Procedures for formulating and approving the annual public investment plan financed by the State budget in Vietnam from January 1, 2025

Procedures for formulating and approving the annual public investment plan financed by the State budget in Vietnam from January 1, 2025​ (Image from Internet)

On November 29, 2024, the National Assembly of Vietnam passed the Public Investment Law 2024.

Procedures for formulating and approving the annual public investment plan financed by the State budget in Vietnam from January 1, 2025

According to the provisions of Article 60 of the Public Investment Law 2024, the procedures for formulating, approving, and assigning the annual public investment plan financed by the State budget in Vietnam are carried out as follows:

Before May 15 each year, the Prime Minister of the Government of Vietnam issues regulations on the formulation of the economic-social development plan and the state budget estimate for the following year, including main objectives, orientations, and assigns tasks to implement the public investment plan for the following year.

- Before August 15 each year, the Government of Vietnam estimates the ability to balance the state budget for development investment expenditure for the following year for each Ministry, central agency, and locality.

- At the year-end session of the People's Council, the People's Committee submits to the People's Council of the same level the public investment plan for the following year, including the list and allocated capital for each project.

- At the year-end session of the National Assembly, the Government of Vietnam submits to the National Assembly the estimated public investment plan for the following year for the National Assembly to decide on the public investment plan with state budget funds for the following year.

For the remaining capital not yet allocated in detail, the Government of Vietnam allocates, assigns detailed estimates, ensuring it is prompt, economical, efficient, and complies with legal provisions, periodically reporting to the Standing Committee of the National Assembly and reporting to the National Assembly at the nearest session.

- Before November 30 each year, the Prime Minister of the Government of Vietnam assigns the public investment plan with state budget funds for the following year according to the total capital level and capital structure decided by the National Assembly to Ministries, central agencies, and localities.

- Before December 31 each year, Ministries, central agencies, and localities detail the allocation of central budget investment plan capital for the following year, listing each task, project, and send the detailed allocation plan to the Ministry of Planning and Investment and the Ministry of Finance for aggregation, reporting to the Government of Vietnam and monitoring implementation.

- The allocation of the annual public investment plan with local budget funds is carried out as follows:

+ At the year-end session, the Provincial People's Council decides the public investment plan for the following year at its level, including a list and allocated capital for each project;

+ At the year-end session, the District and Communal People's Councils decide the public investment plan for the following year at their level, including a list and allocated capital for each project;

+ Before December 31 each year, People's Committees at all levels assign the public investment plan for the following year to implementing units.

- For the first-year public investment plan of the subsequent period, based on the state budget expenditure estimate for development investment of the first year, the Government of Vietnam submits it to the National Assembly for consideration and decision at the last session of the fifth year of the National Assembly tenure. For the first-year public investment plan with local budget funds of the subsequent period, based on the local budget expenditure estimate for development investment, the People's Committee submits it to the same-level People's Council for consideration and decision.

- The Government of Vietnam provides detailed regulations on Article 60 of the Public Investment Law 2024.

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

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