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Directive No. 1792/CT-TTg dated October 15, 2011 of the Prime Minister on strengthening investment management from state budget capital and government bond capital
26/12/2011
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THE PRIME MINISTER
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No.: 1792/CT-TTg

SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
----------------

Hanoi, October 15, 2011

 

DIRECTIVE

ON STRENGTHENING INVESTMENT MANAGEMENT FROM STATE BUDGET CAPITAL AND GOVERNMENT BOND CAPITAL

In recent years, the mobilization and use of state budget capital and government bond capital has contributed significantly to the investment in construction of economic - social infrastructure, create a favorable environment to promote the production development, hunger eradication and poverty reduction and improve people’s lives. However, due to the extensive decentralization of the lack of uniform management measures lead to the approval of many projects over the ability to balance capital of the state budget and government bonds, the duration for construction to be prolonged, investment plans to be cut out each year, the investment performance to be poor, causing dispersion and waste of state resources. Meanwhile, in the future, capital of the state budget is limited, government bond capital may not be issued to increase compared to 2011 for achieving the objective of controlling inflation, reducing the state budget deficit, ensuring national financial security and the public debt at the permitted level.

To overcome the shortcomings and inadequacies mentioned above, based on the Conclusion at the third Conference of the Central Party Committee (session XI), coupled with the continuity to implement the Resolution No.11/NQ-CP dated February 24, 2011 on the measures mainly to curb inflation, stabilize macro-economy, ensure social security, implement the overall solutions of restructuring of the concentrated investment as the restructuring of public investment, the Prime Minister requests the ministries, ministerial-level agencies, the Governmental agencies, other central agencies, the People’s Committees of provinces and cities directly under the Central Government, the economic Groups, state corporations (hereinafter referred to as the ministries, branches and localities) to implement a number of principles and measures to enhance the management of investment from the state budget capital and Government bond capital as follows:

I. Some principles of management and decentralization of investment from the state budget capital and government bond capital

1. The formulation of planning, plans, programs and investment projects from the state budget and government bond capital have to stick to the objectives and direction of economic-social development strategy of 10 years from 2011 to 2020 and the Plan of economic - social development of 5 years from 2011 to 2015 and the whole country and of various sectors and localities.

2. Step by step to adjust the investment structure in the direction of decreasing public investment. To strengthen measures to mobilize capital from all domestic and overseas economic sectors to invest in socio-economic infrastructure projects able to recover capital.

3. While decentralization of investment management has not modified, the ministries, branches and localities must comply with the current regulations on the approval decision right of investment projects (including new projects and projects to adjust the investment decisions), and make some more following principles:

a) The competent authorities shall strictly control the scope and scale of each investment project according to the right objectives and fields, the program which have been approved; it is only decided on investment as capital source and the ability to balance the budget at each level of state budget are determined clearly. The determination of capital source and capital balance is the important issue required to be on the project file before submitting it to the competent authorities for approval.

b) The Ministry of Planning and Investment shall preside over and coordinate with the Ministry of Finance to appraise capital source and the total capital rate of the investment projects under the jurisdiction of the Prime Minister; the projects funded by the central budget added with target to the locality; government bonds.

c) Based on the provisions of this Directive and the level of capital, investment areas assigned by the central budget, the ministries, branches, and localities shall decide on investment in the projects within their jurisdiction. Within 10 days from the date of the investment decisions, the ministries, branches and localities must submit reports to the Ministry of Planning and Investment, Ministry of Finance for these agencies to review and supervise.

Within 30 days from the date of receiving the investment decisions of the ministries, branches and localities and during the process of supervising the implementation of the projects of the ministries, branches and localities, if it is detected that the project investment decisions or the implementation of investment projects have not been complied with the provisions of this Directive, the Ministry of Planning and Investment, Ministry of Finance shall send official comments for the ministries, branches and localities to review, adjust and modify. Where the ministries, branches and localities do not adjust, modify, the Ministry of Planning and Investment, Ministry of Finance shall report, propose to the Prime Minister for taking remedial measures.

