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Prioritization of Public Investment Projects in Vietnam

Glenn Jenkins (), Mikhail Miklyaev (), Shahryar Afra () and Majid Hashemi

No 2017-08, Development Discussion Papers from JDI Executive Programs

Abstract: Recently enforced Public Investment Law (PIL) provides a strong basis for the enhancement of the PIM system’s efficiency, however, the implementation of the PIL is progressing slowly. Quang Ninh province has been selected for an analysis of the practical difficulties authorities face in complying with PIL requirements, particularly in the preparation of investment intention reports. Discussions with provincial authorities revealed two major constraints: 1. lack of an investment intention report template and guidelines; 2. absence of methodologies and guidelines on the preliminary assessment of the socio-economic effectiveness of PIPs. The efficiency of the PIM system in Vietnam can only be improved if the investment intention reports prepared by project promoters are to form the basis for technical analysis of PIPs. The major component of technical analysis is an evaluation of PIP socio-economic returns. This evaluation should be done using CBA methodologies formulated from basic principles of applied welfare economics. The results of technical analysis must drive the project approval (or rejection) process, in sharp contrast to the current practice of approving projects to be included in regional development master plans before due diligence has been carried out.

Keywords: Public Investment Law; Cost benefit analysis; Vietnam (search for similar items in EconPapers)
JEL-codes: E22 G11 G3 H54 (search for similar items in EconPapers)
Pages: 63 pages
Date: 2017-08
New Economics Papers: this item is included in nep-mac, nep-ppm and nep-sea
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