Regime on Investment Support from the State Budget for the Construction of Infrastructure in Phu Quoc Island

Investment Support Regime from State Budget for Infrastructure Development on Phu Quoc Island (Illustrative Image)

Circular 10/2007/TT-BTC stipulates policies supporting investments from the state budget for building infrastructure on Phu Quoc Island and the Nam An Thoi island cluster in Kien Giang province as follows:

The Management Board of Investment and Development of Phu Quoc Island is a level 1 budget estimation unit of Kien Giang province's budget, and is the direct investor managing infrastructure construction projects under the provincial budget according to provincial allocation and implementing construction investments using state budget capital according to the State's current investment management regulations.

- For investment projects managed and directed by the province in implementation:

Annually, before July 25 of the preceding year, based on the total investment capital, investment schedule plans for projects approved by competent authorities on Phu Quoc Island, and the implementation progress of the projects, the Department of Finance and the Department of Planning and Investment cooperate with the Management Board of Investment and Development of Phu Quoc Island and relevant provincial agencies to assist the Provincial People's Committee in submitting to the Provincial People's Council the decision to allocate funds for project implementation in the planned year. In cases where the local management investment projects' funding needs exceed the local budget's balancing capacity, the Provincial People's Committee reports to the Ministry of Finance and the Ministry of Planning and Investment to compile and report to the Government of Vietnam, which presents to the National Assembly for decisions on targeted support for the province’s implementation according to the Law on State Budget regulations.

- For projects invested through Ministries, central agencies according to the regulations and the Organizational and Operational Regulations of Phu Quoc Island, Kien Giang province attached to Decision 38/2006/QD-TTg:

- During the period from 2006 to 2010, annually, based on the total investment capital for projects approved by competent authorities, the Ministries and central agencies with relevant projects establish investment capital estimates and submit them to the Ministry of Planning and Investment and the Ministry of Finance before July 25 of the preceding year to compile and report to the Government of Vietnam, which presents to the National Assembly for decisions according to the Law on State Budget regulations for centrally funded investment projects.- For crucial and pivotal projects to expedite investment progress, the Ministry of Planning and Investment cooperates with the Ministry of Finance to select the projects and compile them for submission to competent state authorities for decisions on investment support from Government of Vietnam bonds.

Details can be found in Circular 10/2007/TT-BTC effective as of March 7, 2007.

Ty Na

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