-term public investment plan in Vietnam for the 2026–2030 Period

Implementation of medium-term public investment plan in Vietnam for the 2026–2030 Period (Image from the internet)

1. Objectives and orientations for public investment in the 2026–2030 Period

- Maximizing attraction and efficient use of development investment funds to implement the 10-Year Socio-Economic Development Strategy 2021–2030 and the projected 5-Year Socio-Economic Development Plan 2026–2030.

- Focus on the key, prominent tasks, projects, and symbolic, transformative works; accelerate progress, complete synchronized and modern infrastructure; avoid scattered and fragmented capital allocation; for localities, public investment funds must be aligned with each level of government, budget level, administrative boundaries, and development requirements of local levels. The number of central budget investment projects implemented in the 2026–2030 period must be lower than the 2021–2025 period, oriented to be about 15 to 20% fewer in total projects; to focus on large, significant national projects without spending much time on procedures.

- Continuing to prioritize state budget public investment for infrastructure construction in mountainous regions, ethnic minority areas, frequently disaster-prone areas, climate change, drought, saltwater intrusion, socio-economically disadvantaged areas, and economic driving zones.

- Allocating state budget public investment only for programs, tasks, projects eligible under the Public Investment Law, and regulations on principles, criteria, and norms for the allocation of state budget public investment funds for the 2026–2030 period, as approved by the competent authorities.

- Adhering to principles and prioritizing the allocation and use of state budget funds to guide, maximize resources from other economic sectors; creating breakthroughs in attracting private sector capital domestically and internationally through public-private partnerships to focus on developing and completing crucial socio-economic infrastructure, particularly projects with wide-ranging and significant economic development impacts; social infrastructure projects serving communities in health, education, social services, etc.

2. Principles for preparing medium-term public investment plan in Vietnam for the 2026–2030 Period

- Aligning with the goals and orientations in the 10-Year Socio-Economic Development Strategy 2021–2030, the 5-Year Socio-Economic Development Plan 2026–2030; in line with the 5-Year National Financial Plan for the 2026–2030 period, Resolution 07-NQ/TW of the Politburo, and national, sectoral, regional, local plans for the 2021–2030 period approved by the competent authorities; in accordance with the capability of balanced public investment funds and attracting investment from other economic sectors; ensuring macro balances and public debt safety.

- The allocation of public investment funds must comply with principles, criteria, and norms for public investment allocation for the 2026–2030 period, as resolved by the Standing Committee of the National Assembly; not allocating public investment funds for programs, tasks, projects outside the scope of public investment, industries, and sectors defined by regulations.

The central budget (including targeted support for localities) must focus on investing in significant national projects, works, and projects with inter-regional, international, and national spillover effects, creating motivations for socio-economic development at all levels; local budgets should concentrate investments on inter-provincial, inter-district projects, avoiding scattered and fragmented investments, focusing on key, significant, and high-impact projects.

- Based on the assessment of the socio-economic development tasks and medium-term public investment plans for the 2021–2025 period, ministries, central agencies, and localities will identify primary, important tasks to be implemented in the 2026–2030 period, in line with the allocation goals and orientations for public investment in the 2026–2030 period; actively prioritize programs, tasks, and projects approved by the competent authorities, based on urgency, importance, and the feasibility of implementation in the 2026–2030 period; not allocating scattered, fragmented funds; focusing public investment funds to complete and expedite the implementation of National Target Programs, significant national projects, expressway projects, high-speed rail projects, urban rail projects, inter-regional, international connection projects, projects with significant socio-economic development impact, national security, defense, judicial, scientific technology, innovation, digital transformation, high-quality workforce education, training, public health protection, climate change adaptation, water security, and green transformation; fully clearing basic construction arrears occurring before January 01, 2015 (if any), recouping pre-allocated capital as stipulated in Resolution 93/2023/QH15 dated June 22, 2023, of the National Assembly (if any).

- Adequately allocating investment preparation funds from the 2025 annual plan (for investment preparation tasks included in the medium-term public investment plan for the 2021–2025 period) and the 2026–2030 public investment plan to organize the formulation, appraisal, investment intention decision, formulation, appraisal, and investment decision for newly commenced public investment projects in the 2026–2030 period; funds for planning, appraisal, decision, or approval, publication, and adjustment of plans as per the Planning Law.

- Ensuring transparency, fairness in preparing medium-term public investment plans for the 2026–2030 period. Ensuring centralized, unified management of objectives, mechanisms, policies; enhancing decentralization, delegation with accountability, and supervision; reducing administrative procedures in public investment management, empowering levels, sectors, and improving investment effectiveness.

3. Preparing medium-term public investment plan in Vietnam for the 2026-2030 Period

Based on the provisions of the Public Investment Law, objectives, orientations, principles for preparing medium-term public investment plans for the 2026–2030 period stated in points 1 and 2 of Section III, ministries, central agencies, and localities shall review and propose medium-term public investment plans for the 2026–2030 period according to each funding source in each sector for prioritized tasks, programs, projects as follows:

- Allocating sufficient funds to fully clear all basic construction arrears (arising before January 01, 2015) in accordance with the Public Investment Law (if any);

- Allocating sufficient funds to fully repay advance planned funds (if any);

- Allocating sufficient funds for completed, handed-over projects but not fully funded; projects using ODA, concessional loans from foreign donors (including counterpart funds); state investment in projects under public-private partnerships; continuing projects expected to be completed within the plan period; ongoing projects as per approved progress (not yet completed within the plan period);

- Allocating funds to carry out planning tasks, review, and adjust plans as per the Planning Law and Resolution 61/2022/QH15 dated June 16, 2022, of the National Assembly on further improving the effectiveness of planning policy implementation and solutions to resolve challenges, expedite planning, and increase the quality of planning for the 2021–2030 period;

- Allocating investment preparation funds (clarifying investment preparation funds for projects planned to commence in the 2026–2030 period, funds for investment preparation tasks for projects planned to commence in the 2031–2035 period);

- Allocating funds for new projects meeting requirements of the Public Investment Law.

- Allocating funds for interest rate compensation, management fees, charter capital for policy banks, non-budget financial funds, investment support for other policy-beneficiaries as per the Prime Minister's decision.

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