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VIETNAM ACADEMY OF SOCIAL SCIENCES GRADUATE ACADEMY OF SOCIAL SCIENCES MAI THI THU HA PUBLIC INVESTMENT POLICY FROM THE PRACTICE OF THAI NGUYEN PROVINCE Major: Public policy Code: 34 04 02 DOCTORAL DISSERTATION IN PUBLIC POLICY HANOI - 2022 The work was completed at: VIETNAM ACADEMY OF SOCIAL SCIENCES GRADUATE ACADEMY OF SOCIAL SCIENCES Supervisors: Assoc.Prof.Dr NGUYEN TRONG XUAN Reviewer 1: Assoc.Prof.Dr Ngo Phuc Hanh Reviewer 2: Assoc.Prof.Dr Le Bo Linh Reviewer 3: Assoc.Prof.Dr Nguyen Minh Phuong The dissertation will be defended before the Academy Level Dissertation Judging Committee, at: Graduate Academy of Social Sciences, 477 Nguyen Trai, Thanh Xuan, Hanoi …at The dissertation can be found at: - Library of the Graduate Academy of Social Sciences - National Library of Vietnam PREAMBLE The urgency of the study title Public Policy is a management tool used by the state to encourage the production, ensure public goods and services for the economy, and encourage both the public and private sectors to manage public resources in an effective, practical for the economy, politics, society, environment both in the short term and in the long term Public policy is one of the bases for measuring capacity in planning, policy formulation, goal setting, inspection and evaluation bases, and responsibility in the use of public resources Public investment policy is one of many aspects that need to be addressed in public policy Well-implemented public investment policies make an important contribution to the country's socio-economic development Our country's economic growth is currently mainly based on increased investment capital, which normally accounts for 40% to 42% of GDP; capital of the State and of the nature of the State accounts for from 30% to 35% Investment activities in general and public investment in particular are considered as the main driving force to promote economic growth Thai Nguyen is a province in the Northern Midlands and Mountains, Thai Nguyen City is the political, cultural and social center of the province and is recognized by the Government as a grade I urban area directly under Thai Nguyen province in Decision No 1645/QD-TTg dated September 1, 2010 On the other hand, Thai Nguyen is also considered as the cradle of the Northern industry since the 60s of the last century, so far now, Thai Nguyen has retained its important role thanks to its flexibility and dynamism in administering and implementing policies for socioeconomic development of the province in recent years One of those policies is the Public Investment Policy, which has made an important contribution to the development of the infrastructure of the two cities in particular and the province in general, promoting rapid economic growth The average growth rate in the whole period 2010 - 2019 reached over 10%, in 2014 alone reached 29.7% and in 2015 reached 33.2%, the highest in the past 10 years Achieving that result has an important contribution from the implementation of the Investment Policy, including public investment Therefore, Thai Nguyen is very interested in the implementation of the Public Investment Policy, in order to effectively use the state budget capital and attract investment capital from various sources, Thai Nguyen province has actively completed the mechanism, with preferential policies, actively cutting administrative procedures, ready to accompany investors to solve difficulties and problems of investors, Thai Nguyen is becoming a bright spot in attracting foreign investment (FDI) with many large industrial parks in Pho Yen, Song Cong and Phu Binh The implementation of the Public Investment Policy in Thai Nguyen province recently has achieved remarkable results in the allocation, management and use of public investment capital, contributing positively to socio-economic development in the local area A number of public investment projects have promoted their effectiveness: Bac Son road project, Thai Nguyen TV station, traffic improvement project in the inner city of the city However, in the actual implementation process Currently, there are also certain limitations: Investment is still spread, resources are wasted, there are suspended projects, outstanding debts in capital construction projects, putting pressure on the provincial budget The decentralization in the public investment mechanism is not really effective, making it difficult to supervise and manage public investment projects Therefore, the author chooses the research problem for Dissertation as: "Public investment policy from practice in Thai Nguyen province" The purpose and research tasks of the dissertation Research purpose: To analyze and properly assess the actual situation of the implementation of the Public Investment Policy in Thai Nguyen province before the Law on Public Investment (2010 - 2015) and the implementation of the Law on Public Investment (2016 - 2019) On that basis, the dissertation proposes solutions to improve the effectiveness of the implementation of the Public Investment Policy in Thai Nguyen province Research tasks: - Synthesize and contribute to clarifying the theoretical and practical basis of Public Investment in Vietnam, inheriting and adding new points to complete the theoretical framework for the dissertation's research problem - Studying the experience of implementing the Public Investment Policy of some countries and localities in the country to draw lessons for the implementation of the Public Investment Policy in Thai Nguyen province - Analyze and evaluate the actual situation of implementing the Public Investment Policy in Thai Nguyen province in the period (2010 2019) and be divided before and after the Law on Public Investment to show the achieved results, limitations and causes of limitations as a basis for proposing solutions to improve the effectiveness of public investment policy implementation in Thai Nguyen province - Based on the viewpoints, objectives and tasks of the Public Investment Policy and analyzing the international, domestic, and provincial contexts, the dissertation proposes solutions to improve the effectiveness of the implementation of the Public Investment Policy in Thai Nguyen province The object and scope of the dissertation's research Research object: The process of implementing public investment policy in Thai Nguyen province Research scope Scope of time: Focus on studying key data from