Law on Public Investment 2014 of Vietnam: Acts of offering, accepting bribes or acting as a bribe broker are strictly prohibited

Law on Public Investment 2014 of Vietnam: Acts of offering, accepting bribes or acting as a bribe broker are strictly prohibited
Bích Hoa

The Law on Public Investment 2014 of Vietnam was issued on June 18, 2014. This Law provides for the management and use of the capital budget for public investment; the state management of public investment; the right, obligation and responsibility of agencies, organizations and individuals involved in public investment activities. This Law also stipulates prohibited public investment acts.

Đưa hối lộ, tội nhận hối lộ bị xử lý thế nào?

Specifically, according to Article 16 of the Law on Public Investment 2014 of Vietnam, prohibited public investment acts include:

- The decision on investment policies or intentions is not aligned with investment strategy, planning and proposal; is not made under the proper authority; fails to comply with processes or procedures regulated by laws; fails to get investment funds balanced.

- The decision to approve investment programs and projects has been made prior to the decision on investment policies made by competent authorities or without compliance with investment policies approved by competent authorities. The decision to adjust total fund for investment programs or projects in contrast to legal regulations on public investment.

- Any misuse or abuse of power or authority is aimed at committing appropriation, mercenary acts and corruption in the management and use of the budget capital for public investment.

- Program leader and investor enter into collusion with advisory organizations to obtain the decision on investment policies or intentions as well as approve investment programs and projects, which leads to any possible loss and mismanagement of state budget, assets and national resources; any harmful effect and infringement against individual and community’s welfare or benefits.

- Any illegal act of offering, accepting bribes or acting as a bribe broker is detected

- Any illegal request for organization or individual's investment in proposed investment programs and projects that have not been officialized by the decision on investment policies or approved or funded by allocated expenditures from the state budget has been made, which can cause outstanding debts incurred from infrastructural construction.

- The budget capital for public investment is misused, mismanaged and exceeds required investment fund as stipulated by laws.

- All information, documents and materials concerning the decision on investment policies, investment decision and implementation of investment programs or projects are falsified or misrepresented.

- Deliberate acts of reporting and providing inaccurate and biased information are aimed at affecting the formulation, appraisal and decision of investment plans, programs and projects.

- Deliberate acts of reporting and providing inaccurate and biased information are aimed at adversely affecting the supervision, monitoring, evaluation and inspection as well as handling of violations during the implementation of investment plans, programs and projects.

- Deliberate acts of destruction, fraud, concealment or failure to retain a full amount of materials, records and documents regarding the decision on investment policies, investment decision and implementation of investment programs and projects are performed.

- Obstruction of the detection of any violation against laws on public investment.

Law on Public Investment 2014 of Vietnam officially came into force on January 01, 2015.

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