Hanoi (VNA) - The Ministry of Planning and I🍌nvestment (MPI) is expediting the drafting of the revised Public Investment Law, which is set to be submitted to the National Assembly Standing Committee for review and inclusion in the law and ordinance building programme for 2024.

The MPI aims to present the law for a streamlined approval process at the upcoming 8th session in October, with the goal of enforcing the law from January 1, 2025. This timing is critical for establishing a medium-term public investment plan for the upcoming period. At a recent seminar involving provinces in the northern mountainous region and the Red River Delta, Deputy Minister of Planning and Investment Tran Quoc Phuong highlighted the government's positive evaluation of the MPI's efforts to compile the law in a timely manner. The proposed amendments aim to make breakthroughs, focusing on national growth and interests in public investment while ensuring the legal framework required by the Party and State. The government supports five proposed policy groups for the law amendments, including raising the capital scale for national projects to 30 trillion VND (1.2 billion USD) and enhancing the quality of project preparation. Additionally, the proposal outlines a preliminary project list that the government will report to the National Assembly for mid-term public investment planning. The amendments will also introduce streamlined mechanisms for specific urgent projects that address political or critical local needs. The first policy group aims to institutionalise special mechanisms approved by the National Assembly, ensuring timely alignment with directives from central authorities. The second group focuses on enhancing decentralisation to improve the agility of government, ministries, and local authorities in public investment planning. It emphasises the responsibility of local leaders in executing investment plans and optimizing resource management to meet strategic goals, especially infrastructure development. The third group targets improved project preparation quality and resource utilisation, particularly involving local governments and state enterprises. The goal is to diversify project management and increase the engagement of various economic sectors in public investment. The fourth group seeks to simplify procedures for implementing and disbursing official development assistance (ODA) and foreign preferential loans. These measures aim to address existing challenges and accelerate fund disbursement while establishing a separate chapter for foreign capital regulations. The fifth policy group intends to clarify concepts and legal terms, ensuring legal consistency while streamlining procedures to reduce bureaucratic burdens. It will also address unresolved issues and modify existing regulations to enhance legal coherence.

At the seminar, Deputy Minister Tran Quoc Phuong encouraged local representatives to provide candid feedback on current laws, aiming to establish long-term stable regulations for public investment, especially in the context of economic development needs leading up to 2045, as outlined in the 13th National Party Congress’s Resolution. Local representatives expressed their support for the proposed amendments, recognising the necessity of reforming the Public Investment Law to foster growth and national interests. Discussions focused on decentralization, including adjustments to mid-term public investment planning and decision-making authority for investment programmes. Phuong reiterated that the MPI will collect feedback to refine the draft law, emphasising continued decentralization and administrative simplification. The proposals will prioritise feasibility and effective resource allocation to align with the organizational capacities of various government levels./.