The Government of Vietnam's opinion regarding the Bill on amendments to Law on public investment

The Government of Vietnam's opinion regarding the Bill on amendments to Law on public investment (Image from the Internet)

On September 22, 2024, the Government of Vietnam issued Resolution 148/NQ-CP at the September 2024 thematic session on law formulation, in which the Government of Vietnam provided opinions on the Bill on amendments to Law on public investment .

The Government of Vietnam's opinion regarding the Bill on amendments to Law on public investment 

To be specific, the Government of Vietnam agreed on the necessity of developing the Bill on amendments to Law on public investment and assessed that the draft law had fundamentally adhered to the five policy groups approved by the Government of Vietnam in Resolution 126/NQ-CP dated September 1, 2024, at the August 2024 thematic session on law formulation.

Highly appreciating the Ministry of Planning and Investment for its efforts, concentration, and effective methods in organizing the research and development of the law project. The procedure, process, and dossier of the law project have been fundamentally ensured to be complete and in accordance with the provisions of the Law on Promulgation of Legal Documents.

However, the Ministry of Planning and Investment of Vietnam should focus more on resources, time, and continue to absorb and explain the opinions of the members of the Government of Vietnam to complete the law project ensuring quality and timely submission to the National Assembly as prescribed.

Regarding the main contents of the law project, in general, it has received the consensus of most Ministries, agencies, and localities involved. The Ministry of Planning and Investment should continue to thoroughly evaluate the implementation and development process of previous public investment laws, as well as the current practice, to ensure that the revised and supplemented regulations are suitable for the domestic and international economic and social development conditions. It is necessary to supplement explanations, arguments, and data scientifically and comprehensively for the contents proposed to be amended and supplemented in the law project, ensuring alignment with the guidelines and policies of the Communist Party and the State on investment, demonstrating the leading role of public investment combined with private investment, as well as the close relationship between these two types of investment.

Special attention should be paid to decentralization and delegation to localities. For regulations that have been practically tested for correctness, they need to be evaluated and inherited as a foundation for continuing to innovate thinking, creatively and flexibly proposing solutions to resolve obstacles and difficulties, ensuring national interests.

The Ministry of Planning and Investment should continue to review the draft Law and related laws to propose feasible solutions to promptly and effectively resolve the entanglements of specialized law; inheriting regulations that are still effective, are well implemented, not have entanglements, ensuring compliance with Resolution 126/NQ-CP dated August 14, 2023, of the Government of Vietnam. For contingency funds and revenue increases, follow the provisions of the State Budget Law; cooperate with the Ministry of Finance in the process of amending and supplementing the Securities Law to research and supplement regulations on private placement of bonds.

The proposed amended and supplemented regulations on decentralization and delegation need to ensure reduced time and process for implementing investment activities; especially corresponding regulations on the allocation of resources (financial, human) so that decentralized and delegated agencies are capable of performing their tasks and authority; clearly defining the responsibilities of related agencies in the contents of public investment activities; mobilizing in a concentrated manner, avoiding dispersion of domestic resources as well as official development assistance (ODA) and concessional loans from foreign donors; improving efficiency, capacity to implement and complete projects.

It is necessary to review and cut, simplify administrative procedures to facilitate investors and citizens, as well as ensuring consistency and synchronization in the process and procedures of the related management agencies. Resolutely eliminate the "ask-give" mechanism. Digitize the process and data to implement investment activities quickly and transparently, while designing a system of tools to effectively inspect, supervise and prevent corruption, negativity, eliminating the "ask - give" mechanism in investment activities, and limiting the occurrence of legal violations.

Assign the Ministry of Planning and Investment of Vietnam to take the lead, cooperate with the Ministry of Justice, the Office of the Government of Vietnam, and related agencies to urgently study and fully absorb, explain the opinions of the members of the Government of Vietnam, written comments from ministries and central authorities, agencies, and organizations involved, to complete the law project dossier in accordance with the provisions of the Law on Promulgation of Legal Documents; the Minister of Planning and Investment is authorized by the Prime Minister, on behalf of the Government of Vietnam, to sign the submission to the National Assembly for consideration and approval of the law project according to the one-session procedure at the 8th Session, National Assembly XV.

Standing Deputy Prime Minister of the Government of Vietnam Nguyen Hoa Binh directed the review and development of this law project.

More details can be found in Resolution 148/NQ-CP dated September 22, 2024.

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