Government seeks NA approval of funding for public investment projects

As part of its ongoing seventh session, the parliament on June 27 deliberated the use of the general reserve of the central budget-funded medium-term public investment plan 2021 - 2025 for public investment projects. The reserve under discussion is equivalent to the increased revenue of the 2023 central budget collection.

Delivering a report on the reserve use, Minister of Finance Ho Duc Phoc said a total of VND26.9 trillion sourced from the increase of the 2023 central budget collection is set to be allocated to 20 projects in four areas, namely national defence (VND2 trillion), security (VND4 trillion), transport (VND19.38 trillion), and judicial reform (VND1.52 trillion).

As much as VND18.22 trillion falls within the NA’s jurisdiction and will be provided for 14 public investment projects, he went on.

Therefore, the Government proposed the NA give the green light to the use of that VND18.22 trillion.

Reading the verification report, Chairman of the NA’s Committee for Financial and Budgetary Affairs Le Quang Manh said the Government’s proposal accords with regulations in the Law on Public Investment and the NA’s Resolution No. 29/2021/QH15.

He noted a majority of the committee members held that the parliament should permit the completion of investment procedures and the making of investment policies for the projects on the basis of the increased sum of the 2023 central budget collection, the capital sources for 2026 - 2030, and other sources to ensure funding.

They also asked the Government to hold responsibility for project effectiveness and capital sources to guarantee sufficient funds. However, not all deputies agreed with the Government’s proposed allocation of capital for the projects, according to Manh.