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) Hanoi (VNA) – The 14th National Assembly adopted a resolution on adjustments to the medium-term publicinvestment plan for 2016-2020 with 89.48 percent of votes on November 12 duringthe on-going 6th session.
Under the resolution, total foreigncapital in medium-term public investment will be adjusted up from 300 trillionVND to a maximum of 360 trillion VND, while domestic capital will be reducedcorrespondingly to meet disbursement requirements of projects using foreigncapital. Capital for important national projects is reduced to 70 trillion VNDfrom the initial 80 trillion VND.
The NA allows the use of thecommon reserve fund of the medium-term public investment plan for 2016-2020 onthe basis of ensuring the annual State budget’s balance and maintaining theceiling for public investment at 2,000 trillion VND along with the overspendingrate and public investment safety as decided by the NA.
The NA allows localities toallocate annual public investment plan using capital from local budget on thebasis of collection while ensuring that it will not surpass the allowedoverspending rate.
The People’s Councils at alllevels are assigned to decide the reserve allocation of the medium-term publicinvestment plan for 2016-2020 using local budget in line with principles and prioritiesas stipulated in the Law on Public Investment and the NA’s Resolution 26/2016/QH14on the medium-term public investment plan for 2016-2020.
The NA decides to use 10trillion VND from the adjustment in capital for important national projects toallocate for projects on natural disaster prevention and mitigation,strengthening key dykes, dealing with riverbank and coastline erosion, andmoving residents from areas with high risks of flash floods and landslides.
The resolution also requires the addition of thelist of projects using foreign ODA and preferential loans to the medium-term publicinvestment for 2016-2020 so as to ensure the pace of implementation in linewith commitments to donors.
The resolution instructs thetransfer of nearly 648.7 billion VND from the common reserve of the medium-termpublic investment plan for 2016-2020 to the national target on sustainablepoverty reduction.
It also allows the change ofinvestment method from Public-Private Partnership to public investment usingState budget for several projects under the coastal road planning for thesection from Quang Ninh to Nghe An. The Government is assigned to build thelist of investment, clarify the sources of capital and estimate investmentamount for each specific project and submit them to the NA Standing Committeefor consideration and approval.
The resolution stipulates theprinciples and order of priorities in allocating the reserve fund of themedium-term public investment plan sourced from the State budget and additionalforeign capital. It requires attention to projects in the list of the 2016-2020period that are underway but lack capital
The resolution requires theGovernment to push ahead with measures to remove obstacles in the implementationof the Resolution 26/2016/QH14 and accelerate the pace of allocation anddisbursement of public investment capital.
The Government is also asked tourgently review regulations related to the medium-term public investment planand propose adjustments and supplements when necessary, while intensifyinginspections and auditing work and preventing and fighting corruption andwastefulness in the realm.
The resolution assigns the Government toreview and complete procedures and conditions for the allocation of capital tothe Vietnam Development Bank and urban railway projects of Hanoi and Ho ChiMinh City, and submit them to the NA for consideration and approval. Under the resolution,foreign capital will not be allocated yet to the Vietnam Expressway Corporationand the Vietnam Infrastructure Development and Finance Investment Joint StockCompany.-VNA
Under the resolution, total foreigncapital in medium-term public investment will be adjusted up from 300 trillionVND to a maximum of 360 trillion VND, while domestic capital will be reducedcorrespondingly to meet disbursement requirements of projects using foreigncapital. Capital for important national projects is reduced to 70 trillion VNDfrom the initial 80 trillion VND.
The NA allows the use of thecommon reserve fund of the medium-term public investment plan for 2016-2020 onthe basis of ensuring the annual State budget’s balance and maintaining theceiling for public investment at 2,000 trillion VND along with the overspendingrate and public investment safety as decided by the NA.
The NA allows localities toallocate annual public investment plan using capital from local budget on thebasis of collection while ensuring that it will not surpass the allowedoverspending rate.
The People’s Councils at alllevels are assigned to decide the reserve allocation of the medium-term publicinvestment plan for 2016-2020 using local budget in line with principles and prioritiesas stipulated in the Law on Public Investment and the NA’s Resolution 26/2016/QH14on the medium-term public investment plan for 2016-2020.
The NA decides to use 10trillion VND from the adjustment in capital for important national projects toallocate for projects on natural disaster prevention and mitigation,strengthening key dykes, dealing with riverbank and coastline erosion, andmoving residents from areas with high risks of flash floods and landslides.
The resolution also requires the addition of thelist of projects using foreign ODA and preferential loans to the medium-term publicinvestment for 2016-2020 so as to ensure the pace of implementation in linewith commitments to donors.
The resolution instructs thetransfer of nearly 648.7 billion VND from the common reserve of the medium-termpublic investment plan for 2016-2020 to the national target on sustainablepoverty reduction.
It also allows the change ofinvestment method from Public-Private Partnership to public investment usingState budget for several projects under the coastal road planning for thesection from Quang Ninh to Nghe An. The Government is assigned to build thelist of investment, clarify the sources of capital and estimate investmentamount for each specific project and submit them to the NA Standing Committeefor consideration and approval.
The resolution stipulates theprinciples and order of priorities in allocating the reserve fund of themedium-term public investment plan sourced from the State budget and additionalforeign capital. It requires attention to projects in the list of the 2016-2020period that are underway but lack capital
The resolution requires theGovernment to push ahead with measures to remove obstacles in the implementationof the Resolution 26/2016/QH14 and accelerate the pace of allocation anddisbursement of public investment capital.
The Government is also asked tourgently review regulations related to the medium-term public investment planand propose adjustments and supplements when necessary, while intensifyinginspections and auditing work and preventing and fighting corruption andwastefulness in the realm.
The resolution assigns the Government toreview and complete procedures and conditions for the allocation of capital tothe Vietnam Development Bank and urban railway projects of Hanoi and Ho ChiMinh City, and submit them to the NA for consideration and approval. Under the resolution,foreign capital will not be allocated yet to the Vietnam Expressway Corporationand the Vietnam Infrastructure Development and Finance Investment Joint StockCompany.-VNA
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