Illustrative image (Photo: VNA) Hanoi (VNA) – The Government has issued a number of policies in investment, finance, budget and management decentralisation specifically designed for the central city of Da Nang.
The policies are aimed at boosting the city’s sustainable growth and making it a major urban area of the country and an industrial, trade and service hub of the central region in 2020.
The policies allow the city to borrow domestic loans through issuing local government bonds in line with the law, and by re-borrowing the Government’s loans.
The total loan outstanding must not exceed 40 percent of local budget collection allocated to the city, and stay within the yearly State budget overspending level approved by the National Assembly.
At the same time, the Government will distribute part of central budget to the city to implement trans-regional projects in the form of public-private partnerships, while prioritising capital allocation to the city’s budget to conduct development projects in the city and regional projects.
The Government will also call for official devlopment assistance for the city’s major infrastructure projects.
The local government can approve lists of projects and receive non-refundable assistance for projects and programmes regardless of the scale of aid, except for projects related to institutions, religion, legal policy, administrative reform and defence and security which are subject to the Prime Minister’s approval.
The Government will propose Da Nang’s budget supplementation to the NA Standing Committee in line with the Budget Law. The supplementation will be spent on capital construction, infrastructure projects, hi-tech areas building, and other socio-economic and defence, security projects.
In the first year of the new budget policy, the Ministry of Finance will work with other ministries and sectors to make proposals to authorised agencies on the level of supplement to the city’s budget to ensure resources for socio-economic projects and regional projects in central and central highlands regions.-VNA
