Hanoi (VNA) - The publicinvestment restructuring scheme in 2017-20 will focus on core sectors of theeconomy and major projects that give impetus to socio-economic development andpromote public and foreign investments under public-private partnership (PPP)practice.

This is stressed in a project torestructure public investment approved by the Prime Minister.

The project is aimed at forming a rationalpublic-investment structure, improve the efficiency of public investment andpublic-investment management, while effectively raising and using other sourcesof investments in developing the socio-economic infrastructure system.

Accordingly, the project targets adisbursement rate of public investment of more than 90 percent annually. Thesum would be equivalent to 10-11 percent of the country’s gross domesticproduct (GDP).

Public investment from the State budget andGovernment’s bonds would prioritise projects in mountainous remote regions andregions, which are often hit by natural disasters.

State-funded investment must be used asbait to raise capital from other economic sectors and create breakthroughs inraising private investment under PPP practice.

The project said that capital from privateinvestment under PPP practice would be focused on important social-economicinfrastructure projects, especially in health and education sectors.

Capital from official developmentassistance and preferential loans provided by foreign donors would prioritise rural and agricultural projects,projects that aim to improve modern market-economy institutions in line withinternational practice.

Investments by State-owned enterpriseswould prioritise sectors in which the State must hold stakes and the investmentmust contribute to stabilising the macro-economy and creating favourableconditions for other economic sectors.

In the northern midlands and mountainousregion, public investment would focus on developing road system, such ashighways from Hanoi to Lao Cai, Hoa Lac to Hoa Binh, Thai Nguyen to Bac Kan andBac Giang to Lang Son - and irrigation works.

In the Red River Delta, infrastructureprojects which improve connectivity between regions, such as the North-Southexpressway, ports, seaports, urban railways and education projects would begiven priority.

Public investment in the central regionwould give priority to projects which help enhance the connectivity of theEast-West economic corridor as well as projects that help develop Da Nang Cityinto a socio-economic hub and promote the marine economy.

In the Central Highlands region, irrigationworks would be prioritised, while in the Mekong Delta, priority would be givento irrigation works, developing transport system and climate-change adaptation.

Public investment in the Southeast regionwould focus on developing infrastructure for the formation of the country’sleading science and technology centres.

To achieve these goals, the project saidthat the regulations on public investment, especially the Law on PublicInvestment, must be reviewed and amended to remove existing problems.

Besides, the restructuring of publicinvestment must be associated with the restructuring of the State budget andpublic debt.

It was also important to provideopportunities for the private investment in developing infrastructure andproviding public services as well as completing the mechanism for PPP towardstransparency, convenience and efficiency, according to the project.

Enhancing the management of publicinvestment was of significant importance, the project said, adding that theapplication of information and technology in managing public investment must bepromoted. - VNA