the period 2010 to 2019 In which, focus on analyzing more deeply in the period 2015 - 2019 to see the difference in the implementation of the Investment Policy Public investment in Thai Nguyen province before and after the Law on Public Investment 2014 Scope of space: A study on the implementation of public investment policies in Thai Nguyen province Scope of content: Public investment policy includes many different contents This Dissertation mainly focuses on studying the implementation of the Public Investment Policy in Thai Nguyen province: Implementation process: developing the implementation plan, organizing the implementation of the Public Investment Policy, evaluating the results, effectiveness and adjustment and review of the implementation of public investment policies; The advantages, limitations and causes, on that basis point out the problems to be raised in the process of implementing the Public Investment Policy in Thai Nguyen province as a basis for proposing solutions to improve the effectiveness of public investment policy implementation in Thai Nguyen province Research hypothesis and research question Research hypothesis In fact, the implementation of the Public Investment Policy in Thai Nguyen province in the past 10 years has ensured the correct process, and the implementation of public investment projects according to the planning and schedule The results of the implementation of public investment policies are shown: The fastest economic growth is in the period 2013 2016, the socio-economic infrastructure system has been significantly improved, people's lives have been improved; To get the above results can be attributed to many factors during the implementation of the Public Investment Policy in Thai Nguyen province, including subjective factors from social resources and objective factors from resources nature Some basic solutions have been applied by Thai Nguyen Provincial People's Committee to improve the efficiency of public investment policy implementation in Thai Nguyen province: solutions to increase disbursement of public investment, solutions to attract domestic investment capital and abroad, strengthen the capacity of public investment policy enforcement officers; Consistency in the implementation of public investment policies of the management apparatus of Thai Nguyen province has also contributed to the well and effective implementation of investment policies in general and public investment policies in particular From the direction and leadership of the Party committee and government of Thai Nguyen province, the organization and implementation of public investment policies in the province ensured the progress of the declaration, contributing to the socio-economic growth of the province, but also revealed a number of problems in the implementation process that need to be resolved to ensure the implementation of public investment policies more effectively, contributing to the province's economic growth and development in the following years, meeting the general development needs of the economy Research question What is the current situation of implementing Public Investment Policy in Thai Nguyen province in recent years? What factors affect the implementation of Public Investment Policy in Thai Nguyen province? Through the analysis of the actual implementation of the Public Investment Policy in Thai Nguyen province over the past time, what are the issues that need to be proposed to the government to improve the public investment policy? What solutions to improve the efficiency of implementation of public investment policy in Thai Nguyen province in the coming time? Research method of the dissertation 4.1 Methods of data collection 4.1.1 Secondary data collection method: Collecting available information, published data and documents 4.1.2 Primary data collection method: Using expert method combined with in-depth interview This method is used to consult the leaders and managers in Thai Nguyen province regarding the implementation of the Public Investment Policy 4.2 Information processing methods - Statistical disaggregation method: Secondary data is collected from different sources, based on the research objective, the PhD Student chooses appropriate classification criteria to gather the collected documents into groups problems for easy reading, analysis and syndissertation - Statistical analysis method: On the basis of data, tables are formed, analyzed and compared: relative numbers, absolute numbers, average numbers, growth rates, growth/decrease rates - Methods of charts and graphs: Used to represent statistics instead of tables, this method makes it easier to analyze and compare indicators - Time series method: Used to analyze the fluctuations of indicators over time, thereby seeing their movement trends 4.3 SWOT matrix analysis method SWOT analysis helps to bring in depth and comprehensive insight into investment policy as well as the implementation of public investment policy, this method is especially useful in decision making, strategic planning and setting public investment policy implementation plan The SWOT analysis model helps investors make accurate decisions when implementing a certain investment project or program In this study, the PhD Student uses the SWOT model to analyze strengths, weaknesses, opportunities and challenges in terms of conditions for implementing Public Investment Policy in Thai Nguyen province in the period of 2010 - 2019 4.4 Analytical framework of the dissertation Diagram 1.1: Analytical framework of the dissertation Research Methods Synthesize, analyze documents, systematize Synthesize, analyze and systematize; Expert opinion Contents of basic research Overview of research works related to the title and dissertation Overview of public investment policy The process of implementing the Public Investment Policy Criteria for evaluating the implementation of the Public Investment Policy Factors affecting the Outcomes and goals to be achieved Inheriting research results on Public Investment Policy Finding gaps in research Concepts, characteristics, roles and origins of public investment policy implementation Promulgate documents, organize the implementation, and evaluate the implementation of the Public Investment Policy Qualitative, Quantitative and ICOR Indicator Outlining objective and subjective factors implementation of public investment policy Experience in implementing international and