Xây dựng và hoàn thiện pháp luật huy động vốn đầu tư xây dựng nông thôn mới ở Việt Nam.Xây dựng và hoàn thiện pháp luật huy động vốn đầu tư xây dựng nông thôn mới ở Việt Nam.Xây dựng và hoàn thiện pháp luật huy động vốn đầu tư xây dựng nông thôn mới ở Việt Nam.Xây dựng và hoàn thiện pháp luật huy động vốn đầu tư xây dựng nông thôn mới ở Việt Nam.Xây dựng và hoàn thiện pháp luật huy động vốn đầu tư xây dựng nông thôn mới ở Việt Nam.Xây dựng và hoàn thiện pháp luật huy động vốn đầu tư xây dựng nông thôn mới ở Việt Nam.Xây dựng và hoàn thiện pháp luật huy động vốn đầu tư xây dựng nông thôn mới ở Việt Nam.Xây dựng và hoàn thiện pháp luật huy động vốn đầu tư xây dựng nông thôn mới ở Việt Nam.Xây dựng và hoàn thiện pháp luật huy động vốn đầu tư xây dựng nông thôn mới ở Việt Nam.Xây dựng và hoàn thiện pháp luật huy động vốn đầu tư xây dựng nông thôn mới ở Việt Nam.Xây dựng và hoàn thiện pháp luật huy động vốn đầu tư xây dựng nông thôn mới ở Việt Nam.MINISTRY OF EDUCATION AND TRAINING MINISTRY OF JUSTICE HANOI LAW UNIVERSITY NGUYEN THI HOANG YEN DOCTORAL DISSERTATION FORMULATING AND PERFECTING THE LAW ON MOBILIZING INVESTMENT CAPITAL FOR NEW COUNT.
MINISTRY OF EDUCATION AND TRAINING MINISTRY OF JUSTICE HANOI LAW UNIVERSITY NGUYEN THI HOANG YEN DOCTORAL DISSERTATION FORMULATING AND PERFECTING THE LAW ON MOBILIZING INVESTMENT CAPITAL FOR NEW COUNTRYSIDE CONSTRUCTION IN VIETNAM SUMMARY OF THE DOCTORAL DISSERTATION OF LAW HA NOI, 2022 MINISTRY OF EDUCATION AND TRAINING MINISTRY OF JUSTICE HANOI LAW UNIVERSITY -∞∞∞∞∞∞ - NGUYEN THI HOANG YEN DOCTORAL DISSERTATION FORMULATING AND PERFECTING THE LAW ON MOBILIZING INVESTMENT CAPITAL FOR NEW COUNTRYSIDE CONSTRUCTION IN VIETNAM Specialism: Economic Law Code: 9380107 SUMMARY OF THE DOCTORAL DISSERTATION OF LAW Supervisors: 1.Prof Dr Lê Hồng Hạnh Dr.Nguyễn Minh Hằng HA NOI, 2022 The project was completed at: HANOI LAW UNIVERSITY Scientific supervisers: Prof Dr Le Hong Hanh Dr Nguyen Minh Hang Reviewer 1: Reviewer 2: Reviewer 3: The doctoral dissertation is defended before the Doctoral Thesis Grading Board, Universitiy level at Hanoi Law University at ., (on) ., 2022 The dissertation can be found at: National Library Library of Hanoi Law University PREVIOUS WORKS RELATED TO THE DISSERTATION Nguyen Thi Hoang Yen (2013), "Renovation of policies and laws on decentralization of state budget management", Financial Journal, Vol 09 (587), 47-50 Nguyen Thi Hoang Yen (2014), “Financial legislation for social security: Some opinions for improvement”, Financial Journal, Vol (594), 42-44 Nguyen Thi Hoang Yen (2017), "Mobilizing investment capital for new rural construction: Legal issues to be solved", Financial Journal, Vol (665), 14-16 Nguyen Thi Hoang Yen (2020), “Legal regulations on mobilizing contributions of people and residential communities to implement the national target program of building new countryside – Recommendations for improvement”, Journal of Law & Development, Vol 1+2/2020, 34-40 Nguyen Thi Hoang Yen (2021), “Legal policy on mobilizing financial resources to implement the program on new countryside construction in Vietnam – Recommendations for improvement”, Journal of Law & Development, Vol 3+4/2021, 68-78 INTRODUCTION The urgent need of the topic The development of agriculture and countryside (NN, NT) and the construction of new countryside (NTM) are important tasks of countries To develop NN, NT requires necessary conditions such as capital, human resources and legal institutions Mobilizing investment capital and formulating institutions to mobilize capital sources are the priorities of countries for rural economic development and sustainable rural development Resolution 26/NQ-TW dated August 5, 2008 of the Central Committee on Agriculture, Farmers and Rural Affairs sets the goal of building NTM: “New countryside has modern socio-economic infrastructure; proper economic structure and forms of production organization, combining the agriculture and rapid development of industry, service and urban areas in accordance with the planning scheme; stable rural society which is rich in national cultural identity; people with highly improved intellectual level and ecological environment which is well protected; the political system in rural areas strengthened under the leadership of the Party" The construction of NTM is concretized into the National Target Program (MTQG) in stages and nationwide implemented with 11 main contents including 19 criteria Program implementation results are measured by evaluation criteria according to the National Criteria Set for NTM Investment capital for the construction of new rural areas is mobilized mainly from the state budget (NSNN), credit capital, enterprises’ capital, resources of people and residential communities (CĐDC) NTM construction in the past time has achieved certain results, but compared to its potential, it is still limited Firstly, the results of NTM construction have not been sustainable, rural development is not equally implemented; many places have not paid enough attention to production development, livelihood creation, cultural life construction, and some complicated social issues arising in many localities In many places which meet NTM standards, people's lives are still difficult The reason is the lack of state budget capital while mobilizing other capital sources has troubles Secondly, investment in the construction of new rural areas requires a large amount of capital, but the mobilized capital hasn’t met the demand yet State budget capital is still limited, credit capital is still difficult to access The result of capital mobilization from corporates is low, the contribution of residential investors and communities has not reached the prescribed rate and tends to decrease The lack of investment capital and debts in the construction of new rural areas have occurred in many localities, greatly affecting the mobilization and distribution of capital resources Third, institutions on agricultural and rural development, especially new legal elements at the stage of foundation formation have not yet been embodied in any official legal documents to create a solid foundation for the construction of NTM Mobilizing capital for investment in the construction of NTM is implemented mainly based on specialized legal documents, but many of which are slowly amended and updated to meet the requirements of reality, and there is a lack of specific regulations for implementation process State budget capital for construction of NTM is mainly from the budget expenditures, state budget support The credit mobilization mechanism has not been really appropriate while it is slowly amended and updated Incentive policies used for corporations in the investment in NN, NT have not effectively worked according to the program of new rural construction Regulations on the mobilization of contributions from the residents and communities have been inadequate and inconsistently applied, leading to the wrong application, which causes the revenue abuse as well as negative issues in many places The study and proposal of solutions to perfect the law on mobilzing investment