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Public investment under strict control
As of June 11, 57 out of 64 provinces and cities and 28 ministries and sectors submitted reports to the Ministry of Planning and Investment (MPI) on their plans to cut down a total of VND4,500 billion in investment capital from more than 1,000 projects.
Under the Government’s Decision No 390 on management of plans to curb inflation through capital investment restructuring and budgetary spending and collection in 2008, the MPI will set up 11 working groups in charge of examining the reduction of public investment by centrally-run ministries, provinces, cities and some units. They will begin their examination work from June 22-30.
Groups from the Ministry of Transport (MoT), the Ministry of Agriculture and Rural Development (MARD) and the MPI will inspect projects using investment capital from the State budget and Government bond sources.
In addition, the MPI will examine investment activities run by economic groups and State-run corporations such as their use of credit loans from banks and State capital sources managed by economic groups and projects relating to their business activities.
These groups will also examine banks’ mobilization and use of capital sources, their credit balance, bad debts and loan provisions for enterprise-run projects and submit a detailed report on the real situation to the Government for consideration before making a final decision to reduce or increase capital investment in a number of projects.
VOV
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