Crafting a National Assembly Resolution to address issues with transitional BT projects.
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The Deputy Prime Minister highly appreciated the efforts of the Ministry of Planning and Investment in dedicating time to study and propose solutions to resolve the obstacles faced by transitional BT projects. However, in Document No. 4443/VPCP-PL dated June 26, 2024, the Government Office directed the amendment of the Law on Investment in the form of Public-Private Partnerships (PPP) right in October 2024. Therefore, it is challenging to convince the National Assembly to issue a resolution addressing the problems with transitional BT projects simultaneously with the law amendment.
The BT contract format has been implemented for many years and has contributed to the development of the country’s socio-economic infrastructure. However, there are still many obstacles in its implementation, partly due to incomplete legal regulations or inconsistent interpretations. With careful research and clear and transparent mechanism proposals, the BT contract format can be more effective. In Resolution No. 98/2023/QH15 dated June 24, 2023, on piloting several specific mechanisms and policies for the development of Ho Chi Minh City, and in the amended Capital Law passed by the National Assembly on June 28, 2024, the National Assembly permitted the implementation of BT contracts.
To ensure a comprehensive approach to resolving existing issues and unblocking investment resources under the PPP model (including BT projects), the Deputy Prime Minister requested the Ministry of Planning and Investment to follow the Government’s instructions promptly. They should also urgently deploy procedures in accordance with the provisions of the Law on the Promulgation of Legal Documents, ensuring the progress of the 15th National Assembly’s 8th session in October 2024.
At the same time, to expedite the preparation of the law amendment, the Ministry of Planning and Investment should promptly establish a drafting committee and a compilation team comprising relevant ministries and sectors (Planning and Investment, Finance, Natural Resources and Environment, Transport, Construction, Culture, Sports and Tourism, Health, Education and Training, and Industry and Trade) and knowledgeable experts. They should also propose the Prime Minister to establish a Steering Committee if necessary, completing this task before July 10, 2024.
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According to the information from the Ministry of Finance on February 6th, the Government has just issued Decree No. 11/2024/ND-CP which regulates interest rates, reasonable profits, payment methods, and project settlement under the Build-Transfer (BT) contract; exempting corporate income tax and personal income tax in Ho Chi Minh City.
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Exceeding the Deadline for the Biên Hòa – Vũng Tàu Highway Construction
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