Law on amendments and supplements a number of articles of the Law on Public Investment
Law No. 03/2022/QH15 promulgated by the National Assembly on 11 January 11 2022 (“Law on Amendments and Supplements”) takes effect from 1 March 2022, amending and supplementing a number of articles of the Law on Public Investment No. 39/2019/QH14 promulgated by the National Assembly on 13 June 13 2019 (“Law on Public Investment”) effective from January 1, 2020.
Law on amendments and supplements a number of articles of the Law on Public Investment
Some of the key amendments and supplements to the Law on Public Investment are specified as follows:
Adjustment of programs and projects under the authority of the Prime Minister to decide on investment policy. Supplement programs and group A investment projects using ODA loans and concessional loans from foreign sponsors. Investment programs and projects funded by ODA grants are no longer applicable to group B projects. Technical assistance projects using ODA or concessional loans from foreign sponsors to prepare for the investment projects are no longer under the authority of the Prime Minister according to Article 1.1 (a) and Article 1.1 (b) of Law on Amendments and Supplements.
Decentralization of authority to decide on investment policy and approve. The Heads of Ministry and Central Authority shall decide on investment policies for Group B and Group C projects funded by ODA and concessional loans from foreign sponsors and be in charge of the approval of technical assistance projects using ODA or concessional loans from foreign sponsors to prepare for the investment policy under their management, except for those specified in Article 17.4 of Law on Public Investment. For the above projects but at the local management scale, the Provincial People’s Council shall have the authority to decide the investment policy and approve. All projects granted decisions on investment policy or approval will have to comply with the regulations of the Government on the order and procedures for grant of decisions on project investment policy and approval of technical assistance projects according to Article 1.1 (c) of the Law on Amendments and Supplements.
Reported by Pham Tran Bao Khanh/Nguyen Tuan Phat (Legal Department PECC3)
