Latest classification of public investment plans in Vietnam

Latest classification of public investment plans in Vietnam
Lê Trương Quốc Đạt

What are the latest regulations on classification of public investment plans in Vietnam? - Dinh Lam (Tien Giang)

Latest classification of public investment plans in Vietnam

Latest classification of public investment plans in Vietnam (Internet image) 

Regarding this issue, LawNet would like to answer as follows:

1. Classification of public investment plans in Vietnam

Classification of public investment plans according to Article 46 of the Law on Public Investment 2019 is as follows:

- Public investment plans shall be classified by the planned time limits, including:

+ Mid-term public investment plan that must be valid for the period of 05 years and must be in line with the 5-year socio-economic development plan;

+ Annual public investment plan that must be made to support the implementation of the mid-term public investment plan and must fit into objectives of the annual socio-economic development plan and the annual public investment budget balance.

- Public investment plans shall be classified by levels of regulatory authority, including:

+ National public investment plan;

+ Public investment plans of Ministries and central regulatory authorities;

+ Public investment plans of local authorities at any level.

- Public investment plans shall be classified by funding sources, including:

+ Plan for investment of the central budget funds, including investments specific to sectors, industries, public investment programs and portions of state capital participation in projects in the public-private partnership form, subject to law on state budget;

+ Plan for investment of the local budget’s funds, including investments specific to sectors, industries, public investment programs and portions of state capital participation in projects in the public-private partnership form, subject to law on state budget;

+ Plan for investment of legitimate revenues that state regulatory authorities and public service units retain for investment purposes.

2. Procedures for design and evaluation of midterm public investment plans

Procedures for design and evaluation of midterm public investment plans according to Article 55 of the Law on Public Investment 2019 are as follows:

- Prior to June 30 of the fourth year in the previous public investment plan, the Ministry of Planning and Investment formulates and petitions the Prime Minister to approve directions and criteria for distribution of estimated midterm public investment funds to Ministries central and local regulatory authorities.

- Prior to July 31 of the fourth year in the previous public investment plan, the Prime Minister promulgates the directive for design of the subsequent midterm public investment plan in which the estimated gross investment is equal to total public investment capital specified in the previous midterm public investment plan, and informs the estimated gross investment decided by Ministries, central and local regulatory authorities as a basis to grant the decision on policy for investment in public investment programs and projects to be implemented in the following plan period.

- Prior to August 15 of the fourth year in the previous midterm public investment plan, the Ministry of Planning and Investment provides Ministries, central and local regulatory authorities with instructions about objectives, requirements, duration and schedule of formulation of the midterm public investment plan.

- According to the Prime Minister’s regulations and instructions given by the Ministry of Planning and Investment, other Ministries and central regulatory authorities shall assume the following responsibilities:

+ Authorize bodies specialized in management of public investment to provide instructions to design midterm public investment plans;

+ Authorize their directly affiliated entities and units using public investment capital to design the subsequent midterm public investment plan within the scope of their respective duties, report supervisory bodies to consider such plan according to the schedule under the Prime Minister’s regulations and according to the instructions given by the Ministry of Planning and Investment;

+ Authorize bodies specialized in management of public investment to carry out the evaluation of the subsequent midterm public investment plan according to the schedule specified in the Prime Minister's decision and instructions given in the Ministry of Planning and Investment;

+ Authorize bodies specialized in management of public investment to prepare the midterm public investment plan for submission to the competent authority to review, complete and send it to the Ministry of Planning and Investment and the Ministry of Finance according to the schedule specified in the Prime Minister’s regulations and instructions given by the Ministry of Planning and Investment.

- According to the Prime Minister’s regulations and instructions given by the Ministry of Planning and Investment, provincial-level People’s Committees shall assume the following responsibilities:

+ Instruct local authorities and units to prepare the subsequent midterm public investment plan;

+ Authorize entities and units using public investment capital to design and evaluate the subsequent midterm public investment plan to ensure that these activities fall within the scope of their assigned duties and the investment capital used for such plan does not exceed the budgeted capital under their management, and report to supervisory bodies to review it before submission to bodies specialized in management of public investment at the provincial level;

+ Carry out the evaluation or authorize bodies specialized in management of public investment at the provincial level to carry out the evaluation of midterm public investment plans prepared by provincially-controlled departments and divisions;

+ Authorize bodies specialized in management of public investment at the provincial level to prepare provincial-level midterm public investment plans for the subsequent period for submission to provincial-level People’s Committees for review purposes;

+ Petition provincial-level People’s Councils to give their opinions on midterm public investment plans for the subsequent period;

+ Prepare complete ones for submission to the Ministry of Planning and Investment and the Ministry of Finance.

- District-level and commune-level People’s Committees take charge of designing, evaluating, or authorizing bodies specialized in management of public investment to design or evaluate, subsequent midterm public investment plans of their own, submit them to same-level People's Councils to obtain their opinions and send them to superior-level People’s Committees in accordance with point a of clause 5 of Article 55 of the Law on Public Investment 2019.

- Prior to January 31 of the fifth year in the previous midterm public investment plan, the Government estimates state budget balancing capabilities to determine capital expenditures for the subsequent period.

- From February 1 to April 30 of the fifth year in the previous midterm public investment plan, the Ministry of Planning and Investment presides over the evaluation of the plan and method for allocation of capital specified in midterm public investment plans funded by the central budget of Ministries, central and local regulatory authorities.

- After receipt of evaluation opinions from the Ministry of Planning and Investment, other Ministries and central regulatory authorities prepare their complete midterm public investment plans for the subsequent period for submission to the Ministry of Planning and Investment and the Ministry of Finance ahead of June 30 of the fifth year in the previous midterm public investment plan.

- After receipt of evaluation opinions from the Ministry of Planning and Investment, provincial-level People’s Committees shall assume the following responsibilities:

+ Authorize district-level and commune-level People’s Committees to prepare complete midterm public investment plans of their own for submission to same-level People's Councils to seek their opinions before they have to submit them to provincial-level People's Committees prior to May 31 of the fifth year in the previous midterm public investment plan;

+ Authorize bodies specialized in management of public investment at the provincial level to prepare complete midterm public investment plans of their own for submission to provincial-level People's Committees that will then petition same-level People's Councils to give their opinions prior to June 15 of the fifth year in the previous midterm public investment plan;

+ Prepare complete midterm public investment plans for the subsequent period for submission to the Ministry of Planning and Investment and the Ministry of Finance ahead of June 30 of the fifth year in the previous midterm public investment plan.

- Prior to July 31 of the fifth year in the previous midterm public investment plan, the Ministry of Planning and Investment compiles the national midterm public investment plan for submission to the Government.

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