domestic public investment policies Analyze, compare, synthesize; SWOT, Expert Statistical System Actual situation of implementing public investment policy in Thai Nguyen province Solutions to improve the efficiency of public investment policy implementation in Thai Nguyen province affecting public investment policy Lessons learned and applied in the implementation of Public Investment Policy in Thai Nguyen province General overview of geographical location, natural and socio-economic conditions affecting the implementation of the Public Investment Policy Actual situation of implementing Public Investment Policy in Thai Nguyen province, achievements, limitations and causes International, domestic, and provincial contexts; Target; Perspectives and directions Solutions to improve the efficiency of public investment policy implementation in Thai Nguyen province The new scientific contribution of the dissertation Firstly, systematize research works and dissertations with inheritance of domestic and foreign studies on public investment and Public Investment Policy, in order to clarify the theoretical basis of the National Public Investment Policy and lessons learned in the implementation of the Public Investment Policy in Thai Nguyen province Secondly, from the theoretical research, the study of policy documents, the Law on Public Investment, the textbooks and lectures on public policy, combined with the actual survey results on the implementation of the policy public investment, PhD Students synthesize and summarize into the process of implementing public investment policy Thirdly, the dissertation clarifies the actual situation of implementing the Public Investment Policy in Thai Nguyen province in the past 10 years, points out the results achieved by qualitative and quantitative indicators, and limits weaknesses and causes of the limitations and inadequacies in the implementation of the Public Investment Policy in Thai Nguyen province Fourthly, on the basis of analyzing the current situation, the dissertation proposes a number of solutions to improve the efficiency of the implementation of the Public Investment Policy in Thai Nguyen province, which can be consulted by provincial policy makers Theoretical and practical significance of the dissertation In terms of theory: The research results of the dissertation contribute to clarifying the theoretical basis of Public Investment Policy, including: Concept, role, factors affecting the implementation of Public Investment Policy, experience at home and abroad on the implementation of public investment policies The issues mentioned in the dissertation make an important contribution to analyze the current state of implementation of the Public Investment Policy, and to propose solutions to effectively implement the Public Investment Policy in Thai Nguyen province In practice: Dissertation's research results can be used as a reference for students, graduate students, PhD Students and lecturers, in studying and teaching majors in Public Policy At the same time, it is also a source of documents for the State management agencies in charge of investment as well as the leaders of Thai Nguyen province to refer to in directing and implementing the Public Investment Policy in Thai Nguyen province The structure of the dissertation In addition to the introduction and conclusion, the dissertation is structured in four chapters as follows: Chapter 1: Overview of research related to dissertation title Chapter 2: Theoretical and practical basis for implementing financial policy Chapter 3: Actual situation of implementing political policy of Thai Nguyen province Chapter 4: Perspectives, orientations and solutions to improve the effectiveness of the implementation of financial policy in Thai Nguyen province Chapter OVERVIEW OF RESEARCH STATUS RELATED TO DISSERTATION TITLE 1.1 Overview of research works related to the title 1.1.1 Public policy research projects, public policy implementation: Some studies on public policy abroad and domestically include: Devarajan, Swaroop and Zou (1996), Chen (2006), Ghosh and Gregoriou (2008) The authors study the relationship between total government investment, government spending structure and growth Edwards, S (1992), argues that the financing of investment spending from the state budget, often accomplished by tax increases or debt, competes directly with the private sector in access to scarce financial resources of the economy; Kormendi and Meguire (1985); Barro, R J (1991) These two studies both exploit data from many countries in the world and the growth rate is calculated over a long period; Solow, R (1956); Aschauer, D A (1989a), According to the theory, there are two main hypotheses about the relationship between public investment and private investment Assumption that public investment "overwhelm" private investment, an increase in public investment will cause investment in the sector The private sector is shrinking; David N Hyman (2005) clearly demonstrates the role of government in running the economy and explains the role of government in public sector decisions Le Chi Mai (2001) "Solutions to promote administrative reform in Vietnam" The author believes that, Public policy includes many decisions that are related to each other, focusing on solving a problem in socioeconomic life according to defined goals of political parties and policy makers to change or maintain a status quo The subject of issuing Public policy is the state; Do Phu Hai (2017), "Overview of Public policy", the author gives a definition of Public policy as follows: “Public Policy is a set of decisions related to CHOOSING objectives and policy instrument solutions aimed at address policy issues according to the defined overall goals of the ruling political party” Nguyen Thanh Binh (2020) "Building Public policy in Vietnam today - Theoretical and practical issues" Ly Thi Ngoc (2020) "Implementation of legal policies to protect national security in Vietnam today" 11 1.2.1 Evaluation of research results related to dissertation title - In terms of theory: Studies often go into specific theoretical issues of public investment; point out the inadequacies in public investment implementation; analysis of the structure of public investment and the need to restructure public investment, as well as the need for a Law on Public Investment - In terms of practice: At the national level, studies refer to macro issues related to the