NA discusses allocating $2.59b for mid-term public investment plan

Minister of Finance Hồ Đức Phớc delivers remarks on the second day of the 15th National Assembly’s fifth extraordinary meeting on Tuesday. — VNA/VNS Photo

HÀ NỘI — The 15th National Assembly (NA) continued its fifth extraordinary meeting on Tuesday, during which the Government proposed to the National Assembly an additional allocation of more than VNĐ63.72 trillion (US$2.59 billion) for the mid-term public investment plan from the central budget for the 2021-25 period.

On the second day of the meeting, NA deputies deliberated on the supplementary capital for the mid-term public investment plan from the central budget for the 2021-25 period, as well as several mechanisms and special policies to overcome obstacles and expedite the implementation of national target programmes.

In the report presented on the allocation of funds corresponding to the increase in the central budget revenue in 2022, Minister of Finance Hồ Đức Phớc, acting on behalf of the Prime Minister, stated that the Government proposed to the National Assembly a plan allowing the use of VNĐ63.72 trillion for the 2021-25 period.

The total allocated capital was intended for five sectors and fields, including VNĐ1.5 trillion ($61.1 million) for national defence, VNĐ1.5 trillion ($61.1 million) for security, VNĐ2.49 trillion ($101.5 million) for State management, VNĐ500 billion ($20.3 million) for science and technology, and VNĐ57.7 trillion ($2.35 billion) for transportation, distributed among 50 tasks and projects.

Specifically, in the defence sector, funds would be allocated to the Ministry of National Defence for investment in three projects aimed at safeguarding sovereignty and national jurisdiction, supporting fishermen in exploiting marine resources, and investing in infrastructure for units affected by the transfer of military land for the construction of Terminal 3 passenger terminal.

In the security and social order sector, funds would be allocated to the Ministry of Public Security to implement seven essential projects to strengthen the building of a clean, strong, disciplined, flexible and modern People’s Public Security force, meeting the requirements and tasks in the new situation.

In the science and technology sector, funds would be allocated to the Ministry of Planning and Investment to purchase equipment for the National Innovation Centre.

In the State management sector, funds would be allocated to the Central Party Office for the renovation and repair of work offices and guest houses; and to the Ministry of Finance for investment in two projects, including the construction of the working office of the Tax Department in HCM City’s Thủ Đức City, and the project to purchase baggage and container scanning machines for customs. This would help enhance the effectiveness of anti-smuggling, anti-trade fraud and illicit goods transportation across borders.

In the transportation sector, funds would be allocated for 32 projects to invest in the construction and completion of a synchronised, modern and strategic infrastructure system, especially key transportation infrastructure projects, high-speed roads, coastal roads, inter-regional connection projects linking industrial zones, airports, seaports and intra-regional connection projects to achieve the goal of completing over 3,000km of high-speed roads by 2025.

Phớc said as of now, 33 out of 50 tasks and projects have completed the required investment procedures as per regulations with the total amounting to more than VNĐ33.1 trillion ($1.34 billion).

The remaining 17 projects were in the process of completing investment procedures.

Additionally, the Government proposed to the National Assembly the allocation of over VNĐ2.5 trillion ($101.9 million) out of the total capital of over VNĐ37.3 trillion ($1.52 billion) for Vietnam Electricity to implement the project to supply electricity from the national power grid to Côn Đảo District, Bà Rịa – Vũng Tàu Province.

The Prime Minister has been assigned to direct the mid-term public investment plan for Vietnam Electricity for project implementation. The Ministry of Industry and Trade would be responsible for State management and executing assigned tasks.

According to the inspection report presented by Chairman of the NA’s Finance and Budget Committee Lê Quang Mạnh, most opinions of the committee agreed with the utilisation of VNĐ63.72 trillion from the mid-term public investment plan from the central budget for tasks and projects of public investment in the 2021-25 period.

Regarding the funding sources and the amount of funding, detailed explanations, impact assessments and reports seeking the opinions of competent authorities should be provided to submit to the NA for examination and approval, he said.

Also during the session, Phớc presented a draft resolution on special mechanisms and policies to remove obstacles and expedite the progress of implementing national target programmes.

The Government proposed special policy solutions beyond its authority to thoroughly address difficulties and obstacles. This aimed to continue providing favourable conditions for localities to expedite the disbursement of funds for national target programmes in the upcoming period.

The draft resolution consisted of six articles.

Notably, there were special mechanisms regarding the allocation and assignment of the annual regular budget of the central budget. The Government proposed that the NA recommend special mechanisms deviating from the provisions of the State Budget Law to empower local authorities to decide the detailed allocation of the regular funds from the central budget for the implementation of national target programmes.

Concerning the budget adjustment mechanism and the adjustment of annual capital investment plans, the Government suggested that the NA propose mechanisms not stipulated in the State Budget Law and Public Investment Law. Specifically, the people’s councils at district levels would decide to adjust the State budget for 2024 and the State budget not yet disbursed in 2023 for national target programmes that have been transferred to 2024. The people’s committees at provincial levels would decide to adjust the State budget capital investment plan for national target programmes from previous years extended to 2024.

Presenting the inspection report on the draft resolution, Chairman of the NA’s Ethnic Council Y Thanh Hà Niê Kđăm stated that concerning the allocation and assignment of the annual regular funds from the central budget, the council broadly agreed with the Government’s proposal.

The draft resolution is proposed to take effect immediately from Thursday (January 18) if approved by the NA. — VNS