Situation and Effectiveness of Public Investment in Vietnam Dr. Pham Lan Huong Presented at the Workshop on Capacity Building to Improve Appraisal of Public.

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Presentation transcript:

Situation and Effectiveness of Public Investment in Vietnam Dr. Pham Lan Huong Presented at the Workshop on Capacity Building to Improve Appraisal of Public Investment Projects in Vietnam Nha Trang, 30/9-2/10/2013

Outline Definition and roles of public investment in Vietnam Public investment situation in Vietnam Pulic investment performance in Vietnam Issues of public investment in Vietnam

Public Investment Definition: investment project that use state capital Roles: –To realize targets of socio-economic development The most important tool of the Government to promote growth and poverty reduction To direct and mobilize other sources of capital for investment –To overcome market failures Create public goods (infrastructure) Ensure social equality Some key areas that require large investment cost and take long time to regain funds so that other parties do not want or are incapable to invest

Public Investment: Classification By capital source –State budget –Borrowings –Capital from state-owned enterprises and other sources By management level –Central –Local By sector

PUBLIC INVESTMENT SITUATION IN VIETNAM

Role of Investment in GDP growth: Investment-led growth

Role of Public Investment: The most importance source

State investment by management level (%)

State Investment by capital source

State investment by economic sector (%)

Gross Domestic Capital Formation (% GDP)

PUBLIC INVESTMENT PERFORMANCE IN VIETNAM

Contribution to economic growth in (percentage point)

Capital formation and social investment (1994 prices, bil. VND)

ICOR by economic sector

Map of deep-water seaports

Map of airport system in Vietnam

Economic Zones in Vietnam

Approved EZs in development plan by 2020

Issues of public investment in Vietnam: Inefficiency Excessive investment, too many projects are carried out at a same time; investment demand exceeds capital supply capacity –Invest in such areas that may be funded from other sources of investment –Accumulated debts on capital construction tends to reincrease Loss and wastage Unable to bring impetus for the improvement of comparative advantage of each sector, each area and the economy as a whole

Underlying causes of inefficient public investment Non-transparency and low accountability Disciplines/regulations are not strictly obeyed Development thinking is slowly innovated –By term of office –By geographic boundaries Investment decentralization –Capacity to appraise and assess investment projects in many provinces is still limited –Capacity to manage, inspect and monitor investment and construction projects at different industries and levels is inadequate and insufficient –Competitiveness in infrastructure construction

Underlying causes of inefficient public investment Planning –Unconnected plans while the State lacks of effective tools and policies to manage and monitor the implementation of plans. –Low quality plans, which are unable to be foundation for investment development plan, which in turns leads to wrong investment decisions or adjustment of projects –The existence of „hung“ plans –Unprompted investment without any plan Shortcomings of bidding mechanism –Incapability of management authorities and implemented bodies –Violation of bidding regulations on purpose for self- interests

Thank you for your attention