implementation of public investment policies such as public investment in the construction of socio-economic infrastructure; A number of analytical studies on public investment implementation in Asian countries have collected quite large public investment data to demonstrate the effective implementation of public investment policies; relationship between public investment and private investment; cost-benefit analysis of public investment projects 1.3.2 Gaps that need further study in the dissertation Firstly, about the research approach: Most of the studies have approached the direction of State management of public investment activities, there are almost no specific studies on the implementation of investment policies Therefore, the PhD Student believes that the research approach in the direction of analyzing the implementation of public investment policy in a province is also a new research approach, to see the inadequacies in the implementation of public investment policies Public investment policy is necessary, in order to propose solutions to overcome inadequacies, in order to improve the effectiveness of public investment policy implementation in Thai Nguyen province in particular and localities throughout the country in general Secondly, about analytical indicators: Previous studies have not systematically mentioned indicators to analyze the results and effectiveness of public investment policy on both qualitative and quantitative aspects Therefore, in this study, the PhD Student provides specific analytical criteria including both quantitative and qualitative indicators to evaluate the results and effectiveness of the implementation of the above public investment policy in the country Thai Nguyen province In addition, the PhD Student also mentioned the process of implementing public investment policy, on that basis, compared with the implementation of public investment policy in the study area 12 Thirdly, in terms of content: Previous studies often delve into the aspect of investment or public investment in a specific field or locality under the Public policy major: Public investment in infrastructure construction, investment public investment in industry, agriculture The PhD Student has not found any research with the content of implementing public investment policy in a specific locality, so the content of implementing public investment policy in Thai Nguyen province is completely new compared to the content that previous studies have done Fourthly, about the implementation process: The PhD Student has not found any research that summarizes the implementation of Public policy to provide a specific process, the studies only focus on each step in the process: Decentralization of management, control supervision or construction and development of infrastructure Therefore, the study of documents related to public investment policy together with the syndissertation from actual research at the grassroots level to provide an implementation process implementation of public investment policy is a new point in the research process to complete the dissertation Chapter THEORETICAL AND PRACTICAL BASIS FOR PUBLIC INVESTMENT POLICY IMPLEMENTATION 2.1 Overview of Public Investment and Public Investment Policy 2.1.1 Concept and characteristics of public investment 2.1.1.1 Investment Concepts 2.1.1.2 Public investment concept: 2.1.1.3 Features and principles of public investment management 2.1.2 Concept and content of public investment policy 2.1.2.1 Concept 2.1.2.2 Objectives, objects and subjects of public investment policy 2.1.2.3 Contents of public investment policy 2.2 Some general issues about public policy implementation 2.2.1 Concept 2.2.2 The role of public investment policy implementation 2.2.3 The process of implementing public investment policy 2.2.3.1 Develop a plan to implement public investment policy 2.2.3.2 Organize the implementation of public investment policies 13 2.2.3.3 Evaluation of results and effectiveness of public investment policy implementation 2.2.3.4 Adjusting the implementation of public investment policies 2.2.3.5 Monitor, inspect and urge the implementation of public investment policies 2.2.3.6 Summary of implementation of public investment policy 2.3 Criteria for evaluating organizations implementing public investment policies 2.3.1 Evaluation criteria for the process of implementing public investment policy - Development of the implementation plan: - Organizational work: - Follow the correct steps in the process: 2.3.2 Indicators to evaluate the results of public investment policy implementation Public investment growth rate (%) = x 100 In which: K: Scale of public investment capital; : Amount of increase in public investment capital of the following period compared to the previous period - Proportion of public investment in total social investment: public investment capital g (%) = x100 social investment capital - Structure of public investment capital by industry, field of socioeconomic development: is the ratio of public investment capital distributed by industry according to the field of operation of the economy - Structure of public investment capital according to the decentralization of state management of public investment: is the ratio of public investment capital managed by the central government and the local authorities annually - Investment/GDP structure: Is the percentage of public investment 14 over GDP, in order to assess the annual amount of public investment in public sectors bringing socio-economic benefits 2.3.3 Indicators to evaluate the effectiveness of public investment policy implementation - Public investment efficiency: Public investment efficiency is assessed by ICOR index The ICOR index is both a result, an efficiency, and a basis for building an investment plan The calculation formula is as follows: ICORt,o = Dt(c)/Iq In which: Dt (c) = Vt(c)/Gt (c): Ratio of public investment Vt(c) to GDP in the study year Gt(c) (the same at fixed prices); Iq: GDP growth rate in the research year compared to the base year In addition, the dissertation also mentions a number of qualitative indicators reflecting the impact of the implementation of public investment policies on socio-economic development 2.4 Factors affecting the implementation of public investment policy 2.4.1 Objective factors affecting the implementation of public investment policy 2.4.1.1 The environment for implementing public investment policies 