Minister of Finance: Untie "knot" of public investment requires a law to amend many laws

VCN - At the group meeting, according to the program at the 5th Session of the 15th National Assembly on 25/05/2023, many National Assembly deputies said that a strong solution was needed to remove the "knot" for socio-economic development.
Global minimum tax: An opportunity for Vietnam to reform its investment environment Global minimum tax: An opportunity for Vietnam to reform its investment environment
Disbursement of public investment must be a Disbursement of public investment must be a "breakthrough" to achieve GDP growth target
Public investment disbursement acceleration helps promote economic growth Public investment disbursement acceleration helps promote economic growth
Minister of Finance: Untie
The delegates discuss at the meeting

The delegates highly appreciated the results of economic development that the ministries, branches and localities have achieved in 2022 and the first months of 2023. However, they also pointed out the socio-economic situation in the first 4 months of this year continued to reveal difficulties and challenges, putting great pressure on macroeconomic management and the ability to fulfill the growth target for the whole year 2023.

The delegates suggested the Government should pay special attention to removing bottlenecks in public investment disbursement to speed up the implementation of national target programs and accelerate economic restructuring associated with renovating the growth model, improving the competitiveness of the economy.

Delegate Nguyen Nhu So (Bac Ninh delegation) said that the Government should focus on operating monetary policy proactively, flexibly and effectively, closely coordinating with fiscal policy and other macroeconomic management policies in a reasonable manner. Agencies must take into account rising inflationary pressure to actively consider continuing to lower operating interest rates to support growth; and promptly remove difficulties for enterprises in production and business.

Meanwhile, delegate Pham Trong Nghia (Lang Son delegation) suggested that the tourism sector should be quickly promoted to offset the decline in trade in goods, support businesses in trade promotion, market expansion, and a 2% VAT reduction to raise consumption demand and stimulate production.

Many National Assembly deputies said that it is necessary to focus on supporting production and export, with assistance in finding new markets and partners, in addition to boosting infrastructure investment, warehousing... in order to reduce logistics services, thereby improving the competitiveness of Vietnam's export goods.

Also on this issue, delegate Tran Hoang Ngan (HCMC delegation) said that the Government has focused on promoting three areas including investment, export and domestic consumption. This considered a "three-horse chariot" to pull economic growth up, but now exports and domestic consumption are facing difficulties, only public investment has opportunities, so public investment must be taken as the main driving force.

Minister of Finance Ho Duc Phoc spoke.
Minister of Finance Ho Duc Phoc speaks at the meeting

Speaking at the group meeting, Finance Minister Ho Duc Phoc (Binh Dinh delegation) also said the problems raised by the National Assembly deputies need to be resolved. But in order to do that, it is necessary to implement a law to amend many laws, to gather difficulties and problems in various fields on the basis of opinions of localities, National Assembly deputies and National Assembly delegations from which to submit to the Government and the National Assembly to correct and remove the bottlenecks that are still barriers to development today.

Regarding the proposal to use recurrent expenditures of the state budget (state budget) to renovate, upgrade, expand and build new items in existing facilities and works, the Minister of Finance said it is not until this session, but at the previous session of the National Assembly, that the Ministry of Finance proposed to remove obstacles for localities in renovating and upgrading facilities and works, not waiting to use capital from public investment that can be spent from recurrent expenditure.

The Ministry has received the consent of 63/63 provinces and cities and 20/21 ministries and branches. By the time before the 5th Session of the 15th National Assembly, the Ministry of Finance had completed the draft Resolution of the National Assembly on piloting the use of recurrent expenditures of the state budget for renovation, upgrading, expansion and construction of new items in existing facilities and works.

The Ministry of Finance proposes and allows piloting the use of recurrent expenditures from the state budget to implement projects with a total budget of less than VND15 billion to renovate, upgrade, expand and build new items in existing facilities and works. If implemented, it will remove most of the current problems of ministries, branches and localities, because at present, it's impossible to repair a fence while waiting for public investment.

The Minister also said the Ministry of Finance has consulted and obtained the consensus of all ministries, branches and localities, but the Finance and Budget Committee has rejected this proposal and asked to implement according to the Law, if there are problems, it is proposed to amend the Law on Public Investment.

Minister Ho Duc Phoc emphasized it is necessary to amend the Law on Public Investment, because at present, ministries, branches and localities are entangled with regulations, having capital to set up a project and having to have a new project to have capital, if then it won't be possible.

In addition, also at the discussion session, the National Assembly deputies reflected the concerns of many voters about the adjustment to increase electricity prices. EVN in its reports confirmed that the situation of electricity production and business was continuously at a loss. However, EVN's loss of more than VND26 trillion in 2022 has not been clarified in the report with specific reasons and solutions.

Moreover, the National Assembly deputies also expressed about the waste when hundreds of renewable energy projects have been approved by the State for planning and construction permits, but when construction is completed, they cannot connect and generate electricity, while the economy lacks electricity, must import electricity.

Public investment to be the foundation for the development of the stock market Public investment to be the foundation for the development of the stock market

VCN - Effectively implementing public investment is considered one of the most feasible solutions at the moment ...

In this regard, Finance Minister Ho Duc Phoc said that it is necessary to correct a number of regulations, especially the Law on Planning and the Law on Public Investment.