For the projects approved but before October 25, 2011 they have not been started, it shall be reviewed and implemented as prescribed in this point.

d) The projects decided on investment without defining clearly capital source, capital rate of the State budget; government bonds, making the construction projects to extend, causing waste, then the persons who signed the decisions shall take responsibility for losses caused by this prolonging.

đ) From 2012:

All projects decided on investment must comply with the planned capital rate assigned for not causing basic construction debt; all cases of additional capital, transfer within capital of branches, sectors are only made when it is approved by the competent authorities that assign capital. The ministries, branches, and localities shall self-balance capital source to handle basic construction debt of their scopes of responsibilities and authorities.

- The allocation and draw of state budget capital and government bond capital from the State Treasury for the investment projects (in the plan) must be done by volume to implement. For the projects that have not got the volume to implement, the maximum capital advance is 30% of the total plan level of capital allocated annually. The next allocation and draw shall be made only after the payment for the volume completed. Ministry of Finance, Ministry of Planning and Investment implement and monitor the compliance with this provision.

4. The allocation of capital from the state budget and government bond capital should be made according to the five year investment plan consistent with economic - social development plans and divided into the investment plan for each year. In particular, the investment capital plan of the period 2011 - 2015, it is made the annual investment plan for the year 2011, 2012 and 3-year investment plan (2013-2015). The formulation of investment plans of state budget capital and government bond capital in 2012 must consider the general balance of the period 2011 to 2015. Ministry of Planning and Investment shall preside over and coordinate with relevant ministries and branches to develop the 3-year investment plan (2013-2015) submitting to the Prime Minister in the third quarter of 2012; in which anticipate the ability of capital sources and balance funds by branches, sectors; additional capital targeted of 3 years (divided for each year) for the ministries, branches and localities to take initiative the development and implementation of investment.

5. For the management and decentralization of investment management of the national target programs, the Prime Minister will have specific regulations on the management mechanism of these programs.

II. On the allocation of capital and synthesis or assignment of investment capital plan from the state budget of plan in 2012

1. For the investment projects from the state budget, including investment capital of the ministries, branches and localities and targeted additional capital from the central budget to the localities:

a) To review and make the lists of transitional projects being invested from the state budget (transitional projects).

Projects which are subject to review must be the projects being invested by the state budget, in the investment plan has been approved, permitted to invest by the Prime Minister or in the programs and projects approved by the Prime Minister.

The ministries, branches and localities review and make the lists of investment projects funded by the central budget, including the List of projects completed and handed over to put into use before December 31, 2011 but have not yet had adequate capital; List of projects scheduled for completion in 2012; and List of projects being invested from the central budget, but not enough capital source to allocate.

b) The allocation of capital is made in order of priority as follows:

- Focus on the allocation of capital for the projects completed and handed over, and put into use before December 31, 2011 but have not yet had adequate capital.

- Prioritize in allocating capital for the projects expected to be completed in 2012 (according to the progress in the investment decisions, capital balancing capacity, and ability to implement in 2012) and reciprocal capital for ODA projects according to the project implementation schedule.

The remaining amount (if any) shall be allocated to a number of projects ongoing or new projects but to be minimized. The new projects must be the real urgent projects, with investment decision in base design, the total approved cost estimate before October 25, 2011. For newly-started projects, ministries, branches and localities send to the Ministry of Planning and Investment for reviewing, submitting to the Prime Minister on the principle: The allocation of capital for new projects in 2012 must ensure total capital allocated for each project (including the central budget, local budget capital and other lawful capital sources) at least equal to 15% for Group A projects and 20% for group B projects; 35 % for group C projects compared with total approved investment capital; group B projects must be completed in five years, group C projects must be completed in three years.

- For the projects being invested by the state budget capital but plan capital in 2012 cannot be arranged, will be classified and treated as follows:

+ Group 1: For projects likely to convert into other forms of investment.

The ministries, branches and localities shall access, analyze and make a list of projects likely to convert into other forms of investment such as BOT, BT, PPP, ... including: the projects which may charge fees for refund of investment capital; the projects which can be paid in land use right; the projects which can be sold or transferred to domestic or overseas investors. The conversion of investment forms of the projects being invested from the state budget capital but having not enough capital to be allocated continuously, it must have the program, and organization plans to call for domestic or overseas investors to invest each specific project. Ministry of Planning and Investment shall guide the procedures for conversion by the direction: the State withdraws all capital invested in the project; the State contributes part of capital invested together with enterprise to continue to invest in the project and exploit together; the State transfers the entire capital invested in the project to the new investor.