2.4.1.2 Political context when public investment policy 2.4.1.3 Features of public investment policy 2.4.1.4 Strategic orientation of socio-economic development 2.4.2 Subjective factors affecting the implementation of public investment policies 2.4.2.1 Capacity of the subject implementing public investment policy 2.4.2.2 Capacity of partners to implement public investment policies 2.4.2.3 Policy implementation capacity of cadres and civil servants 2.4.3.4 Resources to implement public investment policy 2.4.3.5 The consent of the people 2.5 International and domestic experience in public investment policy implementation 2.5.1 International experience Dissertation studies the experience of implementing public investment policies of: China, Korea, and Japan, showing that in China, the role of planning is highly appreciated in the implementation of public investment policies In Korea, promoting the role of public 15 investment management, establishing a public investment management system In Japan, the Government has implemented synchronous solutions, focusing on strictly managing the central and local budgets to curb the decline in public investment 2.5.2 Some local experiences Dissertation researches experience in implementing public investment policies of: Hanoi, Ho Chi Minh City and Dong Nai Hanoi City has well implemented public investment policy on contents: (i) Promulgating and organizing the implementation of legal documents of the City; (ii) Formulating strategies, master plans and plans for public investment; (iii) Organization of state management apparatus for public investment; (iv) Inspection, examination and supervision of the implementation of public investment policies Ho Chi Minh City, based on the Law on Public Investment 2014, the City People's Committee attaches importance to the review and identification of key and key projects, prioritizing the implementation according to the schedule; reviewing plans to convert projects into investment forms that not use state capital Dong Nai, attach importance to the development and promulgation of legal documents on investment - construction, investment capital from the state budget of Dong Nai province 2.5.3 Reference values in implementing public investment policies in Thai Nguyen province are drawn from the practice of some countries and localities in the country Firstly: Do well the preparation work, including the planning stage, and issue the guiding documents soon for timely direction Secondly: Innovation in organization and implementation: It is necessary to reduce the role of the Government in investment decisions, Thirdly: Do well the inspection and supervision of the implementation process: The supervision, inspection and inspection of the implementation of public investment policies is one of the important activities and is carried out regularly and continuously Fourthly: Strengthening discipline and discipline in the implementation of public investment policies Fifthly: There should be a specialized management organization and a separate appraisal agency to manage from the planning stage to the implementation stage 16 Chapter IMPLEMENTATION OF PUBLIC INVESTMENT POLICY IN THAI NGUYEN PROVINCE 3.1 General overview of natural, socio-economic conditions and their impacts on the implementation of public investment policies in Thai Nguyen province 3.1.1 Natural conditions in Thai Nguyen province 3.1.2 Socio-economic conditions of Thai Nguyen province 3.1.3 General assessment of natural, socio-economic conditions affecting the implementation of public investment policies in Thai Nguyen province 3.1.3.1 Advantages and opportunities 3.1.3.2 Difficulties and challenges 3.2 Actual situation of implementing public investment policy in Thai Nguyen 3.2.1 About the implementation process 3.2.1.1 The formulation of a public investment policy implementation plan: 3.2.1.2 Implementation of public investment policy in Thai Nguyen province a) Mobilizing capital to implement public-private investment policies in Thai Nguyen province in the period 2010 - 2019: In the past 10 years, the mobilized capital is: 40,508.50 billion VND; adjusted and additional capital is 43.75 billion dong b) Public investment project planning: The number of projects in the approved planning is 252 projects, the number of approved planning projects is 199 projects, the number of projects to be adjusted and supplemented is 55 projects; Number of approved projects is 79%; the number of projects to be adjusted or supplemented is equal to 27.6% of the approved planning projects c) Appraisal and approval of public investment projects: The process of appraisal and approval of investment projects is carried out in two steps: Step 1: Pre-feasibility and feasibility assessment; Step 2: Independent appraisal of the project The appraisal work strictly complies with the provisions of the Law on Public Investment, other relevant Laws, Decrees and guiding documents under the law 3.2.1.3 Supervision and evaluation of public investment projects In the period of 2010 - 2019, the monitoring and evaluation of the pope in Thai Nguyen province has received great attention from the 17 Provincial People's Committee In the early 2010s, there were still certain confusions, in the 2016 - 2019 period, the Provincial People's Committee actively directed the consulting units to strengthen the inspection, supervision and evaluation of investment projects investment, especially projects using state budget capital Monitoring and evaluation is carried out in all stages, the monitoring and evaluation to see which projects are being implemented on schedule, which projects are facing difficulties to advise and resolve in a timely manner 3.2.1.4 Evaluate the results of using capital to implement public investment policies In the past 10 years, Thai Nguyen province's public investment capital has accumulated to reach VND 18,248,082 billion, of which the balanced investment capital from the local budget accounts for 50%, the central budget accounts for 30%, and the rest ODA and government bonds account for 20% By the end of 2019, local capital has been delivered 76%, central capital has been assigned 69%, the rest will be transferred to 2020 For government bond capital, only 2% and capital remaining ODA is only 11% 3.2.1.5 Summary of implementation The implementation review is the last step in the process of implementing public investment policy in Thai Nguyen province but