By Huong Diu/ Huyen Trang

Related News

Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigned by the Prime Minister.
Vietnam

Vietnam's economy is recovering well

VCN - According to Dr. Nguyen Quoc Viet, Deputy Director of the Vietnam Institute for Economic and Policy Research (VEPR), by the end of the third quarter of this year, Vietnam's economy had recovered relatively well amid optimism about the overall growth of the world economy in late 2024 and 2025.
Ensuring reasonableness upon enforcement of regulations in "1 law amending 7 laws"

Ensuring reasonableness upon enforcement of regulations in "1 law amending 7 laws"

VCN - According to the representative of the Vietnam Chamber of Commerce and Industry (VCCI), the Ministry of Finance and the National Assembly Committees are urgently collecting opinions to complete the draft Law amending seven Laws, to ensure that the issued regulations are reasonable and remove difficulties for businesses.
State Treasury to auction VND128,000 billion of government bonds in Q4/2024

State Treasury to auction VND128,000 billion of government bonds in Q4/2024

VCN - The State Treasury (KBNN) has announced the plan to auction of VND128,000 billion of government bonds in Quarter 4, 2024, including the issuance volume for Vietnam Social Security.

Latest News

Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3.92%.
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

VCN - Discussing in groups about the project "1 law amending 7 laws" in the financial sector according to the program of the 8th Session on October 29, 2024, National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

VCN - According to the report sent to the National Assembly before the 8th Session of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.

More News

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

Stipulate implementation of centralized bilateral payments of the State Treasury at banks

VCN - The Ministry of Finance (MOF) gathers feedback on the draft Circular regulating the management and use of accounts of the State Treasury opened at the State Bank of Vietnam (SBV) and commercial banks.
Rush to finalize draft decree on public asset restructuring

Rush to finalize draft decree on public asset restructuring

VCN - According to the Ministry of Finance, the draft Decree regulating the rearrangement and handling of public assets is being urgently completed by the Ministry of Finance to submit to the Government for promulgation.
Inspection report on gold trading activities being complied: SBV

Inspection report on gold trading activities being complied: SBV

The State Bank of Vietnam (SBV) has announced that inspections on compliance with legal policies in gold trading activities of credit institutions and gold trading businesses have been completed and an inspection report is being compiled.
Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

Budget revenue in 2024 is estimated to exceed the estimate by 10.1%

VCN -The Government estimates that state budget revenue in 2024 will exceed VND 172.3 trillion, up 10.1% over the estimate, of which tax and fee revenue will reach 13.1% of GDP.
Ensure timely and effective management and use of public asset

Ensure timely and effective management and use of public asset

VCN – In order to promptly and effectively implement public asset management and use, ensuring compliance with legal regulations, the Ministry of Finance has just issued an official dispatch requesting ministries, branches and localities to comply with regulations in the Government’s Decree No. 114/2024/ND-CP dated September 15, 2024.
Accelerating decentralization in public asset management

Accelerating decentralization in public asset management

VCN - Amending the Law on Management and Use of Public Assets aims to improve regulations on accelerating decentralization and improving efficiency in management and use of public assets, and promoting financial resources, ensuring that the unified application the Law on Management and Use of Public Assets and other legal documents.
Difficulty in finding banks eligible to receive compulsory transfers

Difficulty in finding banks eligible to receive compulsory transfers

VCN - Reporting to the National Assembly, the State Bank of Vietnam (SBV) said that one of the difficulties in restructuring the credit institution system is the long process of finding and negotiating banks eligible to receive compulsory transfers.
Businesses can choose a suitable electronic invoice model generated from the cash register

Businesses can choose a suitable electronic invoice model generated from the cash register

VCN - The Ministry of Finance said that individual business households can choose a suitable model to apply electronic invoice solutions from cash registers, depending on the number of invoices used in the year, in the month and the current status of software solutions and technical infrastructure.
State budget revenue estimate 2025 assessed as positive level despite potential challenges

State budget revenue estimate 2025 assessed as positive level despite potential challenges

VCN – Deputy Prime Minister and Minister of Finance Ho Duc Phoc said that the state budget revenue for 2025 is estimated at VND 1,966.8 trillion, an increase of 15.6% compared to the estimate for 2024.
Read More

Your care

Latest Most read
Continue to handle cross-ownership in banks

Continue to handle cross-ownership in banks

VCN - The situation of excess share ownership, cross-ownership between credit institutions (CIs), CIs and enterprises, although has decreased significantly compared to previous periods, is still complicated and requires continued inspection and control.
Striving for average CPI not to exceed 4%

Striving for average CPI not to exceed 4%

VCN - According to the report of the Ministry of Finance, there are still some factors that put pressure on price levels in the remaining months of 2024, so the Ministry has updated 2 scenarios of average inflation in 2024 increasing in the range of 3.7-3
Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

Delegating the power to the government to waive, lower, or manage late tax penalties is suitable

National Assembly delegates proposed that the Government should be assigned to make specific regulations on decentralization, granting the right to exempt and reduce taxes, and handling penalties for late payment of taxes...
Removing difficulties in public investment disbursement

Removing difficulties in public investment disbursement

VCN - According to the report of the Investment Department (Ministry of Finance), the estimated disbursement from the beginning of the year to October 31, 2024 is VND 355,616.1 billion, reaching 47.43% of the 2024 plan, reaching 52.29% of the plan assigne
State-owned commercial banking sector performs optimistic growth, but more capital in need

State-owned commercial banking sector performs optimistic growth, but more capital in need

According to the report of the Government on investment, management and use of state capital in enterprises nationwide in 2023, the business performance of the state-owned commercial banking sector achieved positive growth.
Mobile Version