2016 Capital Allocation for New Projects

The Ministry of Planning and Investment has just issued instructions to ministries, branches, localities, economic groups, and state-owned corporations on the time for approving the 5-year socio-economic development plan for 2016-2020, the 5-year medium-term public investment plan for 2016-2020, and the allocation of capital for the 2016 public investment plan for newly started projects.

The Ministry of Planning and Investment clearly stipulates the time for approving the 5-year socio-economic development plan for 2016 - 2020. For localities, the People's Committees of provinces and centrally run cities, based on the Resolution of the Provincial and Municipal Party Congress for the 2015 - 2020 term, shall develop, complete and submit to the People's Council of the same level for approval the 5-year socio-economic development plan for 2016 - 2020 of their level at the People's Council Session in December 2015 or the first session of 2016.

Construction of Song Lam Cement Factory Project (Illustration photo).

Regarding the time for approving investment decisions for new projects starting in 2016, the Ministry of Planning and Investment stated that since 2015 is the first year of implementation under the provisions of the Law on Public Investment and the Law on Construction (amended) with many new contents; in order to have time to prepare thoroughly, the Government has allowed after the ministries, central and local branches have arranged the 2016 planning capital in the order of priority prescribed in the Law on Public Investment; Resolution 99/2015/QH13 on the State budget estimate for 2016 and Resolution 101/2015/QH13 of the National Assembly on the allocation of the central budget for 2016 (prioritizing the 2016 planning capital to accelerate the progress, complete programs, projects, key national works, urgent works under unfinished investment, counterpart capital for ODA projects, etc.); The remaining capital is allowed to be allocated to newly started projects whose investment decisions have been approved by competent authorities by March 31, 2016.

Construction of Chau Binh drainage canal under Ban Mong Reservoir Project (Illustration photo).

For projects that have had investment decisions before the effective date of the Law on Public Investment (January 1, 2015) and are not yet included in the investment plan approved by competent authorities, the assignment of the 2016 public investment plan to these projects shall be carried out as follows: For projects with investment policies that have not changed compared to the investment decision approved before the Law on Public Investment takes effect, competent authorities shall allocate capital for the 2016 public investment plan to the project according to the approved investment decision.

For projects with investment policies different from the approved investment decisions, competent authorities shall re-approve the investment decisions in accordance with the investment policies approved by competent authorities. Competent authorities shall only assign the 2016 public investment plan to projects until March 31, 2016, which have re-approved the investment decisions.

According to Chinhphu.vn