State-funded projects to be reviewed hinh anh 1A car moves on National Road 3 (Photo: VNA)

Hanoi (VNA) – Major projects with State investment of at least 10 trillion VND (448.9 million USD) will be reviewed to calculate the exact total capital needed and avoid losses.

The Ministry of Planning and Investment (MPI) will work with relevant sectors and localities to investigate, Prime Minister Nguyen Xuan Phuc said at a recent meeting with the ministry.

The MPI is tasked with inspecting compliance with public investment regulations, reviewing the implementation of the Law on Public Investment and proposing measures to accelerate the disbursement of public investment capital.

It must also examine build-operate-transfer and public-private partnership projects to fine-tune regulations to attract more non-State capital.

While ensuring the transparency of bidding processes, the MPI also has to monitor the sale of public assets and evaluation of businesses with big land and trademark ownership.

The Cabinet leader asked for stronger administrative reforms to improve the investment climate as well as the competitiveness of the nation, enterprises and Vietnamese products.

Foreign invested projects that use high technology, manufacture high added-value products and are environmentally friendly should be prioritised. Start-ups also need optimal conditions to develop, the PM said.-VNA