In the morning, deputies discussed a five-year financial plan; goals and orientations for the mobilisation and use of loans as well as public debt management for 2016-2020; and the medium-term public investment plan for 2016-2020.

They proposed measures to restructure the State budget by increasing budget collection and reducing spending to curb public debt, while providing capital for prioritised projects which are aimed at ensuring sustainable development and benefiting mountainous, border, sea, island, and ethnic minority-inhabited areas.

The legislators stressed the need to set up a standby capital fund to address consequences of natural disasters and climate change in the drought and flood-prone areas.

They also held that it is necessary to forecast unfavourable impacts on the State budget collection and expenditure such as economic growth, global crude oil prices, and inflation index.

In the afternoon, the lawmakers deliberated the outcome of implementing the State budget in 2016 along with the State budget estimates and the central budget allocation blueprint in 2017.

Minister of Finance Dinh Tien Dung and Minister of Planning and Investment Nguyen Chi Dung cleared up a number of issues raised by the deputies.

On November 2, the National Assembly will focus discussions on a plan to restructure the economy in 2016-2020 and socio-economic development blueprints in 2016 and 2017.

NA deputies debate public investment plan

National Assembly deputies on November 1 discussed a five-year financial plan, orientations for the mobilisation and use of capital as well as the management of public debt in 2016-2020, and the middle-term public investment plan for the next five years.

Many deputies supported the Government’s report on public investment in 2011-15, saying the document provides clear-cut and comprehensive assessments of the mobilisation and use of loans as well as public debt management.

The report points out that public debt grew rapidly, while the payment pressure was grave and the use of loans was ineffective and the enforcement of regulations on public investment was not strict in some agencies.

However, Nguyen Ngoc Phuong, a deputy of central Quang Binh province said the document has yet mentioned the number of inefficient investment projects, projects suffering losses, and reasons behind as this would help define the responsibility of individuals and collectives.

Meanwhile, Nguyen Thi Be, a deputy from the Mekong Delta province of Kien Giang, lauded the Government’s middle-term plan of public investment for 2016-2020, as transparent and open, to avoid misspending while prioritising urgent projects and works.

Yet, many others commented that the allocation of capital stated in the plan has yet to match with the investment distribution criteria mentioned, as many urgent projects have yet to be included in the plan.

They pointed to the Mekong Delta region as an example. Two third of the region is forecast to be deep under sea water and needs adequate investment to ensure production and national food security, but it will receive investment for the building of several dykes to prevent seawater in the next five years.

They also proposed that the Government and the NA prioritise the building of infrastructure and irrigation system for the region – which is dubbed as the rice bowl of the country.

The majority of deputies asserted that the plan should focus on agriculture and rural development, environmental protection, especially the cleaning up of the sea environment in four central provinces affected by Formosa-caused environment incident, as well as climate change and saltwater intrusion response, and transport system in Northwestern and Central Highlands regions, and coastal roads connecting southwestern localities.

They also suggested resources be focused for the construction of the North-South Expressway and railway.

They also asked for further clarification of projects receiving investment and strict punishment on violations in public investment to enhance investment efficiency.

According to Minister of Planning and Investment Nguyen Chi Dung, the ministry has informed the amount of capital allocated to each ministry, sector and locality in the next five years and they will decide how to use the source.

The minister also explained that the plan to allocate the majority of Government bonds to the transport sector aims to realise the Party Central Committee’s fourth session’s resolution on building a synchronized infrastructure system to fulfill the country’s target of industrialisation and modernisation by 2020.

Due to limited investment resources, the Government has proposed to give priority to payment of capital construction debts during 2016-2020, he said, adding that the ministry has also designed a specific policy for localities suffering socio-economic difficulties, and will report it to the Government soon.

VNA