in fact in Thai Nguyen there is not a separate step like the above steps, but the performance summary is only integrated into annual, quarterly and 6-month reports or whenever there is an event Based on those reports, the PPC can adjust the implementation to suit the actual situation 3.2.2 On the results of implementing public investment policies in Thai Nguyen province 3.2.2.1 Regarding the scale of capital for public investment; In 2010, total social investment capital of Thai Nguyen province was 10,173 billion VND; In 2014 it was 39,068.2 billion VND and in 2015 it was 66,507.7 billion VND; in 2016 decreased to 39,595.5 billion; in 2017 is 33,854.5 billion VND; In 2018, it was 38,923.68 billion VND and in 2019 it was 42,631.28 billion VND 3.2.2.2 Regarding the structure of implementing public investment capital: In 2010, FDI capital accounted for only 5.12% of the total investment capital of the whole society; in 2013 was 39.92% and jumped to 74.08% in 18 2016 In 2019, the total investment capital of the commune was 41,481.4 billion VND, reaching 92.8% In 2010, loans accounted for 58.24%, in 2011 it was 62.32%, in 2012 it was 35.09%, in 2013 it was 34.76% and in the following years it was over 20%, especially in 2016 is only 18.49% State budget capital, government bonds increased gradually, in 2010 it was 36.53%, in 2011 it was 30.95%, in 2019 it reached 60.42% Capital of SOEs in the period 2010-2015 increased from 3.5% to 29.1% In the period 2010 - 2015, the proportion of investment in industry and construction is up to 79.77%, in trade and service is 14.5% and in agriculture, forestry and fishery is 5.73% In the period of 2016-2019, industry and construction accounted for 83.99% and trade & service sector was 11.12%, agriculture, forestry and fishery only 4.80% 3.2.3 Effective implementation of public investment policy in Thai Nguyen province (2010 - 2019) 3.2.3.1 Evaluation of effectiveness by ICOR Index: In the past 10 years, ICOR continuously decreased from 1.81 in 2013 to 0.24 in 2014 and in 2015 and the next years at 0.33 and 0.32 In the period 2014-2017, public investment was the most effective By 2018, the ICOR coefficient reached 0.63, an increase of 0.31 points compared to 2017, and in 2019 it decreased slightly to 0.59 points 3.2.3.2 Evaluating the effectiveness by the impact of public investment policy on the socio-economic development of Thai Nguyen province: In the past 10 years, the effective implementation of the public investment policy has resulted in the average economic growth over the past 10 years period 2010 - 2019 reached 9.89%; the economic structure has been positively transformed in the direction of industry; Socio-economic infrastructure has been enhanced and developed in both quantity and quality 3.3 General assessment of public investment policy implementation in Thai Nguyen 3.3.1 Achievements in implementing public investment policies (1) Regarding the implementation process: Theoretically, it has not followed the theory of steps as mentioned in chapter 2, of which steps are quite good, but the adjustment step is not implemented separately as theory, but included in the evaluation of results and performance, similarly, the summarization step has not been carried out methodically but is often integrated in quarterly and annual reports 19 (2) Regarding the results of the implementation of public investment policies: The scale of public investment capital has increased in the past 10 years, especially in 2015 reaching 66,507.7 billion VND, in 2019 reaching 42,631.28 billion VND, increasing times in 2010; The proportion of investment capital fluctuated, in the period 2010 - 2014 accounted for a relatively high proportion, always at digits In the period of 2015 - 2019, gradually reduced to only digit FDI capital has a relatively high proportion, increasing sharply in 2014, 2015, slightly decreasing from 2016 but still accounting for over 50% Structure of public investment capital, including state budget capital, ODA capital, SOE capital and other capital (3) Regarding the effectiveness of public investment policy implementation: Quantified through the ICOR index, the recent years have tended to decrease significantly compared to the previous years, the ICOR coefficient will decrease further and match the conditions of the province as well as some localities in the region The country has abundant labor resources In addition, through public investment activities, technical infrastructure such as electricity, traffic, irrigation and social infrastructure 3.3.1.2 Reasons for achieving the positives Firstly, the stable socio-political environment and the attention and leadership of the provincial Party Committee: Secondly, geographical location and favorable natural conditions: Thirdly, the involvement of departments and localities: Fourthly: Thai Nguyen has relatively abundant human resources: 3.3.2 Existences, limitations and causes 3.3.2.1 Existences and limitations Firstly, limitations in process implementation; Secondly, limitations in the implementation organization; Thirdly, limitations in investment appraisal and approval, as well as in the selection of implementation partners, especially the cost-benefit analysis capacity of investment project owners; Fourthly, the efficiency of using public investment capital is not high; Fifthly, the allocation of investment capital is not reasonable; Sixth, policy review has not been conducted, but only project evaluation has been conducted 3.2.2.2 Causes of existence, limitations Firstly, because there has not been a standard process issued for localities to consider it as a standard for implementation; Secondly, the project preparation capacity of the public investment policy enforcers of the departments and localities is still weak; Thirdly, the capacity of the actors 20 involved in the implementation is still limited; Fourthly, the legal environment for policy implementation in general and public investment policy in particular is not uniform; Fifthly, the implementation capacity of the investor/implementing unit has not really met the requirements; Sixth, the results and effectiveness of policy implementation have not been achieved as expected 3.4 Issues raised through analysis and implementation of public investment policy in Thai Nguyen province Firstly, the role of provincial state management in the implementation of public investment policies in the allocation of public investment