Việt Nam will use no more than VNĐ2 quadrillion (US$88.89 billion) from the State budget for public investment over the next five years, legislators said adopting a resolution in Hà Nội yesterday. — VNA/VNS Photo Doãn Tấn

HÀ NỘI — Việt Nam will use no more than VNĐ2 quadrillion (US$88.89 billion) from the State budget for public investment over the next five years, legislators said adopting a resolution in Hà Nội yesterday.

Roughly 90 per cent of National Assembly deputies voted for the scheme.

Of the total amount, VNĐ1.12 quadrillion will come from the central budget, including VNĐ300 trillion from foreign finances and VNĐ820 trillion from domestic sources such as Government bond issuances and sales of State stakes in enterprises.

The remaining VNĐ880 trillion will come from budgets of nationwide localities.

The resolution says the quotas aim at efficient use of public investment capital while the country is restructuring public investments and completing essential infrastructure systems to serve economic reforms and medium-term development goals.

The country will concentrate capital to speed up progress of national target programmes and key projects that are imperative for socio-economic development.

Specifically, it will reserve nearly VNĐ72.82 trillion for two national target programmes, with about VNĐ43.12 trillion for building new-style rural areas and some VNĐ29.70 trillion for sustained poverty reduction.

It will spend VNĐ5 trillion on site clearance at the Long Thành international aviation terminal project in southern Đồng Nai Province.

It will allocate VNĐ80 trillion for other important projects later named by the Government in accordance with the Public Investment Law.

The country will prioritise investing in mountainous, border and island areas, besides remote districts of ethnic minorities and regions suffering natural calamity or having extremely tough socio-economic conditions.

Investment priorities will also be given to accommodating people serving revolutionary causes of the nation and coping with climate change.

It is urgent to deal with drought in the Central Highlands and south central provinces, salt water penetration in the Cửu Long (Mekong) Delta, and contaminated sea along the central coast.

The resolution says Việt Nam must tackle massive investments but will not provide capital for projects and areas where other economic sectors can invest.

It will use non-bond capital sources for settling debts in capital construction and implementing official development assistance (ODA) and public-private partnership (PPP) projects.

It will issue bonds to carry out traffic and irrigation projects specified by the National Assembly Standing Committee (NASC), and implement works in a resettlement scheme involved in the Sơn La hydroelectric plant in nothern Sơn La Province.

Bonds also serve urgent healthcare and education projects in remote areas. 

The resolution says Việt Nam is to cut regular spending to increase capital investments, and ministries, sectors and localities are to spend money economically on every project.

Supervision will be intensified in implementing public investments, and heads of the Government, ministries, sectors and localities must be responsible for investment decisions.

The resolution says the country will boost PPPs in developing infrastructure, and accelerate the involvement of the private sector in providing public services related to healthcare, education, sport, culture and residential living.

“NASC agree with deputies that in total social investments, resources mobilised from enterprises and citizens is still modest compared to potential, although this is an important channel to raise capital,” NASC member Nguyễn Đức Hải said in a report.

The NASC will direct the Government to intensify measures to improve the investment climate to enhance investment efficiency, Hải said.

Yesterday, policies makers also discussed revisions of a law on mutual legal assistance, and another one on use and management of State assets.

They also considered ceasing construction of a nuclear power plant in south central Ninh Thuận Province. — VNS