Regulations on design approval and assignment of tasks of public investment plans in Vietnam
Vietnam law has regulations on design, approval and assignment of tasks of public investment plans. Let’s find out this issue with Lawyer X through the following situation: “Dear Lawyer! I want to ask what are principles of selection of investment portfolio, estimation of public investment capital? What are regulations on Submission, representation, approval and assignment of tasks of midterm public investment plans using the state budget’s capital in Vietnam? Thanks for answering my questions!”
Legal grounds
- 2019 Vietnam Law on Public Investment
Principles of selection of investment portfolio, estimation of public investment capital allocated to specific projects listed in midterm and annual public investment plans funded by the state budget’s capital
– These activities shall be subject to regulations laid down in Article 51, 52, 53 and 54 herein.
– Corresponding to capabilities of balancing state budget capital mentioned in midterm and annual public investment plans, estimating capabilities of calling for other funding sources for use in public investment projects using multiple investment capital.
– These activities have to fall within public investment programs and tasks of using capital expenditures funded by the state budget which have already been approved.
– Conforming to principles, criteria and norms of distribution of the state budget’s capital expenditures during the plan period.
– Investment capital allocated to specific public investment programs and projects is not allowed to exceed the gross investment capital for approved public investment programs and projects
Principles of selection of investment portfolio, estimation of public investment capital allocated to specific projects listed in midterm and annual public investment plans funded by the local budget’s capital
– These activities shall be subject to regulations laid down in Article 51, 52, 53 and 54, and clause 4 and 5 of Article 57 herein.
– Corresponding to capabilities of balancing the local budget’s revenues and expenditures, midterm and annual public investment plans, and capabilities of calling for other funding sources for use in public investment projects using multiple investment capital.
– These activities have to fall within public investment programs and tasks of using capital expenditures funded by the local budget which have already been approved.
Formulation, evaluation, approval and assignment of tasks of midterm and annual plans of capital funded by legitimate revenues of state regulatory authorities and public service units retained for investment purposes
– State regulatory authorities and public service units using capital from legitimate revenues retained for investment purposes must prepare midterm and annual public investment plans for submission to Ministries, central regulatory authorities and People’s Committees at any level taking direct control of these entities.
– Ministries, central regulatory authorities and People’s Committees at any level shall be responsible for evaluating, approving and assigning tasks of annual capital plans, approving adjustments in annual plans of capital derived from legitimate revenues of state regulatory authorities and public service units retained for investment purposes in order to ensure that such capital falls within actual capabilities for use as capital expenditures in accordance with relevant laws.
– Midterm and annual public investment plans using legitimate revenues that state regulatory authorities and public service units retain for use in investment activities shall be independent of midterm and annual public investment plans using the state budget’s capital.
– Ministries, central regulatory authorities and provincial-level People’s Committees shall be responsible for compiling midterm and annual public investment plans using legitimate revenues that state regulatory authorities and public service units retain for use in investment activities, and submitting them to the Ministry of Planning and Investment and the Ministry of Finance for compiling purposes and for making representations to the Government and National Assembly.
– The Government shall set out specific provisions of this Article.
Submission, representation, approval and assignment of tasks of midterm public investment plans using the state budget’s capital
– In the year-end meeting held in the fifth year of the National Assembly’s tenure, the Government shall propose the midterm public investment plan for the subsequent period to the National Assembly to get its opinions on contents thereof specified in Article 49 herein; in particular, with respect to the first year’s public investment plan for the subsequent period, based on the estimate of the state budget’s capital expenditures in the first year, the Government shall submit it to the National Assembly to seek its decision issued in this meeting.
– According to opinions of the previous National Assembly, the Government shall present to the current National Assembly in the meeting the contents specified in Article 49 herein. The National Assembly shall consider issuing its decision on the midterm public investment plan, including the following contents:
+ Aims and objectives of midterm public investment of the state budget’s capital to be made on a nationwide scale;
+ Gross investment capital listed in midterm public investment plans using the state budget’s capital, including the capital of the central government’s and local government’s budget;
+ Gross investment capital included in the midterm public investment plan using the central government’s budget capital specific to sectors, industries, estimate of capital amounts allocated to specific Ministries, central regulatory authorities and target transfers from the central government’s budget to the local government’s budget;
+ Investment portfolio and investment capital of public investment projects of national significance and national target programs;
+ Main solutions and policies for implementation of midterm public investment plans.
– The Prime Minister shall assign tasks of midterm public investment plans, including total capital and structure of the state budget’s capital, to Ministries, central and local regulatory authorities; investment portfolio, capital of public investment programs and projects, capital used for performing planned tasks, investment preparatory tasks and other public investment objects using the central budget’s capital.
