Public investment orientation in Vietnam 2024

Public investment orientation in Vietnam 2024 (Internet image)

Public investment orientation in Vietnam 2024

The Ministry of Planning and Investment of Vietnam issued Official Dispatch 8542/BKHDT-TH in 2023 on the expected State budget capital investment plan in 2024.

The public investment orientation for 2024 is stated as follows:

- Focus on investing in national target programs, important national projects, key highway projects, and pervasive coastal roads, creating motivation for socio-economic development, creating a breakthrough in attracting domestic and foreign private sector capital, and ensuring harmonious development among localities and territories.

Focus on implementing and disbursing capital for tasks and projects under the Socio-economic recovery and development program in 2024; accelerate the implementation progress of projects under the program; soon complete, hand over, and put projects into use, ensuring the investment efficiency of projects.

- The mobilization, management, and use of ODA loans and preferential loans from foreign donors must be associated with the restructuring of public investment. New loans need to consider economic efficiency, financial plans, and be consistent with the medium-term public investment plan, public debt targets, and budget approved by the National Assembly.

ODA loans and concessional loans from foreign donors are only used for development investment expenditures, not for regular expenditures. Concentrate capital on transitional projects, minimizing capital allocation time; extend the Loan Agreement.

- Prioritize capital allocation for important national projects, key projects, highway projects, coastal roads, and connection projects with spillover and inter-regional effects; Invest in projects serving defense and combat works, meeting security and defense requirements; investing in seaport infrastructure, irrigation infrastructure, and works to prevent natural disasters and respond to climate change; Investing in expanding the network of schools, classrooms, and training facilities; implementing the General Education Innovation Program until 2025; Investing in infrastructure for digital transformation and important databases.

Announced capital level and list of tasks and projects expected to be invested in Vietnam 2024

The capital level and list of tasks and projects expected to be invested by the Central Budget in 2024 by each ministry, central agency, and locality are as follows:

- Estimated State budget capital investment plan for 2024 of ministries, central agencies, and localities attached in Appendix I.

- List of important national projects, key projects, projects with regional connectivity, meaningful in promoting rapid and sustainable socio-economic development, coastal roads of the ministry, Central agencies and localities under the Medium-term Public Investment Plan for the period 2021–2025 assigned by competent authorities in the attached Appendix II.

Amount of State budget investment plan for 2024 mentioned above is the expected amount, the official planned capital amount that will be assigned by the Prime Minister on the basis of the expected allocation plans of ministries, central agencies, and localities as required in this document, the Government's opinions, and the National Assembly's Resolutions on the 2024 state budget estimate; Central budget allocation plan for 2024.

More details can be found in Official Dispatch 8542/BKHDT-TH in 2023.

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