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Vietnam: Prime Minister urges to finalize revised draft Law on Public Investment
The Hanoitimes – The Ministry of Planning and Investment (MPI) must rapidly finalize the revised draft Law on Public Investment to submit it to the National Assembly for approval.
Prime Minister Nguyen Xuan Phuc stated this at a meeting to implement 2018 tasks of the MPI on January 15.
The disbursement of public investment capital last year was improved, however, there currently remain restrictions in a number of projects using state funds, Phuc said, expecting the law will resolve the hindrance in the country’s public investment.
The disbursement of public investment capital last year was improved, however, there currently remain restrictions in a number of projects using state funds, Phuc said, expecting the law will resolve the hindrance in the country’s public investment.
The revised law is expected to avoid scattered and arbitrary public investment and helping define accountability in public investment decisions.
Nguyen Chi Dung, MPI minister, said that this is the first law on public investment directly concerned with the interests, rights and responsibilities of ministries and other public sector groups as well as local governments so “difficulties in implementation are unavoidable.”
At the meeting, PM Phuc also required the MPI to closely watch socio-economic developments to raise measures to meet growth targets this year. Following impressive GDP growth of 6.81 per cent last year, the government set targets of 6.7 per cent in GDP growth in 2018.
The government also aims to achieve 8-10 per cent growth in trade turnover compared to 2017, which saw record-breaking exports, and maintain a trade deficit of below three per cent.
Administrative reforms will also be a priority. These include cutting red tape for business and investment activities by 50 per cent. Dialogues with private enterprises will be held regularly to receive their feedback. The government aims to put Vietnam in the top four in ASEAN in terms of competitiveness and business environment by the end of 2018.
MPI minister Dung said that the socio-economic development in 2017 would create the impetus for the country to enter a new period of growth, one more efficient, sustainable and inclusive. However, he added, the way towards innovation and development is still long, ahead with difficulties and challenges which require great effort to overcome.
The ministry was striving to enhance public management and improve the investment climate to promote production and efficiently attract private and direct foreign investment resources, he added.
Nguyen Van Trung, MPI minister, said that this year, the Vietnamese economy was expected to face a lot of difficulties from the uncertainty in the global economy, the return of protectionism, climate change, international integration and the fourth industrial revolution.
However, opportunities abound, given the Government’s efforts to promote innovation associated with the industry 4.0 and enhance productivity and national competitiveness, he added.
MPI will try to maintain macroeconomic stability and taking advantage of every opportunity to create breakthroughs, Trung said, adding that it will also focus on studying policies to effectively raise every resource for development investment as well as solutions to hasten economic restructuring in line with renovating the growth model and enhancing growth quality.
Nguyen Chi Dung, MPI minister, said that this is the first law on public investment directly concerned with the interests, rights and responsibilities of ministries and other public sector groups as well as local governments so “difficulties in implementation are unavoidable.”
At the meeting, PM Phuc also required the MPI to closely watch socio-economic developments to raise measures to meet growth targets this year. Following impressive GDP growth of 6.81 per cent last year, the government set targets of 6.7 per cent in GDP growth in 2018.
The government also aims to achieve 8-10 per cent growth in trade turnover compared to 2017, which saw record-breaking exports, and maintain a trade deficit of below three per cent.
Administrative reforms will also be a priority. These include cutting red tape for business and investment activities by 50 per cent. Dialogues with private enterprises will be held regularly to receive their feedback. The government aims to put Vietnam in the top four in ASEAN in terms of competitiveness and business environment by the end of 2018.
MPI minister Dung said that the socio-economic development in 2017 would create the impetus for the country to enter a new period of growth, one more efficient, sustainable and inclusive. However, he added, the way towards innovation and development is still long, ahead with difficulties and challenges which require great effort to overcome.
The ministry was striving to enhance public management and improve the investment climate to promote production and efficiently attract private and direct foreign investment resources, he added.
Nguyen Van Trung, MPI minister, said that this year, the Vietnamese economy was expected to face a lot of difficulties from the uncertainty in the global economy, the return of protectionism, climate change, international integration and the fourth industrial revolution.
However, opportunities abound, given the Government’s efforts to promote innovation associated with the industry 4.0 and enhance productivity and national competitiveness, he added.
MPI will try to maintain macroeconomic stability and taking advantage of every opportunity to create breakthroughs, Trung said, adding that it will also focus on studying policies to effectively raise every resource for development investment as well as solutions to hasten economic restructuring in line with renovating the growth model and enhancing growth quality.
Source: http://hanoitimes.com.vn/investment/2018/01/81E0C06C/prime-minister-urges-to-finalize-revised-draft-law-on-public-investment/