Some regulations are complicated and the Public Investment Law will be revised

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Revision of the Public Investment Law is to improve the efficiency of State investment. Photo: Internet.

The promulgation of the Public Investment Law has created an important tool to ensure that public investment management is transparent and active, contributing positively to the fight against loss and waste. At the same time, it is also a legal basis to strengthen the fight against corruption, overcome the state of the rights and harassment in the management of public investment.

The drafting committee emphasized that the Public Investment Law was a very new law. After 3 years of implementation, the initial results have been positive, but it is necessary to study the amendments and supplements for many reasons.

In particular, one of the important reasons that the drafting committee has addressed is to overcome obstacles in the implementation of the Public Investment Law, to ensure consistency of the legal system and to remove difficulties for ministries, branches and localities.

Accordingly, during the implementation of the Public Investment Law, some shortcomings and limitations need to be amended and supplemented to ensure that it is appropriate to reality, to remove difficulties for ministries, branches and localities.

Specifically, some of the provisions of the current Public Investment Law are still complicated, raising many administrative procedures, thus not creating favorable conditions for agencies, units, organizations and individuals involved in public investment activities. The adjustment between projects using ODA capital and preferential loans of foreign donors is not consistent with the provisions of relevant laws, as well as not in line with reality.

One of the basic objectives of the revised Public Investment Law is to ensure consistency between the Laws governing public investment, in particular between the Public Investment Law and the State Budget Law, the Law on Public Investment and the Law on Construction, the Law on Environmental Protection and the Land Law.

Besides, raise the efficiency of investment from State capital sources, in line with the country's strategies, and plans for socio-economic development to prevent losses, waste and ensure the transparency and publicity in investment activities using State capital.

The draft Law will be governed by 3 main groups of issues, in which group 1 deals with issues related to classification criteria, decision-making authority, public investment projects which are reflected by ministries, agencies and localities.

In this group, due to inadequacies in the implementation of the Public Investment Law, the content of the draft revised Law will cover a number of issues such as: the development of planning procedures in line with the sources of investment credit capital; the classification of investment projects with construction components; classification criteria of group A projects; the competence to decide on the investment policy of group A using the local budget.

The second content group is to ensure the consistency between the Public Investment Law and related specialized laws, including some important issues such as the Unification of Medium-Term Public Investment Plans under the Public Investment Law and 5-year financial plan according to the State Budget Law and improve the quality of project preparation into the medium and long term public investment plan.

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The third content group is to improve the effectiveness of investment planning, appraisal, decision making, investment decisions, monitoring and oversight in public investment.