(MPI) - The 15th National Assembly (NA) on November 30 approved the Law on Public Investment (amended) with 441 votes of approval from 448 deputies, or 92.07% of the total, as part of the ongoing eighth session.

The National Assembly approves amended Law on Public Investment. Photo: VNA

The amended Law on Public Investment includes seven chapters and 103 articles, of which adding one chapter, increasing 2 articles, maintaining 38 articles, and amending 65 articles.

The legal document was built based on inheriting the practices of the 2019 Law on Public Investment, institutionalising some regulations and piloting mechanisms and policies that the National Assembly approved, and creating a stable, transparent, and practical legal framework that ensures consistency align with newly-issued and newly-amended laws and resolutions.

Additionally, it promotes decentralization of authority and responsibility of leaders, enhances the flexibility of all authorities in managing and implementing public investment plans, and changing the management method from pre-inspection to post-one. The law will renew the decentralization, and clearly identify the authority of each level in managing and implementing public investment in order to enhance publicity, transparency, reform of administrative procedures, and contribute to improving the efficiency of public investment.

The law will reduce and simplify a number procedures to shorten the implementation progress to put projects into operation on time; mobilizing management capacity and resources of economic sectors in implementing public investment projects; promote the implementation and disbursement of official development assistance (ODA) capital and preferential loans from foreign donors; and creating initiative to improve the quality of preparation for implementation./.

Bao Linh

Ministry of Planning and Investment