+ Group 2: For the projects which cannot be converted into other forms of investment, the ministries, branches, and localities actively mobilize other lawful capital sources for implementation. Where there are no other lawful sources, it must halt implementation in 2012.

c) To synthesize and assign capital plan of state budget in 2012 to the ministries, branches and localities and targeted additional capital of the central budget to the localities:

Based on the plan of allocation of state budget to submit to the National Assembly, Ministry of Planning and Investment for guiding the review and setting up of list of projects expected to allocate capital according to branches, sectors and localities, including targeted additional funds to the localities and notify to the ministries, branches and localities before October 31, 2011.

The ministries, branches and localities review, anticipate the lists of projects and capital allocating the 2012 plan for each specific project, send to the Ministry of Planning and Investment before November 15, 2011. The ministers, heads of governmental agencies and other central agencies, the presidents of the People’s Committees of provinces and cities directly under the Central Government, Chairmen of the members’ Council of economic groups, State-owned corporations shall be responsible for the review to determine the lists of projects and allocate capital in accordance with the above principles in the total capital anticipated for the 2012 plan to be announced for each branch, sector and targeted additional capital of each specific program.

Pursuant to resolutions of Congress (second session, National Assembly XIII) and expectation of the ministries, branches and localities mentioned above, the Ministry of Planning and Investment reviews, synthesizes and reports to the Prime Minister. The Prime Minister decides to assign the ministries, central branches the investment plan targets as current regulations and list of projects; assign to the provinces and cities directly under the Central Government the targets as current regulations and list of projects subject to targeted additional capital of the central budget to the locality. The Prime Minister authorizes the Minister of Planning and Investment to assign the ministries, branches total capital to allocate by each branch, sector, investment by objectives; duties and capital rate of each specific project; assign to the provinces and cities directly under the Central Government total targeted additional capital of each program and capital rate of specific project.

For local budget balance capital, lottery capital and capital with nature of other state budget, based on resolutions of the National Assembly, the decision of the Prime Minister on the estimate of budget State and the investment and development plan, the Prime Minister assigns the People’s Committees of provinces and cities under central authority based on the above principles and guidelines of the Ministry of Planning and Investment to specify the review rules, make list of projects and capital allocation by the order of priority in the 2012 plan; direct to review, synthesize the plan to allocate capital, submit to the same level people’s councils for making decision; take responsibility for review results and plan to allocate funds in accordance with the above principles, ensuring the allocation of capital concentrated and improve the efficiency of using capital from state budget.

III. Capital allocation, synthesis or assignment of government bond plan of 5 years from 2011 to 2015 and the 2012 plan

According to preliminary estimates for 4 years from 2012 to 2015, government bond capital only meet about 36% of the capital demand of the projects on the list approved by the National Assembly Standing Committee. To ensure the balance and efficient use of government bond capital, it must strictly implement the policy of not adding new projects, and implement the review and arrangement of the projects included in the list using government bond capital and allocation of government bond capital for 5 years from 2011 to 2015 and the 2012 plan according to the following principles:

1. To review and make a list of projects being invested from government bond capital, including projects stated in Resolution No.881/NQ-UBTVQH12 dated January 04, 2010 of the National Assembly Standing Committee and the additional projects in Decision No.184/QD-TTg dated January 28, 2011 of the Prime Minister on the allocation of 2011 plans of government bond capital.

The ministries, branches and localities shall review and make a list of projects being invested from government bonds capital, including the list of projects completed, handed over, and put into use before December 31, 2011 but have not been allocated adequate capital; and list of projects likely to be completed in 2012; list of projects likely to be completed in 2013 and list of the remaining projects.

2. The allocation of government bond capital is implemented by the order of priority as follows:

Focus on allocation of capital for the projects completed and handed over, and put into use before December 31, 2011 but have not been allocated sufficient funds.
- Give priority to arranging funds for the projects required to be completed in 2012; if fund capital is still remained, it will be considered to arrange the projects likely to be completed in 2013 (according to the progress in investment decisions, the ability to balance capital and the ability to perform in 2012, 2013) ...