capital to build new rural areas is necessary in both theory and practice In theory, the dissertation provides scientific arguments for the formulation of legislation on raising investment capital for construction of new rural areas which is quite complex and still insufficient for the necessary theoretical foundations In practice, the solution to perfect the law proposed in the dissertation in order to overcome the limitations and inadequacies of the current law and legal implementaion in practice helps mobilize capital more easily and achieve higher efficiency Therefore, the PhD student chose this issue as the topic of her PhD dissertation majored in Economic Law Research purposes and missions: - Defining the concept related to the legal content of mobilizing investment capital for new countryside construction, identifying the dominant factors, content and legal form - Assessing the actual situation of building NTM in terms of formulating and implementing the institution of mobilizing investment capital for the construction of new rural areas, analyzing and assessing the advantages and limitations of the legal institutions and policies on mobilizing construction investment capital for NTM based on qualitative and quantitative survey - Determining orientations and solutions to perfect the law based on the results of theoretical research and law enforcement in practice The object and scope of the research 3.1 Research object: (i) the policies that are the foundation of the law on mobilizing capital to build new rural areas; (ii) theoretical perspectives on mobilizing capital to build NTM, the content of the law and its practical implementation in Vietnam; (iii) orientations and solutions to improve the law on mobilizing capital for new rural construction 3.2 Research scope In terms of space, the Dissertation limits the theoretical perspectives on the law on attracting investment capital for new countryside construction in Vietnam and some other countries In terms of time, it focuses on studying the legal system of policies on mobilizing investment capital for building new rural areas from the year 2011 up to now Limitation and focus of the research content: The research focuses on the legal provisions on mobilizing investment capital for the construction of new rural areas and their implementation in practice The source of investment capital for the construction of NTM mentioned includes capital in cash, property, concrete things, land, and labor power converted into money in accordance with the law Research Methodology: 4.1 Approaching method The Dissertation uses a comprehensive approach in which the problem to be researched is analyzed and evaluated in many ways from both theoretical and practical perspectives, from economic and legal perspectives, from positive and negative impacts with the focus determination based on the specific content of the research problem In addition, the Dissertation uses the legal-economic approach to study some issues related to the effectiveness of the law on mobilizing investment capital for the construction of new rural areas 4.2 Research Methods (i) Analytical method, used in most of the contents of the Dissertation (ii) Comparative jurisprudence method, used to study NTM construction models and legislation in selected countries (iii) Synthetic method, statistical method, used to illustrate specific research contents (iv) generalization method of analysis, used to generalize the analysis, give practical evaluation, theoretical law in order to form the orientations, solutions and transform them into specific principles of the law Research results and new contributions of the Dissertation: Scientific contributions of the Dissertation: First, the Dissertation has added to the legal science of the country a number of scientific views on the new countryside, on the method of adjusting the law on the activities of mobilizing capital for investment in the construction of new countryside This contribution is of really important meaning when the issues of new countryside and building new countryside have not been studied much from the perspective of jurisprudence and the law on capital mobilization for the construction of new rural areas has not been clealy recognized in the current legal system Second, the Dissertation has used the methods of analysing to make comments on the current legal regulation of Vietnam on mobilizing investment capital sources for construction of new countryside Also, the analytical methods are used to make comments on Vietnam's current legal regulations on mobilizing investment capital sources for construction of new rural areas Provide qualitative and quantitative assessments on the current status of the law on mobilizing capital sources, helping to form practical bases for the improvement of rural development institutions in Vietnam Third, the Dissertation has given reliable information on new countryside construction as well as the law on raising capital to carry out this activity in a number of countries selected based on their success and their similar basis conditions with Vietnam From this, some good lessons can be learned and applied in accordance with the specific conditions of Vietnam Fourth, the Dissertation has used the method of comparing the law with the law on investment in agriculture and rural development of typical countries such as the US, Japan, Australia, China, and Korea to clarify the level of institutional building, investment attraction policies of businesses, people and residential communities for rural development in Vietnam This information is of a certain reference value for the authorities in formulating policies and laws on agricultural and rural development and on the construction of new rural areas in Vietnam Fifth, the Dissertation has shown orientations for building and perfecting the law on mobilizing investment capital for the construction of new rural areas in Vietnam to improve the efficiency of mobilizing investment capital for construction of new rural areas They are considered as the main tool to perform the role of both the subject of management of socio-economic development and the subject of effective capital mobilization and use Structure of the thesis: Besides other parts, the Dissertation is structured into chapters: Chapter Theoretical issues on mobilizing investment capital and the law on mobilizing investment capital for the new countryside construction in Vietnam Chapter Current status of the law on mobilizing investment capital for new countryside construction in Vietnam Chapter Solutions for formulating and perfecting the law on mobilizing investment capital for new countryside construction in Vietnam OVERVIEW OF THE RESEARCH SITUATION Research results inside and outside the country related to the PhD thesis topic 1.1 Review of theoretical studies First, the works have clarified the theoretical issues of the model of NTM construction in different countries in both theoretical and practical aspects They have identified and analyzed the basic concepts of NTM, characteristics of NTM, pointed out the