Vietnam - Ten projects chosen for $440 million in G-bond funding

VietNamNet Bridge – Ten major infrastructure projects including highways, hospitals and a canal have been approved for investment capital totalling more than $440 million from government bonds.

The National Assembly Standing Committee last week agreed on the Vietnamese government’s proposal to use the 2012 - 2015 government bonds for five projects from the Ministry of Transport, four from the Ministry of Health and one from the Ministry of Agriculture and Rural Development.

“Based on the pressing and necessary requirements of these projects, after careful discussions, the National Assembly Standing Committee has given the nod to the governmental proposal to pump over VND9.2 trillion ($442.3 million) for the 10 important projects,” said the National Assembly Vice Chairwoman Tong Thi Phong.

According to the National Assembly Standing Committee, those projects are suitable to Vietnam’s priorities for the use of government bonds for infrastructure projects and also of prime importance to Vietnam’s socio-economic development and national security.

“The National Assembly requires that the disbursement and usage of capital for those projects must be transparent and publicised. Also the implementation of those projects must be closely supervised and frequently examined by local authorities,” Phong said.

However, Phung Quoc Hien, chairman of the National Assembly Finance and Budget Committee, earlier proposed that those projects should not be given such a big investment capital sum, because the whole nation was strictly implementing the government’s Instruction 1792/CT-TTg dated on November 15, 2011 on expanding supervision of projects financed by the state coffers or government bonds.

Planning and Investment Minister Bui Quang Vinh said that investment capital for these projects would come from government bonds which were yet to be used.

Source: VIR

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