Dung said that thanks to the Law on Public Investment which set forth stricter management and allocation of central and local budget, the number of investment projects dropped from 20,000 during the 2011-2015 period to 1,000 in 2016-2020.

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Minister of Planning and Investment Nguyen Chi Dung at the Q&A session on November 16 of the 14th National Assembly (NA)’s ongoing fourth session

Accumulative capital borrowed to perform investment projects in previous stages will be handled completely during the 2016-2020 period, he said.

The minister blamed low efficiency of public investment on the complicated and time-consuming process of land clearance, bidding and compensation for land clearance, which result in higher costs.

To improve the efficiency of public investment, the Government has submitted to the NA for consideration and promulgation of a public investment restructuring plan, Dung said.

In addition, the Government also assigned the Ministry of Planning and Investment to review shortcomings in the implementation of the Law on Public Investment to submit to the NA for amendments and supplements to ensure tighter management and greater efficiency of public investment as well as simplified procedures for investors, the minister stressed.

Source: VNA