NASC discusses Government bond capital allocation

According the Government report presented at the session, VND66.72 trillion (US$3.1 billion) of Government bond capital will be poured into uncompleted projects run by ministries and localities, accounting for 43.6% of demand for Government bond supplements, while VND6.60 trillion (US$310 million) will go to the project on developing infrastructure for large-capacity ships on the Hau River.

The Government suggested a supplement of VND48.65 trillion (US$2.3 billion) for 638 key projects. Regarding VND18.07 trillion (US$849 million) allocated to 91 projects scheduled for within two years, of which the Government bond capital just meets 33.7% demand, the Government asked the NASC to allow the Government to review the implementation and capital situation of uncompleted projects in order to make appropriate adjustments and avoid waste.

Most of the NASC members agreed with the report and the Government's suggestions regarding the 91 uncompleted projects, and requested that the Government review the projects, adjust their capital structures and mobilise other legal capital resources to complete the projects on schedule. The Government is also to submit a report to the NASC before April 30, 2014 for its final decision.

The Government also reported on an expenditure of VND1 trillion (US$47 million) on the second phase of border guard route construction. Based on the Government's earlier report to the NASC, the committee agreed to allocate VND1.50 trillion to the project, as it needs to be completed as soon as possible.

The NASC appropriated VND500 billion from the project on developing infrastructure for large-capacity ships on the Hau River for use on the border guard route project. It also agreed to issue a resolution on allocating 2014-2016 Government bond capital for uncompleted projects lacking capital.

Delegates discussed the scope of the amended Law on Bankruptcy and bankruptcy procedures. NASC members asked the NA Economic Committee to work with ministries and agencies to complete the amended draft Law on Bankruptcy for submission to the NA for consideration.

(Source: Nhandan Newspaper Online)