Rural investment programs prove costly

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SaigonTimes English - 33 month(s) ago 8 readings

HANOI – A number of investment programs for agriculture, rural areas and farmers turn out to be unreasonable and costly, said a report of the National Assembly (NA) Standing Committee.

Rural investment programs prove costly

By Ngoc Lan - The Saigon Times Daily

HANOI – A number of investment programs for agriculture, rural areas and farmers turn out to be unreasonable and costly, said a report of the National Assembly (NA) Standing Committee.

The investment capital for agriculture, rural areas and farmers in the 2006-2011 period totaled over VND432.7 trillion, equivalent to 50% of the total investment capital sourced from the State budget and Government bonds. In addition, the State also prepared backup funds worth VND7-8 trillion a year, mostly used to tackle the consequences of storms and flooding.

Furthermore, farmers also enjoyed agricultural tax exemption and reduction worth more than VND2 trillion per year. Some VND8 trillion sourced from the lottery every year was prioritized for infrastructure development in rural areas, said the report on public investment in agriculture, rural areas and farmers released in Hanoi on Wednesday.

The report said such investment capital was not commensurate with up to 70% of Vietnam’s population living in rural areas. However, many national target programs and supporting programs for agriculture, rural areas and farmers have failed to achieve their goals and caused much waste.

For example, under the migration and settlement program for ethnic minorities carried out in 2007, a household in Lai Chau was financed as much as VND1 billion, equal to the central budget fund for a remote commune for a year.

Laws and polices for agriculture, rural areas and farmers also expose multiple shortcomings, such as the regulations on farmland use terms, land ownership and land use rights.

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