HCMC to propose NA to issue resolution on specific policies

Secretary of the HCMC Party Committee Nguyen Thien Nhan on Tuesday said that he would propose the National Assembly (NA) to issue a resolution on specific mechanisms for the city to develop.

Secretary of the HCMC Party Committee Nguyen Thien Nhan (Photo: VGP)

Secretary of the HCMC Party Committee Nguyen Thien Nhan (Photo: VGP)

The statement was made at the discussion session of HCMC’s NA deputies group.
According to Mr. Nhan, the proposal aims to enhance the city’s proactivity and self-responsibility to utmost promote local resources from land, infrastructure to human resource; improve the city’s responsibility and contribution to regional development and central budget.
Polices are particular for the city but in overall they will contribute in better developing the city and the country, he added.
At present, the Government’s Decree 48 effective on June 10, 2017 stipulates that the city People’s Committee is entitled to establish estimates for large and important projects in environment, traffic and irrigation fields if investment capital is beyond the city’s budget capacity.
The estimates will be attached to a proposal, sent to the Ministry of Planning and Investment and the Ministry of Finance. The ministries will report that to the Government and submit to the National Assembly to give the city financial assistance from the central budget.
HCMC can ask for advance on the central budget or loans for infrastructure development. With its land fund, the city can auction land use right to get money to refund the advanced amount.
In addition, the Government also gives the city priority in allocation of official development fund (ODA) and preferential capital sources to develop infrastructure, urban and environmental projects and other programs with capital recovery ability.
Every year, if the central budget revenue increases compared to assigned norms, the city will enjoy 30 percent of the amount.
Deputy Pham Phu Quoc, director general of HCMC State Finance and Investment Stated Owned Company, agreed that the National Assembly should issue a resolution on specific mechanisms for the city.
Furthermore, he said there should have a particular code for financial centers like Hanoi, HCMC and Da Nang.

By ANH THU – Translated by Hai Mien

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