The Law on Public Investment will create a breakthrough in infrastructure.

The Deputy Minister of Planning and Investment said that new policies in the Law on Public Investment are expected to be effective in accelerating the progress of building, approving and implementing the medium-term public investment plan for the 2026-2030 period.

Cut down on administrative procedures to avoid creating a "request-grant" mechanism.

On the afternoon of December 20, the Office of the President held a press conference to announce the President's order to promulgate laws passed by the National Assembly at the 8th session, including the Law on Public Investment (amended).

Mr. Nguyen Duc Tam, Deputy Minister of Planning and Investment.

Regarding this draft law, Mr. Nguyen Duc Tam, Deputy Minister of Planning and Investment, stated that the construction of the revised Law on Public Investment follows the motto of changing the mindset and management method from pre-control to post-control, from management to management for development creation and local decision, local action, local responsibility; cutting down and simplifying administrative procedures, avoiding creating a "request - grant" mechanism.

According to Mr. Tam, the revised policies in the Law are "ripe" issues, clear, truly important, truly urgent and tested in practice, requiring institutionalization in the Law.

The new Public Investment Law also promotes decentralization, delegation of authority, promotes the responsibility of leaders, and enhances the flexibility and initiative of all levels and sectors in managing and implementing public investment plans. The Law also promotes the implementation and disbursement of ODA capital plans and preferential loans from foreign donors.

Mr. Tam also said that the Investment Law has specified 5 major policy groups. In which, the policy group on promoting decentralization and delegation of power includes 8 specific contents.

Accordingly, the Law has decentralized the authority to adjust the medium-term public investment plan of the central budget (NSTW) among ministries, central agencies and localities from the National Assembly Standing Committee to the Prime Minister.

Decentralize the authority to decide on the use of the central government's general reserve fund and unallocated central government funds in the medium-term public investment plan from the National Assembly to the National Assembly Standing Committee.

Increase the scale of public investment capital of important national projects from 30,000 billion VND or more; group A, group B, group C projects with a scale twice that of current regulations.

Decentralize authority to the heads of ministries and central agencies to decide on investment policies for group A projects managed by their agencies and organizations with capital scale of less than 10,000 billion VND.

Decentralize authority to People's Committees at all levels to decide on investment policies for group B and group C projects under their management.

Simplify the use of ODA capital

Regarding the policy to improve the quality of investment preparation, resource exploitation, and capacity to implement public investment projects of localities and state-owned enterprises, Deputy Minister of Planning and Investment Nguyen Duc Tam said that the Law allows the use of regular expenditure sources and other legal capital sources to prepare for project investment.

Panorama of the press conference announcing the President's order promulgating the laws passed by the National Assembly at the 8th Session.

Allowing State-owned enterprises to be the governing bodies to implement public investment projects according to the Prime Minister's decision. Allowing project management boards and public service units under ministries, central and local agencies to prepare reports proposing investment policies for projects.

The law also allows the assignment of tasks and annual capital plans to project investors that are not affiliated units.

Regarding the group of policies on promoting the implementation and disbursement of ODA capital and foreign capital plans, the Deputy Minister said that the Law allows the disbursement of foreign capital plans from the central budget and re-lending capital from local budgets regardless of the allocation and re-lending ratio.

In addition, there is decentralization of authority, simplification of procedures and approval processes, adjustment of investment policies, and investment decisions for projects using foreign capital. Supplementing regulations on the time for arranging capital plans for projects using foreign capital and disbursement of foreign capital plans.

The law also added provisions to stop using ODA capital and foreign capital. It simplifies the implementation of projects using non-refundable ODA capital.

According to the Deputy Minister of Planning and Investment, in the coming time, new policies stipulated in the Law on Public Investment (amended) will be effective in accelerating the progress of building, approving and implementing the medium-term public investment plan for the 2026-2030 period.

"Thereby, liberating public investment resources, meeting development requirements, implementing three strategic breakthroughs, especially breakthroughs in infrastructure in the coming time," said Mr. Tam.

The Law on Public Investment will take effect from January 1, 2025. Mr. Tam said that in January next year, he will complete the guidance on implementing the law to put it into practice.

Source: https://www.baogiaothong.vn/luat-dau-tu-cong-se-tao-dot-pha-ve-ket-cau-ha-tang-192241220184433927.htm