On the afternoon of November 29, the National Assembly voted to pass the Law on Public Investment (amended) with more than 92% of delegates in favor. The law specifically stipulates the capital level to determine the criteria for important national public investment projects at 30,000 billion VND, 3 times higher than the current level (10,000 billion VND). The capital criteria for group A, B and C projects are 2 times higher than current regulations.
The Law on Public Investment (amended) was passed by the National Assembly with a high approval rate.
Group A, B, C projects are classified according to their importance, total investment and specific fields. Group C has an investment of up to 240 billion VND; Group B has up to 4,600 billion VND and Group A is a project in a number of fields with an investment capital of over 4,600 billion VND.
Regarding the authority to decide on investment policies, the National Assembly still decides on policies for national target programs and important national projects (capital of 30,000 billion VND). The Prime Minister decides on investment policies for group A projects of 10,000 billion VND or more, managed by ministries and central agencies.
One of the notable new points of the Law on Public Investment (amended) is the authority to decide on investment policies for group B and group C projects: Decentralization to People's Committees at all levels to decide on investment policies for group B and group C projects (previously under the authority of People's Councils at all levels).
To ensure strictness, the Law has added the authority to "decide on project investment policy" along with the responsibility to "report to the People's Council of the same level at the nearest session".
In the spirit of innovation, in order to increase flexibility in the management and implementation of medium-term public investment plans, the Law on Public Investment (amended) has assigned the Prime Minister to decide on adjusting the medium-term public investment plan with central budget capital in the following cases: Adjusting the medium-term public investment plan with central budget capital between ministries, central agencies and localities in cases where it does not exceed the total medium-term capital level decided by the National Assembly, ensuring effective use of capital and reporting to the National Assembly at the nearest session;
Adjust the medium-term public investment plan of central budget capital internally and among sectors, fields, and programs of ministries, central and local agencies within the total medium-term capital of each ministry, central and local agency decided by the National Assembly.
In the report on reception, explanation and revision, the National Assembly Standing Committee said that many opinions said that decentralizing the authority to decide on project investment policies from the People's Council to the People's Committee is a major change, and needs to be carefully studied and assessed for impact; some opinions agreed with the proposal to decentralize the People's Committees at all levels to reduce administrative procedures.
Regarding this issue, the National Assembly Standing Committee said that, according to the Government's report, the change in authority has been carefully considered in practice, and the assignment of the People's Committee to decide on project investment policies when necessary has been stipulated in the 2019 Law on Public Investment.
According to the Government's report, in the 2021-2025 period, 43 provincial People's Councils have decentralized the decision on investment policies for group B and group C projects to the People's Committees at the same level. In addition, to ensure consistency, the Draft Law has added the authority to "decide on project investment policies" along with the responsibility to "report to the People's Council at the same level at the nearest session". In the spirit of promoting decentralization, the Law has stipulated the decentralization of the People's Committees at all levels to decide on investment policies for groups B and C managed by localities.
Regarding the decentralization of authority to adjust the medium-term public investment plan, some opinions are concerned. However, the National Assembly Standing Committee believes that the list of medium-term public investment plan projects is only a "projected" list. Adjustments will be made more frequently to suit the practical situation.
In addition, this adjustment is made within the "framework": "not exceeding the total medium-term capital decided by the National Assembly, ensuring effective capital use and reporting to the National Assembly at the nearest session" so it will ensure strictness.
Source: https://vtcnews.vn/luat-dau-tu-cong-sua-doi-chu-tich-ubnd-tinh-quyet-du-an-duoi-5-000-ty-dong-ar910488.html
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