Want to be in the loop?
subscribe to
our notification
Business News
HCM CITY EYES SYSTEMATIC PUBLIC INVESTMENT
The HCM City People’s Committee has urged all its departments and district administrations to ensure this year’s public spending plans are fully fulfilled.
Nguyễn Thành Phong, chairman of the People’s Committee, instructed all city authorities to speed up appraisal and approval of projects.
Sài Gòn Giải Phóng (Liberated Sài Gòn) newspaper quoted him as saying: “Inspection of evaluation and approval of new headquarters should be tightened.
“Projects assigned to start in 2019 must complete all formalities. Those that do not receive approval without a reason being assigned will not get funding next year.
“Units and offices delaying project evaluation and approval, which causes cost overruns will be penalized.”
The People’s Committee ordered the Department of Planning and Investment to list all public projects planned this year.
“Leaders will be responsible if their units do not reach 50 per cent of disbursement by the end of July and 90 per cent by the end of the year.
“All organisations and individuals that intentionally hinder public investment disbursement plans must be severely punished.
“Inefficient staff managing public investment should be replaced immediately.”
Source: VNS
Related News
CUSTOMS BUDGET REVENUE EXPERIENCES 3% DECLINE IN Q1
Vietnam’s import and export value reached a total of US$145.59 billion in the first quarter (Q1) of 2024, marking a year-on-year growth of 18.2%. However, the customs budget revenue saw a 3% year-on-year decline, amounting to VND71,520 billion in the quarter, thereby achieving 19.1% of the full-year target.
RAPID LAW IMPLEMENTATION MAY PROPEL MARKET FORTUNES
“Investors and developers are looking forward to the implementation of the new law, which will remove obstacles for a range of projects that are struggling due to stalled procedures and lack of legality. For them, the earlier the better,” he said.
NATION URGED TO BUILD ON ECO-IP MODEL
Industrial parks (IPs) involved in an initiative that aims to help push them into the realm of being classed as eco-parks have seen improvements across a string of indicators, according to a review event in Ho Chi Minh City last week.
YEN LU INDUSTRIAL PARK: NEW DESTINATION FOR INVESTORS
Bac Giang is a destination chosen by many domestic and foreign investors thanks to its locational advantages and its most opening and favorable investment policies. Assisted by local authorities, Capella Land Joint Stock Company has effectively invested in industrial zones, especially Yen Lu Industrial Park - a new destination for investors, to contribute to the province’s success in investment attraction.
OPTIMIZING LEGAL AND REGULATORY FRAMEWORKS FOR EFFICIENT PUBLIC INVESTMENT DISBURSEMENT
According to the Ministry of Planning and Investment, a 1% increase in public investment raises GDP by 0.058%, and each VND1 disbursed stimulates an extra VND1.61 from the non-state sector. However, plan implementation often falls short at around 80% annually, despite government efforts.
NATION URGED TO BUILD ON ECO-IP MODEL
For the 2020-2024 project, three IPs were selected for the transformation including Deep C Industrial Zones in the northern city of Haiphong, AMATA City Bien Hoa in the southern province of Dong Nai, and Hiep Phuoc IP in Ho Chi Minh City. Over the last four years, the level of compliance with the international framework on eco-IPs for all pilot complexes has increased in terms of environment, economy, and management.