characteristics, roles, mechanisms, policies and measures of capital mobilization, the need to mobilize capital and strengthen the legal system Second, the theoretical issue of investment capital for the construction of NTM and the mechanism and policy of capital mobilization are mentioned in detail by the works which have compared traditional capital sources and new forms of capital mobilization in the current conditions of limited public investment resources However, the legal nature of capital sources for NTM construction has not been analyzed in depth in these studies to help find specific legal solutions Third, the studies have created theoretical foundations for formulating and perfecting the law on mobilizing capital for investment in the construction of NTM in which the state is both the provider of capital and the subject of mobilizing capital from other entities The State creates and promulgates mechanisms, policies and commitments, ensuring the implementation of policies It is recommended that the improvement of investment policy institutions for rural areas centre on gradually reducing subsidies and support from the state budget, increasing investment in rural areas, decentralizing and empowering localities Fourth, the works have pointed out that resources mobilized from people, businesses and communities for the construction of NTM play an important role, government resources have the role of supporting, leading and attracting other capital sources Solutions to raise capital for the construction of NTM mentioned include formulating and perfecting the institution to mobilize investment capital for agricultural and rural development and construction of NTM, combining investment capital from the public and private sectors 1.2 Review of research in practical aspect First, the research works have clarified the results of mobilizing investment capital for construction of NTM in Vietnam, systematizing and analyzing policies and laws on mobilizing investment capital They have clearly shown the role and impact of institutions and policies on the results of capital mobilization Second, the need for investment capital for rural development is very large and is always higher than the capacity of the public sector, so no entities can stand alone to undertake it independently The State needs to have mechanisms, policies and measures to mobilize and diversify investment capital sources for agriculture and rural development, and NTM Third, these studies have pointed out the limitations of capital mobilization mechanisms and policies, and the lack of legal regulations to ensure effective capital mobilization They have proposed macro solutions and specific solutions that can be studied, selectively absorbed when formulating and perfecting the law on mobilizing investment capital for construction of NTM Fourth, the policies of mobilizing investment capital for rural development programs in countries, especially those with rural development movements in the community are valuable practical lessons for the doctoral thesis to continue the research and proposal of perfecting the legal institutions to mobilize capital to meet the goal of building NTM in Vietnam The dissertation’s issues that need to be contiuously solved Contents of NTM construction in Vietnam: The content of NTM construction in Vietnam has not been comprehensively determined, although many theoretical issues about NTM construction have been identified and analyzed in scientific works domestically and internationally Theoretical issues of the law on mobilizing capital for investment in construction of NTM: the doctoral thesis will seek ways to analyze and determine the legal nature, characteristics, forms and connotations of capital and the law on capital mobilization for construction of NTM that have not been mentioned in previous studies Current status of policies and laws on mobilizing investment capital to build NTM in Vietnam: The dissertation synthesizes, systemizes and analyzes legal regulations on raising investment capital to build NTM and practical implementation in the process of NTM construction Solutions to improve the law to promote and improve the efficiency of mobilizing and using investment capital for the construction of NTM: Solutions to perfect the law on mobilizing investment capital for construction of NTM are still much missing in previous studies This is the content that the Dissertation needs to the research and make appropriate recommendations Research question, research hypothesis and expected research results 3.1 Research question What is the content of mobilizing investment capital to build NTM? What are the basic elements in the content of this concept? Research hypothesis: Mobilizing investment capital for construction of NTM is the general mobilization of capital sources of the State, enterprises, organizations, individuals and CĐDC through specific mobilization mechanisms in order to invest in projects of NTM construction The connotation of this concept includes capital sources with the characteristics of the nature and methods of raising capital which are suitable to those capital sources Theoretical basis The answer to this research question is based on theories of capital investment, economic theory of costs - benefits and views on building socialist-oriented market economic institutions 17 CHAPTER 2: THE SITUATION OF LAW ON MOBILIZING INVESTMENT CAPITAL FOR NEW COUNTRYSIDE CONSTRUCTION IN VIETNAM 2.1 Law on mobilizing investment capital for new rural construction Actual situation and practical implementation 2.1.1 Regulations on mobilizing capital from the state budget Regulations on mobilizing state budget capital have been given through (i) the state budget decentralization mechanism prescribed in Article of the 2015 State Budget Law Local authorities are more decentralized in managing revenue sources, expenditure tasks and managing state budget revenues and expenditures Decision 1600/QĐ-TTg stipulates that since 2017 the People's Council of the province has been able to decide to keep at least 80% of the money from the auction of land use rights, land allocation with land use levy or lease, hiring land to use in the commune for the commune budget to carry out the construction of NTM, creating the initiative of the locality in balancing revenue sources, expenditure tasks and allocating budget for the task of building NTM; (ii) Expenditure mechanism from the state budget including annual expenditure and investment expenditure Expenditure on investment in the construction of NTM belongs to development investment expenditures allocated from the state budget for the implementation of socio-economic infrastructure projects that cannot be paid back directly or cannot be socialized, including NTM infrustructure project Annual expenditures for NTM construction are to serve activities of build NTM at all levels; (iii) The mechanism of state budget support for beneficiaries according to current policies and state credit funding for NTM program State budget capital for investment in the construction of NTM shall be mobilized, managed, used and liquidated