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Prioritization of Public Investment Projects in Vietnam

Author

Listed:
  • Glenn P. Jenkins

    (Queen's University, Canada and Eastern Mediterranean University, North Cyprus)

  • Mikhail Miklyaev

    (JDINT’L Executive Programs Department of Economics, Queen’s University, Canada and Cambridge Resources International Inc.)

  • Shahryar Afra

    (Cambridge Resources International Inc.)

  • Majid Hashemi

    (Cambridge Resources International Inc.)

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.

Suggested Citation

  • Glenn P. Jenkins & Mikhail Miklyaev & Shahryar Afra & Majid Hashemi, 2017. "Prioritization of Public Investment Projects in Vietnam," Development Discussion Papers 2017-08, JDI Executive Programs.
    • Handle: RePEc:qed:dpaper:305
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    More about this item

    Keywords

    Public Investment Law; Cost benefit analysis; Vietnam;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
    • G3 - Financial Economics - - Corporate Finance and Governance

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