Law aims at shrewder public spending

The new Law on Public Investment would reduce waste by tightening control over public spending, said Nguyen Thi Phu Ha, Deputy Director of the Ministry of Planning and Investment's General National Economy Department, at a conference in the Mekong Delta city of Can Tho on Monday.

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This was a crucial initial step towards deciding the suitability of public investment projects and programmes in line with the Party and State's targets, Ha said. The law would also prevent the arbitrary approval of investment projects, simplify the approval process for investment policy and increase the responsibilities of decision-makers.

In Viet Nam, poor management and corruption are serious issues when it comes to public investment. The new law sets out specific regulations to prevent these problems.

The law, which was adopted by the National Assembly on June 18, will take effect on January 1. It comprises six chapters with 108 articles, stipulating the management and use of public investment capital; state management of public investment; and the rights, obligations and responsibilities of agencies, organisations and individuals with regard to public investments