According to the Government’s report, the total budget already approved by the legislature for the plan in the reviewed period was VND 2 quadrillion (some USD 88.1 billion), of which VND 1.74 quadrillion (USD 76.6 billion) was allocated for projects of ministries, sectors and localities. 

 A section of the North-South highway

The total capital allocation for the first phrase was VND 1.134 quadrillion (USD 50 billion). In the second phrase, the Government has directed ministries, sectors and localities to address shortcomings in the target program on climate change adaptation and green growth and investment in coastal roads. 

The Government proposed allocating VND 20.86 trillion (USD 900 million) for the Vietnam Bank for Social Policies (VBSP) and VND 12.67 trillion (USD 546.64 million) that the State budget owed to the Vietnam Development Bank (VDB) and another VND 15.01 trillion (USD 647.6 million) for the VDB. 

It also proposed providing additional VND 2 trillion (USD 88 million) for the VBSP to support social housing development, and another VND 4 trillion (USD 176 million) for the national target program on the East Sea (South China Sea) and islands. 

Nguyen Duc Hai, Chairman of the NA’s Finance and Budget Committee, said the committee agreed with the Government’s proposal on allocating chartered capital to the VDB after the Government evaluates the bank’s operational efficiency, debts, development orientations, plan for chartered capital arrangement, and management expenses. 

Regarding the middle-term capital plan of VND 80 trillion (USD 3.6 billion), including VND 70 trillion (USD 3.15 billion) projected for the North-South Expressway and VND 10 trillion for the flood prevention project in Ho Chi Minh City, the committee urged the Government to promptly finalize necessary documents for these projects and report to the NA Standing Committee for consideration before submitted to the NA for approval at its third session. 

Vice Chairman of the National Assembly Phung Quoc Hien said the NA Standing Committee requested the Government to review all projects that have not been provided with sufficient capital and those lacking of corresponding capital. 

The Government and the Minister of Planning and Investment must be responsible for monitoring, reducing, and adjusting investment to complete these projects in 2017-2020, he added.

Source: VNA