capital; Secondly, there is waste and loss in public investment; Thirdly, the quality of public investment policy implementation is still limited, reflected in the implementation stage; Fourth, legal inadequacies in the form of public-private partnership (PPP) Chapter VIEWPOINTS, ORIENTATIONS AND SOLUTIONS TO IMPROVE THE EFFICIENCY OF INVESTMENT POLICY IMPLEMENTATION IN THAI NGUYEN PROVINCE 4.1 The domestic and international context affects the implementation of public investment policies in Taiyuan province 4.1.1 The international context affects the implementation of public investment policies 4.1.2 The domestic context affects the implementation of public investment policies 4.1.3 The context of implementing public investment policy in Thai Nguyen province 4.2 Orientation views, goals and tasks of public investment policy 4.2.1 Vietnam's viewpoints and orientations 4.2.1.1 The State's viewpoints and orientations on the implementation of public investment policies 4.2.1.2 The Government's key objectives and tasks on the implementation of public investment policies 4.2.2 Viewpoints, orientations, goals and key tasks of Thai Nguyen province in the implementation of public investment policies 4.2.2.1 Viewpoints and orientations of Thai Nguyen province on the implementation of public investment policies From the point of view of implementation: (i) Maximize 21 attraction and effective use of investment capital sources for economic development, investment in essential socio-economic infrastructure, serving the implement the goals and targets of the 10-year socio-economic development strategy 2021-2030 and the 5-year socio-economic development plan 2021-2025; (ii) Failing to allocate state budget capital for development investment in fields and projects in which other economic sectors can invest Prioritize the arrangement and allocation of state budget capital into programs and projects as "priming capital" in order to maximize the capital resources of other sectors participating in the implementation of public investment policies; (iii) Create a breakthrough to attract domestic and foreign private capital in the form of public-private partnership (PPP) to attract capital for the development of important socio-economic infrastructure, especially Especially with projects that have a wide spread and great impact on economic development, social infrastructure projects serving the community in the health and education sectors Regarding implementation orientation: (i) Focus on directing the development of medium-term public investment plans (2021 - 2025); (ii) Management and allocation of public investment capital, it is necessary to ensure focus, focus, avoid spreading; (iii) Capacity building in implementing public investment policies, attracting high-quality human resources; take advantage of the advantages, achievements and opportunities of the Fourth Industrial Revolution in association with the potentials and strengths of universities, scientific and medical research centers in the province; improve the competitiveness of the province; (iv) Strictly comply with the provisions of the Law on Public Investment, the Law on State Budget and other legal documents 4.2.2.2 Objectives and tasks of Thai Nguyen province in implementing public investment policy - Maximize attraction and effective use of investment capital sources for economic development, investment in essential socio-economic infrastructure, serving the implementation of the socio-economic development strategy 10-year socio-economic development plan 20212030 and 5-year socio-economic development plan 2021-2025 - Failing to allocate state budget capital for development investment in fields and projects in which other economic sectors can invest - Thoroughly grasp the principle of prioritizing arrangement and allocating the use of state budget capital into programs and projects as "priming capital" in order to maximize the capital resources of other actors participating in the implementation of the policy government's Invest - Create breakthroughs to attract domestic and foreign private 22 capital in the form of public - private cooperation for the development of important socio-economic infrastructure Demand for public investment capital (2021-2025): VND 27,876,629 billion In which, the central budget capital is 8,327.669 billion VND; local budget capital is 15,561 billion VND, Government bond capital is 914,157 billion VND, ODA capital is 3,073,803 billion VND 4.3 Solutions to improve the efficiency of public investment policy implementation in Thai Nguyen province 4.3.1 Completing the process of implementing public investment policies in Thai Nguyen province 4.3.2 Improve the quality of implementation of investment projects under the public investment policy in the province - Improve the quality of planning for public investment projects: - Improve the quality in project appraisal: - Improve the quality of investor supervision: - Strict control and strict discipline on project adjustments to avoid the possibility of these adjustments being abused: - Regularly audit and evaluate after the project ends: - Arrange and select the order of investment priority for projects under the public investment policy to ensure the balance of capital sources: 4.3.3 Strengthen the enforcement capacity of investors in implementing public investment policies 4.3.4 Enhance the initiative and flexibility in implementing public investment policies 4.3.5 Strengthen inspection and handling of outstanding debts to improve the efficiency of public investment policy implementation in the province 4.3.6 Improve the legal environment to implement public investment policies 4.3.7 Solutions to attract capital to implement public investment policies in Thai Nguyen province CONCLUSIONS AND RECOMMENDATIONS Conclusion The 10-year research process of implementing public investment policies in Thai Nguyen province (2010 - 2019) Dissertation author draws conclusions: Thai Nguyen has achieved great achievements in socio-economic development, improving people's lives thanks to relatively well implementation of public investment policies in recent years With rapid economic growth, people's material and spiritual lives are increasingly 23 improved It can be seen that the implementation of public investment policy in Thai Nguyen province has changed the face of the province with many investment projects in socio-economic infrastructure The