in accordance with the law on state budget An overview of the legal regulations on mobilizing state budget capital to build NTM The law on state budget has been promulgated quite fully, creating a legal basis for allocating investment resources for the NTM program However, the provisions of the State Budget Law 2015 need to be supplemented and amended to facilitate the mobilization of investment resources for the construction of new rural areas Support from the state budget for rural areas also has a gap among regions while the reciprocal capital of the local areas also encounters some problems especially the regions with low budget revenue and specific characteristics (large population, high poverty rate, etc) Besides, the allocation of state budget capital is still slow and the funding level has not met the progress requirements, the criteria and norms for state budget allocation have not covered all the contents of the expenditure areas as well as the features in each field and tasks of NTM construction The method of allocating state budget resources for rural construction is still limited Determining the sources of capital mobilized from the state budget both by the subject and the policy makes the monitoring of mobilized capital complicated and unavoidable repetition when implementing The trend of more and more documents related to supplementing and supporting capital makes the state budget always under pressure and passive in allocating investment capital to build NTM 18 2.1.2 Regulations on credit capital mobilization Credit capital for development investment for the construction of new countryside belonging to the state budget shall comply with the provisions of Decree No 32/2017/NĐ-CP Social policy credits are lent to the poor and other policy beneficiaries to develop production, create jobs, increase incomes, implement hunger eradication and poverty reduction, and contribute to the implementation of new rural development criteria according to the provisions of Decree No 78/2002/NĐ-CP Commercial credit capital for agricultural and rural development loans which complies with the provisions of Decree No 55/2015/NĐ-CP, and Decree No 116/2018/NĐ-CP with incentives on loan levels, conditions and procedures for loans, interest rates for investment projects in the construction of new rural areas has had a positive impact on the results of credit mobilization for the construction of new rural areas Assessment of the implementation of credit regulations Credit capital for the NTM program has been more specific in association with the implementation of the criteria of the new rural construction The loan focuses on the development of hi-tech agricultural production, non-agriculture, supporting loans, investment in rural infrastructure projects in order to help local areas to fulfill infrastructure criteria, economy and production organization, poor households, income and residential housing in the construction of NTM These credit regulations need to be further reviewed to be more appropriate for the borrowers under the NTM program 2.1.3 Legal provisions on corporate capital mobilization Enterprises investing in the construction of NTM can borrow development investment credits from the State, provinces and central cities Moreover, they aslo get support from the state budget after investment and enjoy investment incentives in accordance with law Enterprises investing in agriculture and rural areas aiming at the benefits of rural areas are entitled to quite comprehensive incentive mechanisms to encourage investment in agriculture and rural areas (Decree No 57/2018/NĐ-CP) such as credit incentives, tax and land incentives, support from the state budget, etc Socialized organizations are given socialization policies about land, budget collection, credit, post-investment support, tax exemption and reduction Enterprises investing in the public-private partnership model in agriculture and rural areas are entitled to land incentives, investors and project enterprises are exempted or reduced from land use fees for the land area covered by the government assigned country, land rent exemption and reduction during the project implementation period as well as get tax incentives and state budget revenues, assurance of public service provision, property ownership rights Incentive mechanisms encouraging enterprises to invest in the development of agricultural production, especially high- tech, large- scale agricultural have contributed to promoting the enterprises to invest in agricultural and rural areas, bringing positive effects on the implementation of the NTM construction programme 19 Evaluation of regulations on corporate capital mobilization: Regulations to encourage enterprises to invest in agriculture and rural areas are mainly sub-law documents, so the implementation effect is not high Incentives and support policies are overlapping, not feasible, and difficult for people and businesses to access Documents to encourage enterprises to invest in agriculture and rural areas were issued before specialized laws were amended and supplemented, so many regulations are no longer appropriate, and the principle of mobilizing investment capital has not yet been demonstrated The market is still heavily subsidized and supported by the state, reducing the competitiveness of enterprises Regulations on land use rights, the mechanism of capital contribution by land use rights of people when contributing capital to enterprises have not been specified by the Land Law The list of infrastructure works and projects that need to attract enterprise capital, the ratio of mobilized capital, and the implementation mechanism have not been specified, so the investment attraction of enterprises is still limited 2.1.4 Regulations on resource mobilization of citizens and residential communities People can contribute to the construction of NTM with money, belongings, labor days, donating land to pave the way through the following forms: (i) Mobilizing voluntary contributions such as propaganda, encouragement, and compulsory encouragement in local areas (ii) Mobilizing citizens to invest capital in NTM works and projects through the mechanism of encouraging people to invest capital directly in new projects and works with fee collection to recover capital and get interest rates, profits from investment capital, participate in planning and supervising the implementation of works and projects in which they invest capital Evaluation of regulations on mobilizing capital from people and communities to build NTM (i) The policy of mobilizing voluntary contributions from the residents for the construction of NTM is quite clear, but the institutionalization into specific legal regulations has been slow to be implemented The mobilization of voluntary contributions of the people in the local areas has not been uniformly regulated in the overall solutions and the lack of specific solutions to implement, leading to the different mobilization of the contributions of the people in many places, lack of legal basis and handling sanctions Many localities have not properly implemented