(VOVworld) – The government has submitted to the National Assembly the mid-term public investment plan from 2016 to 2020. It’s the first time Vietnam has built a 5-year public investment plan instead of an annual plan. The plan mentions a number of high-priority investment areas including poverty reduction and infrastructure construction.
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National Assembly Chairwoman Nguyen Thi Kim Ngan
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The 2016-2020 mid-term public investment plan earmarks 896 billion USD for building new rural areas, sustainable poverty reduction, flood prevention in Ho Chi Minh City, and transportation projects like the North-South Highway, land clearance for the Long Thanh International Airport project, the East Truong Son Highway project, and the Vietnam-Cambodia border patrol project (phase 2). National Assembly Vice Chairwoman Tong Thi Phong said: “Public investment is an important issue which must focus on key sectors, for example the transportation sector and its key north-south highway. It’s necessary to seriously consider the progress of each phase and report to the National Assembly.”
The mid-term public investment plan will enhance discipline in public investment management. Ministries, sectors, and localities can allocate budget for new projects only when they have arranged sufficient funds for civil construction. It’s important to avoid massive investment and to effectively use tax revenues. Nguyen Nhan Chien, a National Assembly deputy for Bac Ninh province, said: “The public investment plan should be strictly managed based on the state budget and other resources. It’s necessary to attract resources from other economic sectors for high-priority public projects to prevent unnecessary investment.”
The implementation of the 5-year public investment plan will ensure that national financial resources are spent wisely.