Minister of Planning and Investment Nguyen Chi Dung (Source: VNA)
Hanoi (VNA) – Minister of Planning and Investment Nguyen Chi Dung stressed improving the efficiency of public and foreign investment during a Q&A session at the 14th National Assembly’s ongoing third plenum in Hanoi on June 14.

Responding to concern over inefficient State capital allocation, Dung said his ministry asked agencies and localities to continue following policies on investment restructuring, seriously comply with legal regulations on public investment and improve planning quality for socio-economic development.

Units concerned were required to strengthen audit, inspection and supervision of all stages, from screening to evaluating and approving projects, ensuring that capital allocation suits realities, he said, adding that annual and five-year capital allocation is stipulated in the Law on Public Investment, under which, the process is set more thorough with more relevant agencies taking part.

He admitted that the ministry was slow in issuing documents guiding the implementation of the law, leading to different understanding of its terms.

According to Dung, slow disbursement impacted projects’ efficiency due to big demand for capital.

The minister conceded that the ministry was still unresolved to ask ministries, agencies and localities to seriously abide by the Law on Public Investment, the National Assembly’s resolutions and the government’s directions.

Asked about solutions to environment pollution, tax evasion, transfer pricing and limited technology transfer in the foreign-invested sector, Dung underscored the importance of further attracting foreign investment due to limited State capital.

However, foreign capital inflows will be geared towards projects using eco-friendly technology, little natural resources and manpower, he said.

As scheduled, Minister Dung and other Cabinet members will continue to answer lawmakers’ questions on June 15 morning.-VNA