process of implementing public investment policy before and after the Law on Public Investment is significantly different Before the Law, the public investment plan was assigned annually, it was difficult for local implementation because of the lack of initiative, difficult to implement public investment projects and programs with a large amount of capital while the state budget Provincial level has many limitations Since 2016, implementing the Law on Public Investment, public investment capital allocated for years (2016 - 2020), the province has been more proactive in implementing public investment policies, decentralizing and decentralizing in organizing implementation The implementation of public investment policy is methodical in accordance with the process of the province Planning is agreed with the investment program from the Provincial People's Council by Resolutions, the Provincial People's Committee issues decisions on allocation and allocation of investment capital to units and localities, making investment decisions based on the Planning and Investment plan, ensure the principle of uniformity by the guiding documents of the competent authority and comply with the provisions of the law However, the implementation process is not as standard as in theory, for the province, such implementation is already quite methodical The organization and implementation ensure that the steps from planning, planning, project appraisal, submission to competent authorities for approval are completed, and coordination between agencies, organizations and units implementing investment is completed, ensuring projects are carried out according to the approved schedule Evaluate the implementation of public investment policy through the assessment of the relationship between capital - output using the ICOR index The ICOR index has changed before and after the Law on Public Investment, is generally at a low level, and is quite specific to each region, the FDI sector is higher due to using more capital than the State capital sector by using more labor However, if the management is stricter, ICOR can continue to decrease further, to improve the efficiency of public investment activities in the province The total accumulated public investment capital by 2019 is over VND 35 trillion, the appraisal and approval of investment projects is conducted in a timely manner, ensuring the principles of unity, independence and compliance with the law, in order to negative limitations in the implementation process On the basis of orientation, socio-economic 24 development spending and total annual development investment capital of the province, the allocation of capital to projects is carried out in the order of priority: Paying off all projects settlement has been approved, then all completed projects and transitional projects and new construction projects will be arranged Through public investment activities, technical infrastructures such as electricity, traffic, irrigation and social infrastructures such as schools, hospitals, sanitation and clean water, poverty alleviation, are maintained and developed, creating a solid foundation for the province's socio-economic development The restructuring of public investment capital is in line with the general trend of the whole country, gradually shifting towards industrialization and modernization State capital gradually decreased from 40% in 2010, only approximately 10% in 2019, capital in non-state sector decreased from 51% in 2010 to 41% in 2019 replacing FDI capital increased from 5.1% in 2010 to 50.3% in 2019 Implementation of public investment policy in Thai Nguyen province has some limitations: Planning and implementing investment is spread out, causing budget waste, project progress is not guaranteed according to the built plan There are some limitations in the implementation and allocation of capital resources due to the increasingly narrow public investment capital, urgent additional spending tasks, and a lack of initiative in capital allocation Public investment is mainly in the direction of meeting short-term and local goals, there is no selective focus on investment needs, public investment is always in a state of investment exceeding the state budget balance, while state budget deficit, difficult to control investment efficiency, restrict the implementation of public investment policy On the basis of analyzing the current state of public investment policy in Thai Nguyen province, Dissertation points out the achieved results, limitations and problems to provide orientations, goals and solutions to improve the effectiveness of the implementation of public investment policy in Thai Nguyen province in the near future Recommendations - For the Government: - For the Ministry of Planning and Investment: - For Thai Nguyen Provincial People's Council: - For Provincial People's Committee: LIST OF PUBLISHED WORKS OF THE AUTHOR Mai Thi Thu Ha (2021), “Experience in implementing public policy in Hanoi and Ho Chi Minh City Ho Chi Minh City and suggestions for Thai Nguyen province” Economic & Forecast Magazine - No 10, April 2021; ISSN index: 0866-7120 Mai Thi Thu Ha (2020), “Practical study on implementation of public investment policy in Thai Nguyen Thai Nguyen province” Economic Research Journal, No 03 (502)/3-2020, page: 88- 96, ISSN 0866 7489 Mai Thi Thu Ha (2020), co-author of “FACTORS AFFECTING THE START-UP BUSINESS OF ETHNIC MINORITY YOUTHS IN THE NORTHWEST REGION OF VIETNAM”; International Journal of Economics, Business and Management Research, Vol.4, No.08; 2020 ISN: 2456-7760 Mai Thi Thu Ha (2019), “Some issues raised for the implementation of public investment policies of Thai Nguyen province in the coming time” Asia-Pacific Economic Review, No 533 - November 2019, pages: 72-83, ISSN 0868 - 3808 Mai Thi Thu Ha (2018), co-author of "Solutions to restructure the tea industry in Thai Nguyen province", Economic Research Journal, No 12 (487)/12-2018, pages: 77-89, ISSN 0866 7489 Mai Thi Thu Ha (2018), co-author "Application of commodity value chain theory to the tea industry in Thai Nguyen province", Economic Research Journal, No 07 (482)/7-2018, p : 72-83, ISSN 0866 7489 Mai Thi Thu Ha (2020), member of the author group of the book "Research on policies to attract ethnic minority workers to work in enterprises associated with sustainable poverty reduction", publication year 2020 Publishing Thai Nguyen University; Code: CTDT.27.17/16-20