the planning process with the participation of the community in investment and capital contribution, leading to investment projects that not meet the wishes of the people, with low efficiency The guiding document on mobilizing capital from the people and the community to build NTM is mainly a separate administrative document, not a legal document, so the legal effect is not high Many guiding documents are still stereotyped, mechanical, and duplicate content, which has affected the implementation Mobilizing people's contributions in the form of voluntary, not compulsory revenue, has not exploited the potential and role of the subjects in the construction of new rural areas 20 (ii) There are limitations in law enforcement in propagating the promotion of the role of the citizens in contributing to the construction of NTM In addition, achieving the targets and criteria associated with promoting the people's strength in many local regions has not been frequent Some localities still rely on superiors' support in infrastructure investment There is a situation of haste, running for the achievement of NTM standards, leading to the improper mobilization of resources, causing frustration for the local residents 2.2 Results of capital mobilization for construction of new rural areas in the period 2011-2020 During the construction of new rural areas (2011-2020), the whole country has mobilized 2,967,057 billion VND, in which state budget capital is 811,298 billion VND (28.35%), credit capital is 1,760,807 billion VND (56.9%), enterprise capital is 147,738 billion VND (5%), shareholders are 246.475 billion VND (9, 6%) Besides, the construction outstanding debt (in 2016) of 15.2 trillion VND has been paid By the end of the first quarter of 2020, the whole country had had 5,064 communes reaching the new rual commune standard, 124 district-level units reaching the new rural district, and provinces becoming new rural ones The results of capital mobilization show that state budget capital still plays a key role while corporate capital is low, credit capital accounts for a high rate but it is not sustainable The residents’contribution increases in the early stage, but tends to decrease in later stage 2.3 Experience in raising capital for new rural construction in some countries - from a legal perspective 2.3.1 Mobilizing investment capital for new rural construction in the policies and laws of some countries Through studying the experience of the countries with developed agriculture and rural development, and the ones with rural construction movements that have similarities with Vietnam, it has shown that in order to develop agriculture and rural areas, they all focus on investing in resources, large capital, building and perfecting legal institutions in the fields of agriculture and rural development, especially the mechanism for mobilizing investment capital sources in the context of limited public financial resources Mobilization of investment capital to build new countryside is mainly based on the following sources like government budget, credit capital, enterprise capital, resources mobilized from people and residential communities through specific mechanisms and policies The capital mobilization mechanism aims to gradually reduce state budget capital and increase capital mobilized from other sources We focus on developing agricultural production, industry and services in association with new economic tools to promote rural economic development Infrastructure investment in the form of public-private partnership to mobilize capital from the private sector is a solution applied by many countries 2.3.2 Some implications for Vietnam Firstly, in order to build a successful new rural area, all the countries concentrate on investing resources and building a complete and synchronous legal system Secondly, each investment capital source has appropriate forms and methods 21 of mobilization All the countries are interested in attracting investment capital from businesses and their residents However, the use of state budget capital to create solid development steps for the construction of new rural areas is also paid attention to Thirdly, in the studied countries, there is a diversification of capital sources mobilized for the construction of new countryside with an initial focus on the budget and gradually reducing this ratio in favor of other sources of capital Fourthly, the institution of capital mobilization for the construction of new rural areas is built with a comprehensive, interdisciplinary approach and associated with specific goals, integrating many contents of different fields such as budget management, credit use, enterprises For each source of capital, the method of mobilization is based on the basic characteristics of that capital source and especially the mobilization target set in the overall national program on agricultural and rural development The remarkable point is the approach of the studied countries in applying the principles of benefits and risk sharing in capital mobilization Fifthly, raising people's awareness in building new countryside and educating the legal consciousness is of great concern in the studied countries CONCLUSION OF CHAPTER 2: Institutions and laws on mobilizing investment capital to build new homes in Vietnam have advantages and positive impacts on the results of new rural construction, but there are also certain limitations in both content and form In terms of content, most of the regulations on incentive mechanisms to encourage investment in agriculture and rural areas are not associated with the implementation of criteria for developing rural rural programs In terms of form, regulations on attracting investment capital in agriculture and rural areas are mainly sub-law documents, there is no separate law on agriculture, rural areas and rural construction Investment in rural areas is dominated by current legal documents, which are unstable, slow to amend and supplement, and regulations hinder attracting investment capital Capital for the construction of new rural areas is mainly from the state budget, the level of mobilization of people and businesses is still limited The trend of more and more regulations supporting from the state budget for rural areas makes the policy system inevitably overlap, difficult to apply, and balance the state budget with difficulties Regulations on mobilizing state budget capital have many points that need to be revised to be more suitable in allocating state budget for new rural construction Regulations on corporate capital mobilization applied to NTMs have not yet brought about high efficiency, it is necessary to amend and supplement to be in line with reality and in sync with current legal regulations The mechanism of credit mobilization for agriculture, rural areas and rural construction still faces many difficulties due to limitations on state credit capital, inadequacies in loan procedures and collateral, which makes it difficult for target groups to access 22 The formulation and completion of the law on mobilizing investment capital for the construction of NTM