Procedures for approval and assignment of tasks of midterm public investment plans using the state budget's capital in Vietnam

Procedures for approval and assignment of tasks of midterm public investment plans using the state budget's capital in Vietnam (Internet image) 

Procedures for approval and assignment of tasks of midterm public investment plans using the state budget's capital in Vietnam

Article 60 of the Law on Public Investment 2019 stipulates the submission, representation, approval and assignment of tasks of midterm public investment plans using the state budget's capital as follows:

- In the year-end meeting held in the fifth year of the National Assembly's tenure, the Government shall propose the midterm public investment plan for the subsequent period to the National Assembly to get its opinions on contents thereof specified in Article 49 herein; in particular, with respect to the first year’s public investment plan for the subsequent period, based on the estimate of the state budget’s capital expenditures in the first year, the Government shall submit it to the National Assembly to seek its decision issued in this meeting.

- According to opinions of the previous National Assembly, the Government shall present to the current National Assembly in the meeting the contents specified in Article 49 herein. The National Assembly shall consider issuing its decision on the midterm public investment plan, including the following contents:

= Aims and objectives of midterm public investment of the state budget’s capital to be made on a nationwide scale;

= Gross investment capital listed in midterm public investment plans using the state budget’s capital, including the capital of the central government’s and local government’s budget;

= Gross investment capital included in the midterm public investment plan using the central government’s budget capital specific to sectors, industries, estimate of capital amounts allocated to specific Ministries, central regulatory authorities and target transfers from the central government's budget to the local government's budget;

= Investment portfolio and investment capital of public investment projects of national significance and national target programs;

= Main solutions and policies for implementation of midterm public investment plans.

- The Prime Minister shall assign tasks of midterm public investment plans, including total capital and structure of the state budget’s capital, to Ministries, central and local regulatory authorities; investment portfolio, capital of public investment programs and projects, capital used for performing planned tasks, investment preparatory tasks and other public investment objects using the central budget's capital.

Procedures for approval and assignment of tasks of midterm public investment plans using the local budget's capital in Vietnam

Pursuant to Article 62 of the Law on Public Investment 2019, the submission, representation, approval and assignment of tasks of midterm public investment plans using the local budget's capital are as follows:

- Before December 5 of the fifth year in the previous midterm public investment plan, People’s Committees shall propose contents prescribed in Article 49 to get opinions from same-level People's Councils; in particular, with respect to the first year’s public investment plan for the subsequent period, based on the estimate of the local budget’s capital expenditures, People’s Committees shall propose such plan to seek the decision from same–level People’s Councils.

- Pursuant to the National Assembly’s resolution regarding midterm public investment plans for the new period and the resolution of the provincial-level People's Council regarding the 5-year socio-economic development plan, the provincial-level People's Council shall decide on midterm public investment plans to be implemented at their localities, including total budgeted capital of midterm public investment plan, investment portfolio, capital allocated to specific projects using the provincial budget's capital and target transfers to the inferior budget, and shall send a report to the Ministry of Planning and Investment and the Ministry of Finance for compiling purpose and reporting to the Government.

- Pursuant to the resolution of the provincial-level People’s Council regarding a midterm public investment plan, the district-level People’s Council shall decide the midterm public investment plan under its jurisdiction, including total budgeted capital of the midterm public investment plan, investment portfolio and the local budget's capital allocated to specific projects and target transfers to the inferior budget.

- Pursuant to the resolution of the district-level People’s Council regarding a midterm public investment plan, the commune-level People’s Council shall decide the midterm public investment plan under its jurisdiction, including total budgeted capital of the midterm public investment plan, investment portfolio and the local budget's capital allocated to specific projects.

- Within the maximum period of 30 days after the People’s Council at any level adopts the resolution on midterm public investment plan, the same-level People’s Committee shall assign tasks of midterm public investment plans to their affiliates, including gross investment, portfolio of public investment programs and projects and capital allocated to specific projects.

To Quoc Trinh

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