Legal and institutional reforms key to restructuring public investment

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Nhân dân English - 70 month(s) ago 9 readings

Legal and institutional reforms key to restructuring public investment

Nhan Dan - It is very difficult to restructure public investment without legal and institutional reforms.

This viewpoint was shared by many economic experts who attended a one-day workshop in Hanoi on May 3 entitled ‘Restructuring Public Investment and State Owned Enterprises’ held jointly by the Konrad-Adenauer-Stiftung (KAS) office in Vietnam and the Vietnamese Economic Institute (VIE).

At the workshop, the experts declared that restructuring public investment must be in line with reforms to ensure transparency and openness of legal, institutional and investment management mechanisms.

They also pointed out some shortcomings and limitations in current public investment, especially a lack of focus in some investments and the ineffectiveness of State budget allocations.

The investment process should be supervised by elected bodies and agencies, social organisations and the mass media. It is also necessary to promulgate effective public investment and procurement laws as soon as possible, in addition to amending and supplementing specific laws related to the State Budget, construction, land, and project bidding.

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