is carried out on the basis of analysis and assessment of the current legal situation, which indicates the advantages and limitations of regulations for each source of capital, creating the basis for proposing solutions to improve the law on mobilizing investment capital for the construction of NTM properly 23 CHAPTER 3: SOLUTIONS TO MAKING AND IMPROVING LAW FOR MOBILE CAPITAL FOR NEW RURAL CONSTRUCTION IN VIETNAM 3.1 Perspectives on improving the law on mobilizing capital for investment in the construction of new rural areas Firstly, institutionaling the viewpoint of strongly renovating institutions and policies, and maximally mobilizing investment resources to build NTM was mentioned in Resolution No 26/NQ-TW, Resolution No.19-NQ/TW perfecting institutions, strongly mobilizing and effectively using resources from all economic sectors to invest in the development of agricultural and rural infrastructure, promoting investment in the form of public-private partnership (PPP) Secondly, the law on mobilizing capital for the construction of NTM must ensure the sustainability and efficiency in mobilizing and managing investment capital sources for the construction of NTM (i) Law on mobilizing state budget capital: the source of capital for the construction of NTM needs to be specified as separate expenditures in the State Budget Law It is neccesary to amend the provisions of the Law in order to create a strong decentralization for local authorities to determine the authority and responsibility for mobilizing and allocating investment capital for the construction of NTM (ii) Law on credit capital mobilization: perfecting the law aims to increase the ability of enterprises, busineses and citizens to access the capital The State credit capital is used to invest in projects of economic infrastructure construction, jobcreating production facilities, and important State NTM investment projects in each period The source of policy credit capital for the people should be increased (iii) Law on corporate capital mobilization: It is necessary to create favorable conditions to attract enterprises to invest in agriculture and rural areas associated with the construction of NTM by the stability and transparency of the law in the direction of value enhancement and sustainable growth, balancing the interests of the parties; attracting enterprises to invest in infrastructure, developing agricultural production in association with the implementation of criteria for building new rural areas (iv) Regulations on mobilizing resources of citizens and communities: The law needs to be able to protect their legitimate interests, clearly define the authority and responsibility of the authorities at all levels, define their rights obligations of the residents It is important to motivate and encourage the citizens to make voluntary contributions and encourage them to give compulsory contributions to a number of specific welfare works Thirdly, the law on mobilizing investment capital for the construction of NTM must secure the effectiveness and efficiency Fourthly, the law on mobilizing capital for NTM construction must guarantee publicity and transparency Publicity and transparency are reflected in each specific legal regulation, which is an indispensable requirement to ensure the implementation of democracy and the legitimate rights and interests of the state, businesses and people 24 Fifthly, the law on mobilizing capital for the construction of NTM must guarantee the capabilities of the subjects, with the capital that needs to be mobilized Appropriately balance and link the mobilization with the use of capital, in line with the national socio-economic context The law needs to have a harmonious and balanced adjustment between capital sources in order to have a flexible mechanism for mobilizing and using capital 3.2 Orientation to improve the law on mobilizing investment capital for new rural construction 3.2.1 Timely institutionalize the Party's policies on agricultural and rural development in association with the construction of new rural areas Resolution No 48-NQ-TW of the Politburo dated May 24, 2005 on the strategy of building and perfecting the legal system by 2020 emphasizes the goals and viewpoints on building and perfecting a uniformed, feasible, public, and transparent legal system It also stresses the necessity to build and perfect the economic civil legal system, with the focus on perfecting the socialist-oriented market economy institution Resolution of the 13th Party Congress affirmed: Focus on building the infrastructure system, closely connecting the construction of NTM with the process of urbanization; Strongly attract businesses to invest in rural areas, implement the "one commune, one product" program; Integrate a number of investment programs being implemented in rural areas into the NTM construction program Resolution No 26-NQ/TW, Resolution 19-NQ/TW set out the task of strongly mobilizing and effectively using resources from all economic sectors participating in investment and development of agricultural and rural infrastructure: Promoting investment in the form of public-private partnership (PPP), forming large-scale enterprises producing and trading agricultural products, creating local jobs, and raising people's incomes Resolution No 25/2021/NQ-QH15 approving the investment policy of the National Target Program on building NTM in the 2021-2025 period requires reviewing and completing the legal framework, mechanisms and policies to support the construction of NTM Having a solution to rationally mobilize all legal capital sources to realize the goal that by 2025, the whole country will have at least 80% of communes meeting the NTM standards, the average income of rural people will increase at least 1.5 times compared to that of rural areas in 2020 By 2030, 90% of communes will meet the standards of NTM, 40% of district-level units will complete the construction of NTM Developing and perfecting the law on mobilizing investment capital for the construction of NTM must be associated with specific guidelines, goals and tasks 25 Building and perfecting the law in association with the implementation of documents of Law on Investment, Law on Public Investment, Law on Bidding, Law on Construction, Law on Investment in the form of public-private partnership, newly amended Law on Enterprises, the Law on State Budget, the Law on Credit, etc will continue to be revised in the coming time, with regulations related to investment resources for rural development as the legal basis for building and perfecting the legal institution of mobilizing investment capital for the construction of NTM in Vietnam 3.2.2 Ensure the uniformity and consistency of the law on mobilizing capital for construction of new rural areas Formulating and perfecting the law on mobilizing capital for the construction of NTM must guarantee the uniformity and consistency of the law in terms of objectives, methods of implementation and quality of the law Clearly defining the boundary between the law on capital mobilization for investment in the construction of NTM and the law