New Regulations on the Disbursement Time of Public Investment Capital in 2020

The time of implementation and disbursement of public investment capital for medium-term and annual plans is specified in Article 68 of the Public Investment Law 2019, specifically:

Illustrative image (source: internet)

- The time of implementation and disbursement of public investment capital for the medium-term plan of the previous period is until the end of January 31 of the first year of the medium-term public investment plan of the subsequent period.

- The time of implementation and disbursement of public investment capital for the annual plan is until January 31 of the following year. In force majeure cases, the Prime Minister of the Government of Vietnam decides regarding central budget funds, and the Provincial People's Council decides regarding local budget funds to allow the extension of implementation time, but no later than December 31 of the following year.

In addition, for programs and projects using ODA non-refundable aid funds that have not been budgeted or exceed the assigned budget, the Government of Vietnam reports to the Standing Committee of the National Assembly for comments before implementation and reports to the National Assembly in the nearest session.

Furthermore, this new Law also stipulates that the overall medium-term and annual public investment plan of state budget funds is adjusted by the National Assembly in the following cases:

- Due to the adjustment of the objectives of the national socio-economic development strategy and plan;- Due to sudden changes in the state budget balance or the ability to mobilize funding sources.

The Standing Committee of the National Assembly decides to adjust the medium-term and annual public investment plans of central budget funds between Ministries, central agencies, and localities in cases where the total medium-term and annual capital levels decided by the National Assembly do not change. The Prime Minister of the Government of Vietnam, based on the specific situation during the plan period, decides to adjust the medium-term public investment plan of central budget funds assigned to Ministries, central agencies, and localities according to the provisions of Clause 3, Article 60 of this Law, within the total amount of capital for each Ministry, central agency, and locality as decided by the National Assembly.

See more regulations in the Public Investment Law 2019 effective from January 1, 2020.

Thu Ba

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