Submission, representation, approval and assignment of tasks of annual public investment plans using the state budget’s capital
– Before every September 20, the Government shall propose annual public investment plans using the state budget’s capital to get opinions from the National Assembly Standing Committee.
– Before every October 20, the Government shall propose public investment plans using the state budget’s capital intended for the subsequent year to the National Assembly.
– Before every November 15, the National Assembly shall make its decision on public investment plans using the state budget’s capital intended for the subsequent year.
– Before every November 30, the Prime Minister shall assign tasks involved in public investment plans using the state budget’s capital intended for the subsequent year in which total capital and structure of capital have already been decided by the National Assembly to Ministries, central and local regulatory authorities.
– Before every December 31, Ministries, central and local regulatory authorities shall organize the detailed distribution of the capital of public investment plans using the state budget’s capital intended for the subsequent year, investment portfolio and capital allocated to specific projects to their directly affiliated entities and units and inferior-level People’s Committees, and shall send detailed distribution plans to the Ministry of Planning and Investment for compiling purposes, for reporting to the Government and for monitoring purposes.
Submission, representation, approval and assignment of tasks of midterm public investment plans using the local budget’s capital
– Before December 5 of the fifth year in the previous midterm public investment plan, People’s Committees shall propose contents prescribed in Article 49 to get opinions from same-level People’s Councils; in particular, with respect to the first year’s public investment plan for the subsequent period, based on the estimate of the local budget’s capital expenditures, People’s Committees shall propose such plan to seek the decision from same–level People’s Councils.
– Pursuant to the National Assembly’s resolution regarding midterm public investment plans for the new period and the resolution of the provincial-level People’s Council regarding the 5-year socio-economic development plan, the provincial-level People’s Council shall decide on midterm public investment plans to be implemented at their localities, including total budgeted capital of midterm public investment plan, investment portfolio, capital allocated to specific projects using the provincial budget’s capital and target transfers to the inferior budget, and shall send a report to the Ministry of Planning and Investment and the Ministry of Finance for compiling purpose and reporting to the Government.
– Pursuant to the resolution of the provincial-level People’s Council regarding a midterm public investment plan, the district-level People’s Council shall decide the midterm public investment plan under its jurisdiction, including total budgeted capital of the midterm public investment plan, investment portfolio and the local budget’s capital allocated to specific projects and target transfers to the inferior budget.
– Pursuant to the resolution of the district-level People’s Council regarding a midterm public investment plan, the commune-level People’s Council shall decide the midterm public investment plan under its jurisdiction, including total budgeted capital of the midterm public investment plan, investment portfolio and the local budget’s capital allocated to specific projects.
– Within the maximum period of 30 days after the People’s Council at any level adopts the resolution on midterm public investment plan, the same-level People’s Committee shall assign tasks of midterm public investment plans to their affiliates, including gross investment, portfolio of public investment programs and projects and capital allocated to
Submission, representation, approval and assignment of tasks of annual public investment plans using the local budget’s capital
– Before every December 5, People’s Committee shall present subsequent-year public investment plan to the same-level People’s Council, including investment portfolio and capital allocated to specific projects.
– Before every December 10, the provincial-level People’s Council shall decide the subsequent-year public investment plan under its jurisdiction, including investment portfolio and capital allocated to specific projects.
– Before every December 20, the district-level People’s Council shall decide the subsequent-year public investment plan under its jurisdiction, including investment portfolio and capital allocated to specific projects.
– Before every December 31, the People’s Committee at any level shall assign tasks of subsequent-year public investment plan to their affiliates.
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Frequently asked questions
State regulatory authorities and public service units using capital from legitimate revenues retained for investment purposes must prepare midterm and annual public investment plans for submission to Ministries, central regulatory authorities and People’s Committees at any level taking direct control of these entities.
Ministries, central regulatory authorities and People’s Committees at any level shall be responsible for evaluating, approving and assigning tasks of annual capital plans, approving adjustments in annual plans of capital derived from legitimate revenues of state regulatory authorities and public service units retained for investment purposes in order to ensure that such capital falls within actual capabilities for use as capital expenditures in accordance with relevant laws.
Midterm and annual public investment plans using legitimate revenues that state regulatory authorities and public service units retain for use in investment activities shall be independent of midterm and annual public investment plans using the state budget’s capital.
Conclusion: So the above is Regulations on design approval and assignment of tasks of public investment plans in Vietnam. Hopefully with this article can help you in life, please always follow and read our good articles on the website: lsxlawfirm.com
