National Assembly adopts resolution adjusting medium-term public investment plan
Updated : Monday, November 12, 2018 3:18 PM (GMT+0700)

The 14th National Assemblyadopted a resolution on adjustments to the medium-term public investment planfor 2016-2020 with 89.48 percent of votes on November 12 during the on-going 6thsession. 

The 14th National Assembly adopted a resolution on adjustments to the medium-term public
investment plan for 2016-2020 with 89.48 percent of votes - Photo: VNA

Underthe resolution, total foreign capital in medium-term public investment will beadjusted up from 300 trillion VND to a maximum of 360 trillion VND, whiledomestic capital will be reduced correspondingly to meet disbursementrequirements of projects using foreign capital. Capital for important national projectsis reduced to 70 trillion VND from the initial 80 trillion VND. 

TheNA allows the use of the common reserve fund of the medium-term publicinvestment plan for 2016-2020 on the basis of ensuring the annual Statebudget’s balance and maintaining the ceiling for public investment at 2,000trillion VND along with the overspending rate and public investment safety asdecided by the NA. 

TheNA allows localities to allocate annual public investment plan using capitalfrom local budget on the basis of collection while ensuring that it will notsurpass the allowed overspending rate. 

ThePeople’s Councils at all levels are assigned to decide the reserve allocationof the medium-term public investment plan for 2016-2020 using local budget inline with principles and priorities as stipulated in the Law on PublicInvestment and the NA’s Resolution 26/2016/QH14 on the medium-term publicinvestment plan for 2016-2020.

TheNA decides to use 10 trillion VND from the adjustment in capital for importantnational projects to allocate for projects on natural disaster prevention andmitigation, strengthening key dykes, dealing with riverbank and coastlineerosion, and moving residents from areas with high risks of flash floods andlandslides. 

Theresolution also requires the addition of the list of projects using foreign ODAand preferential loans to the medium-term public investment for 2016-2020 so asto ensure the pace of implementation in line with commitments to donors. 

Theresolution instructs the transfer of nearly 648.7 billion VND from the commonreserve of the medium-term public investment plan for 2016-2020 to the nationaltarget on sustainable poverty reduction. 

It also allows the change of investment method from Public-Private Partnershipto public investment using State budget for several projects under the coastalroad planning for the section from Quang Ninh to Nghe An. The Government isassigned to build the list of investment, clarify the sources of capital andestimate investment amount for each specific project and submit them to the NAStanding Committee for consideration and approval. 

Theresolution stipulates the principles and order of priorities in allocating thereserve fund of the medium-term public investment plan sourced from the Statebudget and additional foreign capital. It requires attention to projects in thelist of the 2016-2020 period that are underway but lack capital.

Theresolution requires the Government to push ahead with measures to removeobstacles in the implementation of the Resolution 26/2016/QH14 and acceleratethe pace of allocation and disbursement of public investment capital. 

TheGovernment is also asked to urgently review regulations related to themedium-term public investment plan and propose adjustments and supplements whennecessary, while intensifying inspections and auditing work and preventing andfighting corruption and wastefulness in the realm.  

Theresolution assigns the Government to review and complete procedures andconditions for the allocation of capital to the Vietnam Development Bank andurban railway projects of Hanoi and Ho Chi Minh City, and submit them to the NAfor consideration and approval. Under the resolution, foreign capital will notbe allocated yet to the Vietnam Expressway Corporation and the VietnamInfrastructure Development and Finance Investment Joint Stock Company.

Source: VNA

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