Revised Law on Public Investment discussed
08:59, 2014/05/27
Deputies agreed on Saturday that the revised Law on Public Investment should control the use of public funds to prevent ineffective investment in line with the country`s socio-economic development plan, while also meeting the demand for economic restructuring.
Deputies agreed on Saturday that the revised Law on Public Investment should control the use of public funds to prevent ineffective investment in line with the country's socio-economic development plan, while also meeting the demand for economic restructuring.
At the general session on Saturday, members said the law would govern activities related to approving investment plans and assessing the source of funds.
The revised law applies to all stakeholders of the economy that use public funds. NA members believed that the law's issuance would address the shortcomings that remained in State management of public investment, particularly in investment plan decisions, investment preparedness and capital allocation.
The revision was also consistent with existing laws governing State budget, investment, construction, bidding and land, which provided a legal basis for investment management and public investment, NA members said.
NA member Huynh Nghia suggested that the revised Law on Public Investment clarify ways to make the process more transparent, such as publishing project size and sources of funding, and encouraged localities to be more proactive in allotting funds for public investment projects.
Truong Van Vo, a member from Dong Nai Province, said that measuring the effectiveness of public investment projects should be a top priority in order to hold organisations and individuals accountable.
He also said the law should conform to regional development plans and rely on those for fund allocation.
Also on Saturday, the NA members discussed the revised Law on Construction, which aims to assign more responsibility to owners of construction projects for ensuring projects are carried out efficiently and follow regulations.
Do Manh Hung, an NA member from Thai Nguyen Province, said the revised Law on Construction should not only consider construction activities in terms of their technical aspects but should aim to achieve socio-economic goals.
Tran Minh Dieu, a member from Quang Binh, said construction materials were an important aspect of construction sites and must be clarified in the law, which would then serve as a legal foundation to manage and inspect construction sites.
Tran Khac Tam from Soc Trang Province said the law should regulate that public construction sites must be accessible to the disabled, the elderly and children.
The revised law applies to all stakeholders of the economy that use public funds. NA members believed that the law's issuance would address the shortcomings that remained in State management of public investment, particularly in investment plan decisions, investment preparedness and capital allocation.
The revision was also consistent with existing laws governing State budget, investment, construction, bidding and land, which provided a legal basis for investment management and public investment, NA members said.
NA member Huynh Nghia suggested that the revised Law on Public Investment clarify ways to make the process more transparent, such as publishing project size and sources of funding, and encouraged localities to be more proactive in allotting funds for public investment projects.
Truong Van Vo, a member from Dong Nai Province, said that measuring the effectiveness of public investment projects should be a top priority in order to hold organisations and individuals accountable.
He also said the law should conform to regional development plans and rely on those for fund allocation.
Also on Saturday, the NA members discussed the revised Law on Construction, which aims to assign more responsibility to owners of construction projects for ensuring projects are carried out efficiently and follow regulations.
Do Manh Hung, an NA member from Thai Nguyen Province, said the revised Law on Construction should not only consider construction activities in terms of their technical aspects but should aim to achieve socio-economic goals.
Tran Minh Dieu, a member from Quang Binh, said construction materials were an important aspect of construction sites and must be clarified in the law, which would then serve as a legal foundation to manage and inspect construction sites.
Tran Khac Tam from Soc Trang Province said the law should regulate that public construction sites must be accessible to the disabled, the elderly and children.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
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