The National Assembly's Economic Committee is reviewing the draft Law on Public Investment.

On the morning of August 29th, in Hanoi, the National Assembly's Economic Committee held an expanded meeting to conduct a preliminary review of the draft Law on Public Investment.

Based on the opinions of the delegates at the session, the National Assembly's Economic Committee will prepare a preliminary review report to be submitted to the National Assembly Standing Committee for consideration and comments at its 21st session (September this year).

According to the Government's submission presented by Minister of Planning and Investment Bui Quang Vinh, the Law on Public Investment is structured into 6 Chapters and 74 Articles. The draft Law stipulates the unified management and use of public investment capital from the stages of determining investment policies; project approval; principles of capital allocation; conditions for programs and projects to be included in the plan; procedures; investment planning; plan implementation; monitoring, evaluation, inspection, and supervision of investment programs and projects using public investment capital at all levels and sectors.

At the same time, the draft law also clearly defines the powers and responsibilities of the National Assembly, the Government, state management agencies at all levels, organizations and individuals managing and using public investment capital; sanctions for violations...

Delegates assessed the draft Law on Public Investment as meticulously prepared, building upon and improving the provisions in existing legal documents on public investment management. However, the drafting committee needs to continue reviewing and considering the relationship of the draft law with other laws to "cover the entire" public investment system, overcome weaknesses, prevent losses and waste, and ensure the proper and effective use of state investment capital.

Regarding the scope of the law, the delegates generally agreed with the Government's proposal, which stipulates that it will regulate the entire process of managing and using public investment funds from the State budget, national bonds, government bonds, local government bonds, official development assistance (ODA), preferential loans from donors, state development investment credit, and other investment funds of a State budget nature, as well as loans from local budgets for infrastructure construction projects. Investment funds from the State-owned enterprise sector are expected to be regulated in the Law on the Management and Use of State Capital Invested in Production and Business, which will be drafted by the Ministry of Finance.

Concerned about regulations on the powers and responsibilities of ministries, agencies, organizations, and individuals in managing and using public investment funds, opinions generally agreed that the draft law does not clearly stipulate sanctions for violations. Representative Lo Van Muon pointed out a current situation where many investment projects have been completed but have not yet been finalized, while new final accounts are approved annually. This issue needs consideration and resolution. How are the responsibilities of ministries, agencies, and individuals regulated? The law needs provisions to promote and connect with other laws regarding budget finalization.

Representative Cao Sỹ Kiêm also argued that the responsibilities and powers of each collective and individual in planning, approving projects, inspecting, controlling, and handling acts causing losses in public investment should be clearly defined in the law. This is one of the limitations of public investment management in recent years. Resolving this issue will be crucial for the effective implementation of the law. Agreeing with this opinion, Representative Bùi Văn Phương suggested that the draft law should include provisions stipulating the powers, duties, and accountability for individual errors right from the project approval stage to ensure effective implementation and prevent losses and waste.

Regarding public investment projects, delegate Tran Xuan Hoa stated: In terms of content, public investment projects must be a part of the socio-economic development strategy and regional development plan. In terms of form, they are a step in the planning process of the economy and region, established on the basis of the five-year socio-economic development strategy and regional development plan.

Mr. Tran Xuan Hoa argued that, in order to achieve the goals of the Development Planning Strategy, within the scope of public investment planning in general, the public investment program is the first step that needs to be established. Based on the approved public investment program, and according to the list of investment projects and the progress of the investment program, the next step is to prepare public investment projects.

An investment project is a unified and integrated whole, in which the project implementation schedule is a crucial element. To be approved, the project must ensure sufficient funding for implementation. Therefore, the project implementation schedule depends solely on the required deadline for project operation and the feasibility of construction. An approved project schedule means that all aspects regarding the required deadline for project operation, construction feasibility, funding security, and socio-economic effectiveness have been taken into account.

In the afternoon, the Standing Committee of the National Assembly's Economic Committee will conduct a preliminary review of the draft Law on Bankruptcy (amended).

According to VNA - LT