NASC approves 2024 public investment adjustments

The National Assembly Standing Committee (NASC) has approved the Government’s proposal to adjust and supplement the 2024 public investment plan which uses the Central budget.

During its 38th session on October 8, chaired by NA Vice Chairman Nguyen Duc Hai, the NASC reviewed and decided on the adjustments to the 2024 central budget public investment plan.

Deputy Minister of Planning and Investment Tran Quoc Phuong stated that the Government had submitted the proposal to the NASC  for consideration and decision, involving a total capital to be adjusted of over VND8.446 trillion (nearly $341 million).

The Government will ensure that projects with increased or decreased capital meet legal procedures and conditions. Additionally, the adjustment of the 2024 public investment capital estimates for ministries, sectors, and localities will not affect the implementation of projects already allocated or planned to be allocated capital by the competent authority.

The NASC emphasized that the allocation and supplementation of capital for projects must ensure that those assigned the medium-term public investment plan for the 2021-2025 period meet investment procedures and can absorb and disburse capital in 2024 without extending the additional capital to subsequent years. The total capital after supplementation must not exceed the fund for medium-term public investment plans from the State budget and the additional capital as prescribed.

The Government, ministries, central agencies, and localities need to draw on their experience to allocate capital in line with the implementation progress and disbursement capacity of tasks and projects, limiting the need to adjust the allocated capital plan. They must also take decisive measures to allocate the remaining unallocated capital and accelerate the disbursement process.