Supplemental Funding of Nearly 30.7 Trillion VND for Mid-Term Public Investment Plan

Deputy Prime Minister Le Minh Khai has assigned a budget of 30.683,441 billion dong to supplement the medium-term public investment plan for the 2021-2025 period from the central budget. This source of funding will be used to support infrastructure development and promote economic growth. The goal is to ensure that the investment projects are implemented effectively and contribute to the overall development of the country. With this additional funding, Vietnam aims to improve its transportation system, upgrade its public facilities, and enhance the quality of life for its citizens. The government believes that investing in infrastructure is crucial for sustainable development and will create favorable conditions for attracting domestic and foreign investments. The Deputy Prime Minister emphasized the importance of transparency and accountability in the implementation of these projects to ensure the efficient use of public funds. The government also encourages the participation and contribution of the private sector in these initiatives to maximize the benefits for the whole society.

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Deputy Prime Minister Le Minh Khai signed Decision No. 117/QD-TTg on the supplementary mid-term public investment plan from the central budget for the 2021-2025 period, corresponding to the source of increased central budget revenue in 2022.

Specifically, the Deputy Prime Minister assigned the supplementary mid-term public investment plan from the central budget for the 2021-2025 period with a total capital of VND 30,683.441 billion from the common reserve for central ministries, central agencies, and centrally run provinces and cities (central ministries, central agencies, and localities) as specified in the Appendix attached to Decision No. 117/QD-TTg.

At the same time, the Deputy Prime Minister assigned the list of projects and the corresponding capital from the central budget to each project, which have undergone the necessary investment procedures and have been reported to the National Assembly at the fifth extraordinary session of the XVth Legislature, as stated in the Appendix attached to Decision No. 117/QD-TTg.

Illustrative photo.

In order to implement the mid-term public investment plan from the central budget for the 2021-2025 period, the Deputy Prime Minister requested central ministries, central agencies, and localities to base themselves on the mid-term public investment plan from the central budget for the 2021-2025 period, the list of projects, and the corresponding capital from the central budget in the mid-term public investment plan for the 2021-2025 period, which have been announced or assigned by the Deputy Prime Minister. Funds from the local budget and other sources must be mobilized to invest and complete projects on schedule and ensure quality.

Efforts should be made to complete the investment procedures and ensure the conditions for annual capital allocation planning as prescribed in Article 53 of the Law on Public Investment; propose the 2024 capital plan to implement the projects and submit it to the Ministry of Planning and Investment and the Ministry of Finance before February 28, 2024 for consolidation and reporting to the Prime Minister before reporting to the competent authority as prescribed in Resolution No. 112/2024/QH15 of the National Assembly.

The central ministries, central agencies, and localities are responsible to the Prime Minister, inspection, audit, and relevant agencies for the accuracy of the contents, report data, list of projects, and capital allocation for each project as prescribed by law.

The Ministry of Planning and Investment and the Ministry of Finance, based on their assigned functions and tasks in state management of public investment, are responsible to the Prime Minister, inspection, audit, and relevant agencies for the accuracy of the contents, report data, and monitoring of the implementation of this Decision in accordance with the law.

The Decision also specifies the deadline for reporting the results of implementation and disbursement of the mid-term public investment plan for the 2021-2025 period.

According to the regulations, the report on the announcement or assignment of the mid-term public investment plan from the central budget for the 2021-2025 period to central ministries, central agencies, and units using capital for public investment must be submitted to the Ministry of Planning and Investment and the Ministry of Finance before February 10, 2024.

The implementation and disbursement of the mid-term public investment plan for the 2021-2025 period shall be carried out in accordance with the provisions of the Law on Public Investment, Decree No. 40/2020/ND-CP dated April 6, 2020 of the Government providing detailed regulations on the implementation of some articles of the Law on Public Investment, Government Resolutions, and the Prime Minister’s directives.

SOURCEcafef
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