Conditions for projects to be allocated public investment funds.

The Government has just issued a Decree on medium-term and annual public investment plans.

This Decree specifies the procedures for the preparation, appraisal, approval, allocation of plans, organization of implementation, monitoring and evaluation of the implementation of medium-term and annual public investment plans at the national, ministerial, central agency, and local levels, as well as the adjustment of these plans.

Specifically, the Decree stipulates the conditions under which programs and projects are allocated annual public investment funds.

Specifically, programs and projects allocated annual public investment funds must meet the conditions stipulated in Article 56 ofLaw on Public InvestmentThis includes: Programs and projects must be included in the medium-term public investment plan, except for emergency projects; programs and projects must have been approved by competent authorities; there must be international agreements on ODA and concessional loans signed for programs and projects using ODA and concessional loans from foreign donors; new projects will only be allocated funds after completing investment procedures as prescribed by the Government.

For newly commenced projects, in addition to the above-mentioned conditions, the following conditions must also be met: The investment decision must be approved by the competent authority by October 31st of the year preceding the planning year; the funding source and the ability to balance these sources must be clearly identified; sufficient funds must be allocated according to the completion schedule stipulated in the medium-term public investment plan; and sufficient funds must be allocated according to the schedule approved by the competent authority in the first year of project implementation.

Emergency projects and newly arising necessary projects added to the medium-term public investment plan are allocated capital from the contingency fund in the medium-term public investment plan. By October 31st of the year preceding the plan year, the competent authority must decide on the investment policy and investment decision.

Conditions for projects to be allocated medium-term public investment funds.

According to the Decree, programs and projects allocated medium-term public investment funds must meet the conditions stipulated in Article 56 of the Law on Public Investment (mentioned above).

For newly commenced projects, in addition to meeting the conditions stipulated in Article 56 of the Law on Public Investment, it is necessary to ensure sufficient funding to complete the project within the prescribed timeframe.

The sequence and procedures for formulating, appraising, and approving investment policies for public investment programs and projects shall be carried out in accordance with the provisions of the Law on Public Investment and the Government Decrees guiding the implementation of the Law on Public Investment.

According to Chinhphu.vn