on capital mobilization in other fields, but still creating an overall and cohesive adjustment This means that the law on investment capital mobilization for the construction of NTM must not conflict or overlap, but unite with specialized legal documents and legal norms contained in such documents 3.2.3 Ensuring the autonomy of the subjects, transparency in the relationship of raising capital for the construction of new rural areas To develop and perfect the law on capital mobilization for the NTM construction, it is needed to ensure the autonomy of the subjects participating in the capital mobilization relationship Specifically, there should be specifications of the obligations of entities to ensure the publicity and transparency of capital mobilization results and disbursement activities and costs of projects implemented with disbursed capital The provisions on the obligation to ensure transparency at a general level are prescribed by the Law on Budget and the Law on Public Investment However, the regulations governing the mobilization of capital for the construction of NTM from other sources lack such provisions Therefore, ensuring the obligations of the subjects, publicly and transparently mobilizing, managing and using the mobilized capital should be considered as one of the core priorities of perfecting this legal field Ensuring transparency is very important for investors when deciding to invest in works and projects for the construction of NTM For the State and authorities at all levels, transparency in capital mobilization relations will clearly define the authority and responsibility of the mobilizing entities, reduce corruption, loss and waste of capital resources, and create more power, forcing the state apparatus to perform the task of building NTM to operate better 3.3 Solutions to improve legal regulations on mobilizing investment capital for construction of new rural areas 26 3.3.1 The solution to complete the actual law 3.3.1.1 Promulgating the Law on New Rural Construction The new rural construction law regulates all contents of NTM construction actitities including (i) regulations on the construction of NTM and model of NTM in Vietnam; (ii) the subjects who build NTM, the legal status of the subjects (iii) the content of the construction of NTM (iii) the conditions for ensuring the construction of NTM (v) state management over the construction of NTM 3.3.1.2 Law on mobilizing state budget capital Amending and supplementing the 2019 State Budget Law: At point d, Clause 9, Article 30 of the 2015 Law on State Budget, it is necessary to be more specific about assigning the Provincial People's Councils to regulate local budget expenditures for the construction of NTM, which enables them to flexibly adapt in the implementation process In Articles and 40 of the 2015 State Budget Law, it is proposed to supplement specific regulations on support levels of superior budgets for subordinate budgets in the 2015 State Budget Law and guiding documents This regulation aims to overcome risks of natural disasters and epidemics so that localities can proactively balance local budgets, and use budget reserve funds to support NTM constructions and projects in the locality, and overcome the situation of depending on the support of the superior budget At Point d, Clause 7, Article of the Law on State Budget 2015 stipulates: “In special cases where there is a source of revenue from a project that has just been put into operation during the period of budget stability, causing a large increase in local budget revenue, the increase revenue must be submitted to the superior budget The Government shall submit to the National Assembly for approval, and the People's Committee of the province to submit to the People's Council of the same level for decision of the collection of this revenue increase to the superior budget and a targeted addition to the lower level budget as prescribed at Point d Clause 3, Article 40 of the Law to support local infrastructure investment under projects approved by competent authorities” It is recommended to study and amend the regulations on paying increased local budget revenue to the superior budget in this article to be consistent with practice, consistency in legal regulations, and the rationality in decentralization of revenue sources between the central budget and local budgets This will make sure local interests will not be lost, localities are helped to proactively use local revenues and spend more resources on investment in building NTM Article 36, Article 38 of the 2015 State Budget Law stipulates the state budget expenditure tasks (central and local budgets), it is necessary to specify the content of expenditures on construction of NTM under the tasks of state budget expenditure in the Law to ensure a sufficient legal basis when implementing Regulations on the mechanism of mobilization, management and use of state credit capital for the 27 construction of NTM should also be made Review and amendment of sub-law documents are essential to provide clearer guidance on the arrangement of state budget capital plans, the process and procedures for payment of capital sources 3.3.1.3 Legal regulations on credit capital mobilization It is suggested to promulgate the Decree to replace Decree No 55/2015/NĐ-CP and Decree C 116/2018/ND-CP amending and supplementing Decree 55/2015/ND-CP on credit policies for development agriculture and rural areas; to supplement new regulations on credit incentive mechanisms and policies to serve the construction of NTM Besides, it is important to review Decree No 78/2002/ND-CP dated October 4, 2002 regulating credit for social policies and lending to the poor and other policy beneficiaries to make appropriate amendments and promote credit capital sources used for NTM; to supplement regulations on new construction works and projects on the list of application of the State's investment credit policy specified in Decree No 32/2017/ND-CP In the long term, it is necessary to study and promulgate a Decree on credit policies for the construction of NTM, integrating regulations on commercial credit, state credit (bank credit for social policies, credit for development investment, etc.) to concentrate and unify capital sources 3.3.1.4 Regulations on corporate capital mobilization It is needed to promulgate a Decree to replace Decree No 57/2018/NĐCP on preferential policies, encouraging enterprises to invest in agriculture and rural areas, associated with the construction of NTM, overcoming the limitations of the current incentive policies for encouraging enterprises to invest in the current agricultural and rural areas, in accordance with the revised Law documents such as the Law on Public Investment 2019, the Law on Investment in 2020, the Law on Enterprises in 2020 Several contents need to be specified in the new Decree, including: (i) appropriate form of investment support for enterprises as prescribed in Clause 2, Article 18 of the Law on Investment 2020 It is necessary to have specific provisions on support from the state budget to enterprises investing in agriculture and rural