- The list of remaining projects will be classified and treated as follows:

+ Group 1: For projects likely to convert into other forms of investment.

The ministries, branches and localities shall access, analyze and make a list of projects likely to convert into other forms of investment such as BOT, BT, PPP, ... including: the projects which may charge fees for refund of investment capital; the projects which can be paid in land use right; the projects which can be sold or transferred to domestic or overseas investors. The conversion of investment forms of the projects being invested from the government bond capital but having not enough capital to be allocated continuously, it must have the program, and organization plans to call for domestic or overseas investors to invest each specific project. Ministry of Planning and Investment shall guide the procedures for conversion by the direction: the State withdraws all capital invested in the project; the State contributes part of capital invested together with enterprise to continue to invest in the project and exploit together; the State transfers the entire capital invested in the project to the new investor.

+ Group 2: For the projects which cannot be converted into other forms of investment, the ministries, branches, and localities actively use other lawful capital sources for implementation. Where there are no other lawful sources, it must halt implementation till after 2015.

3. Synthesis and allocation of plan of government bond capital.

Ministry of Planning and Investment guides the review and make the lists of projects being invested from government bond capital before October 31, 2011.

Based on the above regulations and guidelines of the Ministry of Planning and Investment, the concerned ministries, branches, and localities shall review all projects being invested from government bond capital and make the lists of specific projects, submit to the Ministry of Planning and Investment before November 30, 2011. The ministers, the presidents of the People’s Committees of provinces and cities under central authority are responsible for the review results and determining the lists according to defined criteria in this Directive.

Pursuant to the Resolution of Congress on the total 5-year government bond capital from 2011 to 2015 and in 2012, Ministry of Planning and Investment shall synthesize the reports of the ministries and localities; anticipate the capital allocation plans submitting to the Prime Minister for reporting to the National Assembly Standing Committee. Pursuant to the resolutions of the National Assembly Standing Committee, Ministry of Planning and Investment shall submit to the Prime Minister for deciding on assigning the ministries, branches, and localities total government bond capital and the list of projects. The Prime Minister shall authorize the Minister of Planning and Investment to assign the ministries, branches, and localities the list and capital rate of each specific project.

IV. Organization of implementation

1. The ministers, heads of governmental agencies and other central agencies, the presidents of the People’s Committees of provinces and cities directly under the Central Government, Chairmen of the members’ Council of economic groups, State-owned corporations based on the functions, duties and the provisions of this Directive, to organize urgently the implementation to ensure the layout, efficient use of state budget capital and government bonds.

2. Ministry of Planning and Investment shall:

a) Guide and synthesize the plans for the state budget capital and government bonds, report to the Prime Minister for decision.

b) Guide the transformation procedures of investment form for the projects which are being invested by the state budget capital and government bond capital provided for in Section II and III of this Directive.

c) Preside over and coordinate with the Ministry of Finance to submit to the Prime Minister the necessary measures to deal with the existence of the projects in the plan but required to suspend, extend the progress of implementation.

d) Preside over and coordinate with concerned agencies in formulating and submitting to the Government in the first quarter in 2012 the Decree on the medium-term investment plan.

3. Ministry of Finance shall preside over and coordinate with the Ministry of Planning and Investment to determine the revenue and balance the collection and spending of state budget, the ability to issue government bond capital and the financial balances related to national financial security in the 5 and annual year plan; review and submit to the Government for amending the scope and subjects to be used credit capital source for development investment of the State in the Decree No.75/2011/ND-CP dated August 30, 2011.

4. Ministry of Construction shall preside over and coordinate with the ministries, branches, and localities before November 15, 2011 to promulgate the decision to adjust the level of investment in building classrooms of the program of solidification of schools and classrooms and the public service housing for teachers in accordance with actual conditions of each region.

Ministry of Planning and Investment shall guide, monitor and urge the implementation and quarterly report to the Prime Minister the situation and progress of the implementation of this Directive./.

  

PRIME MINISTER




Nguyen Tan Dung

 

 

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