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Improving efficiency of public investment in Viet Nam
19/3/2012 14:53' Send Print

Causes to this situation include poor management, irrational investment, lack of investment in industries with large impact on economic restructuring and insufficient investment in key programmes. Low investment efficiency is also attributed to local interests, lack of transparency, and poor coordination among branches and levels.

Inefficient public investment and poor investment management have not only resulted in social investment inefficiency but also rendered bad consequences to economy, putting pressure on inflation, causing macro imbalance and limiting competitiveness and quality of the integrating economy.

To improve public investment quality, the following principles should be strictly implemented:

First, to coordinate and allocate public investment on the basis of well-developed public investment plans which will ensure high quality and stability.

Second, to coordinate harmoniously benefit and effect of public investment projects.

Third, to coordinate and strengthen public investment restructuring, delegate responsibilities and diversify investment methods and capital to heighten social investment efficiency.

Forth, to coordinate and observe standard investment procedure and process, open broad bidding of public investment to all economic sectors, step up monitoring and supervision, discover and levy strict financial and administrative punishment on any violation on public investment.

Law on Public Investment should be developed and put into force as a legal and common framework for policy coordination in management and enhancement of public investment./.

Nguyen Minh Phong