(MPI) - Deputy Minister of Planning and Investment Tran Quoc Phuong chaired a seminar in Hanoi on September 13 to collect opinions from development partners, including international organisations, development banks and embassies of some countries in Vietnam, for the building of the revised Law on Public Investment Law.

Overview of the seminar. Photo: MPI

Deputy Minister Phuong underscored the significance of revising the Law on Public Investment Law, which has crucial impact on the socio-economic development of the country, enhances the efficiency of state budget capital usage, and creates breakthroughs in infrastructure development. This is considered one of Vietnam’s key strategic breakthroughs.

During the development of the draft law, the Ministry of Planning and Investment (MPI) has collected numerous feedbacks from stakeholders regarding the contents, provisions, and policies proposed for amendment. All inputs generally agreed upon and supported the innovative and groundbreaking proposals in thinking and policy reflected in this draft law.

The revised Law on Public Investment Law also aims to renew and create greater efficiency in public investment management, step up decentralisation in parallel with resources allocation, reduce administrative procedures, and ensure the feasibility of proposed contents as well as the organisational capacity.

Especially, in this draft law, the MPI proposes a separate chapter to enhance the implementation and disbursement of the official development assistance (ODA) funds and preferential loans from foreign donors for ODA projects, loans, and grant projects.

To complete the draft law that will be submitted to the National Assembly for consideration and approval at its eighth meeting, scheduled for October, Deputy Minister Phuong called for concise feedbacks from development partners, inviting specific proposals and recommendations.

The proposed draft law consists of 7 chapters and 117 articles, focusing on five main policy groups approved by the Government with 30 primary policies. The MPI has reviewed, assessed, and proposed amendments to the law to immediately address difficulties, bottlenecks, and to promote decentralization.

It will also enhance the responsibility of leaders in implementation associated with improving enforcement capacities and intensifying inspections and supervision. A full analysis of practical bases, objectives, requirements for drafting the law, main contents of amendments and additions, and transitional provisions has been provided.

Participants spoke highly of the MPI’s efforts in drafting the revised Law on Public Investment Law, as well as in facilitating the simplification of procedures to create favorable conditions for investors and partners. They shared the view that this draft law has introduced breakthrough policies, simplified procedures, promoted decentralisation, and minimized time-consuming processes, especially at local government authorities, expressing confidence that with these positive policy changes, there would be unlocked potential in the deployment of ODA projects.

Deputy Minister Phuong said that the ministry hopes to continue receiving constructive feedback, including from partners involved in developing and perfecting the revised law on Public Investment Law. The overall goal is to further institutionalize public investment policies, address difficulties, enhance capital use efficiency, unlock resources for development, and facilitate the implementation and disbursement of public investment funds to meet new socio-economic development requirements./.

Ministry of Planning and Investment