09:29 | 10/11/2015 Investment
(VEN) - Prime Minister Nguyen Tan Dung recently issued Decree 84/2015/ND-CP on investment supervision and assessment.
Citizens have the right to supervise investment projects through community monitoring committees
Under the decree, all investment activities in Vietnam, overseas Vietnamese investment, public investment projects, and investment activities using capital from official development assistance (ODA) sources must be supervised and assessed on a regular basis.
Specifically, investment projects will be regularly inspected, supervised and assessed through initial, mid-term, completion, impact and periodical assessments. Investment projects will be assessed in terms of investment policy, project adjustments, compensation for site clearance, resettlement, investment capital disbursement, project operation management, and environmental protection. Based on these assessments, suitable decisions will be made to ensure the quality and on-schedule implementation of investment programs and projects.
Investment projects must also be put under community supervision. Community monitoring committees will be established and have the right to request concerned state management authorities to provide information about socioeconomic development plans, development plans for specific sectors, land-use planning schemes, infrastructure plans, detailed plans for construction of urban, residential, industrial areas, and related investment plans of localities where projects are based.
Community monitoring committees also have the right to request investors to provide information related to investment decisions as well as waste treatment and environmental protection measures.
Residents in localities where investment projects are based have the right to supervise investment projects through community monitoring committees. This supervision allows rural residents to see how investors abide by investment management regulations and find out violations on a timely basis and report them to relevant state management authorities. This supervision also helps reveal investor mistakes on a timely basis to ensure proper and on-schedule implementation of investment projects.
In case of finding signs of violations that would seriously affect production and social security, or a lack of transparent information about investment projects, community monitoring committees have the right to request relevant authorities to suspend the implementation of investment projects or report supervision results to state management authorities and propose suitable treatment measures.
Decree 84/2015/ND-CP indicates that the supervision and assessment of investment projects must be accordant with existing regulations, not hindering the jobs of people who are subject to supervision. The information catering for supervision and assessment must be adequate, transparent and provided on a timely basis. The results of supervision and assessment must be honestly reported to state management authorities.
Experts believe Decree 84/2015/ND-CP will ensure transparent and more effective management of investment activities.