Issuing government bonds to borrow money for the belt 4 projects in the capital region and belt 3

DNHN - The Economic Committee said that there shouldn't be too many special mechanisms and policies, because that would make things less stable, consistent, in sync, and line with the law.

Vu Hong Thanh, chairman of the National Assembly Standing Committee (UBTVQH) Economic Committee, said the committee agreed with the necessity to invest in projects to implement the 10-year socio-economic development plan. He mentioned Ring Road 4 in Hanoi and Ring Road 3 in Ho Chi Minh City.

The 13th National Assembly approved and agreed with Resolution No. 29/2021/QH15 of the National Assembly, dated July 28, 2021, on the medium-term public investment plan for the years 2021 through 2025. In it, the requirement is to "urgently prepare for investment, start building soon, and finish ring road projects 3 and 4 of Hanoi and Ho Chi Minh City's most active areas."

However, the Economic Committee determined that implementing many highway projects at the same time, with a focus on the years 2022–2025, would require a significant investment, making progress impossible to secure. The fundamental level will be finished in 2025.

As a result, the verifying agency recommends a full additional assessment of the ability to disburse, absorb capital, balance and efficiency in resource allocation, and management capacity... to have timely solutions to ensure feasibility, efficiency, progress, and quality for this project and other projects. Other significant initiatives are also being carried out.

In the study, the government outlined many investment methods and initiatives. The Economic Committee says a specific technique and strategy are needed to hasten project development.

The current system of legal regulations and policies on building, investment, and business is appropriate and synchronized, providing a legal framework for project execution. Too many specific processes and rules may impair stability, consistency, synchronization, and legal compliance.

The Economic Committee raised concerns over the idea of enabling the government to issue bonds to lend to communities for investment in Belt 4 projects in the Capital and Ring 3 districts, citing increased budget risk.

As a result, it is advised that the government pay attention to particular mechanisms and policies that must be connected with the specific features of each project, rather than replicating the mechanisms and policies used in other projects and modifying the project's core structure. Special regimes and policies become more popular, which changes how the law is applied, how valuable it is, and how widely it is used.

Minh Chinh