Specific allocation of additional government bond capital

Continuing the 24th session, on the morning of January 15, the National Assembly Standing Committee discussed and gave opinions on the plan to allocate additional government bond capital for the 2014-2016 period for unfinished projects in the government bond capital portfolio for the 2012-2015 period and the project of the Channel for large-tonnage ships to enter the Hau River, along with a number of issues with many different opinions in the draft Bankruptcy Law (amended).

Vice Chairwoman of the National Assembly Nguyen Thi Kim Ngan chaired the meeting. Photo: TXVN

Additional government bond capital to complete projects

According to the Report, the Government plans to supplement Government bond capital for unfinished projects of ministries and localities with VND 66,720 billion (equal to 43.6% of the need for additional Government bond capital) and VND 6,600 billion for the project of Channel for large-tonnage ships to enter the Hau River.

The Government proposed that the National Assembly Standing Committee decide to supplement Government bond capital for ministries and localities to implement, which is VND 48,653,261 billion for 638 projects, basically arranging enough Government bond capital to complete the projects or complete important projects on schedule, in accordance with the provisions of the National Assembly Resolution.

For 91 projects expected to be completed in 2014 - 2015 with a total capital allocation of VND 18,066,739 billion but only meeting 33.7% of the Government bond capital, the Government proposed that the National Assembly Standing Committee assign the Government to direct ministries and localities to base on the total capital planned for these projects of each ministry, locality, project implementation progress... to concentrate capital to completely complete the projects and put them into use, avoid waste, loss or adjust the total investment to suit the capital allocation capacity of each project.

The majority of the members of the National Assembly Standing Committee agreed with the Government's Proposal and the verification report of the National Assembly's Finance and Budget Committee. For the 91 new projects meeting 33.7% of the Government bond capital, the National Assembly Standing Committee assigned the Government to direct ministries, branches and localities to continue reviewing, reducing and adjusting the total investment of each project, mobilizing other legal capital sources to ensure the completion of the projects in 2014 - 2015 and submit them to the National Assembly Standing Committee for consideration and decision before April 30, 2014.

Regarding the second phase of the border patrol road, the Government's Submission proposed allocating 1,000 billion VND for this project. However, according to members of the National Assembly Standing Committee, based on the Government's proposal in the Submission dated November 19, 2013, the National Assembly Standing Committee agreed to allocate 1,500 billion VND for this project.

On the other hand, this is an urgent project that needs to be accelerated, so members of the National Assembly Standing Committee proposed that the Government allocate 1,500 billion VND to invest in the second phase of the border patrol road.

Regarding the channel for large-tonnage ships entering the Hau River, members of the National Assembly Standing Committee proposed that the Government only allocate 6,100 billion VND for this project, the remaining 500 billion VND will be transferred to invest in the second phase of the border patrol road.

At the same time, members of the National Assembly Standing Committee also agreed to issue a Resolution on allocating government bond capital for the 2014-2016 period for unfinished projects and works that were included in the government bond capital portfolio for the 2012-2015 period but still lack capital.

Bankruptcy and rehabilitation procedures need to be clearly defined.

Regarding the scope of regulation of the draft Bankruptcy Law (amended), the majority of opinions agree to stipulate the scope of regulation as in the draft Law because the bankruptcy laws of most countries in the world stipulate the procedures for recovery and bankruptcy. Business recovery aims to create conditions for enterprises and cooperatives to pay debts, escape bankruptcy and continue business activities. Therefore, the draft Law needs to maintain the provisions on procedures for business recovery.

Regarding the provisions on the jurisdiction of the Court, members of the National Assembly Standing Committee said that the procedure for resolving requests to open bankruptcy proceedings is a complicated case, requiring the Judge to be a person with in-depth expertise, experience, qualifications, and certain knowledge about enterprises, cooperatives, and business activities.

In addition, bankruptcy settlement is closely linked to the settlement of debt claims, disputes related to debts and debtors that may be in many localities, including abroad. Therefore, the delegates proposed that the Supreme People's Court study to have appropriate regulations.

There are two types of opinions regarding the regulation on the institution of the Administrator. Some members of the National Assembly Standing Committee are concerned about the feasibility of this institution because this is a new issue, without precedent. In addition, the powers and responsibilities of the Administrator are very broad and important, so this institution should not be regulated. Some other opinions suggest that the institution of the Administrator should be piloted, and at the same time, the functions and tasks of this institution should be clearly defined.

Members of the National Assembly Standing Committee requested the National Assembly's Economic Committee to coordinate with ministries and branches to soon complete the draft bankruptcy law (amended) to submit to the National Assembly for consideration.

According to news