areas on support policies for subsidizing preferential credit interest rates, investment support for enterprises according to the provisions of Article of the Law on Public Investment 2019 Besides, it is also essential to have regulations on support developing enterprises investing in agriculture and rural areas; supporting small and mediumsized enterprises, supporting cooperatives according to the provisions of Resolution No 973/2020/UBTVQH14 of the National Assembly Standing Committee stipulating the principles and criteria for the allocation of public investment capital for the period of 2021-2025 28 The Government should promulgate a Circular guiding the contents of investment in the form of public-private partnership in the fields of agriculture and rural areas, applicable to works, investment projects for development of agricultural production and rural infrastructure in accordance with regulations of the Law on Investment under the mode of public-private partnership in 2020 Especially, there are regulations on the list of new projects and projects invested under the mode of public-private partnership Amending the Land Law 2013 helps to solve the limitations, shortcomings and conflicts of the Land Law with other laws to realize the goal of attracting investment in rural areas Accordingly, the revised Law should clearly stipulate (i) the form of capital contribution by people’s land use rights and enterprises’rights when participating in investment projects to develop production, business, and services in rural areas ii) regulations on management and use of agricultural land in order to encourage concentration and accumulation of land for concentrated and large-scale agricultural production, organic agriculture, and ecological agriculture The amendment of the Law will create a legal basis for the Government to soon issue a Decree on land accumulation Review and amend tax laws to increase local budget revenues, decentralize 100% of state budget revenues for localities, and improve the policy of mobilizing resources from land (property tax) 3.3.1.5 Regulations on mobilizing resources of people and residential communities (i) Develop a draft Government Decree on mobilizing contributions from residential communities to build NTM, the main contents include: mobilizing subjects and objects, principles of mobilization, forms of contributions, organization of collection , management and use the contributions of the people, methods of checking, monitoring and publicizing the contributions of the people (ii) Study and supplement regulations on mobilizing people to invest in infrastructure projects under the NTM construction program through the lending mechanism (credit mechanism) through the issuance of bonds (construction bonds, government bonds, local government bonds) or invest directly in new rural works and projects with fees to recover capital 3.3.2 Group of regulations on construction of NTM according to the national target program on building NTM in the period of 2021-2025 3.3.2.1 The Prime Minister's decision to promulgate the National Target Program on building NTM in the 2021-2025 period should clearly guide the following contents: (i) clearly identify state budget capital sources (recurring expenditures, investment expenditures, state credit capital) and state budget capital mobilized to invest in NTM construction projects 29 (ii) capital structure, it is necessary to have a mobilization solution to reasonably increase the ratio of capital mobilized from businesses, people and households to the total mobilized capital State budget capital maintains the rate of 25-30%, enterprise capital increases at 25%, people and community resources at about 15%, credit capital should be at 35-40% (iii) guiding support policies from the central budget for district-level units to strive for new rural standards and commune level to build advanced rural areas/model rural areas; regional linkage projects, having a leading and spreading role; strengthen support for application of science and technology, building value chains of agricultural products (iv) integrating investment funds that are being implemented in rural areas into the program of building new rural areas (v) stipulate the list of investment projects for the construction of new rural areas that need capital from the private sector; capital sources; and proportion of capital to be mobilized (vi) stipulate policies on mobilizing capital outside the state budget to build NTM in order to create a basis for central and local authorities to issue specific mechanisms and policies 3.3.2.2 Develop a set of National Criteria for Rural Development at all levels Review, update and promulgate a set of national criteria for rural areas (village, village, commune and district) suitable for the new period, creating a basis for project planning, allocation of investment funds and mobilization of resources for implementation 3.3.2.3 Promulgate the following regulations: - Issue the Prime Minister's Decision on the New Rural Construction Fund - Issuing a Joint Circular guiding the determination of outstanding debt criteria and settlement of outstanding debts for the construction of NTM - Promulgating provisions on handling of violations in mobilizing, managing and using investment resources for construction of NTM 3.3.3 Law enforcement solution group - Solutions on law dissemination, raising the awareness of law observance of grassroots authorities, people and communities: promoting the propagation and dissemination of the law on mobilizing and contributing resources for building NTM, especially the contributions of businesses, people and residential communities Fostering grassroots-level staff in NTM construction to ensure professionalism and efficiency, especially commune and village level officials in managing financial resources to invest in NTM construction - Solutions for law enforcement 30 (i) Central authorities and local authorities at all levels must review and systematize legal provisions (laws, decrees, decisions of the Government, guiding documents of ministries and local branches) on mobilizing investment capital to build NTM; summarize, evaluate the implementation of the law; propose proposals to develop and improve the law (ii) Strengthening the inspection and supervision of the implementation of legal regulations on mobilizing investment capital for the NTM construction in order to detect, prevent, and limit losses, waste, and construction debt; Commendate organizations and individuals with achievements in building new rural areas (iii) To promptly and strictly handle violations of regulations on mobilizing, managing and using investment capital to build NTM, especially resources of people and communities If abuses, losses, and violations are not handled, people will not contribute even though the purpose of the contribution is to build NTM that they benefit from 31 CONCLUSION Mobilization of investment capital for the construction of NTM is a measure used by the State to gather investment capital sources from the state budget, credit capital from enterprises, resources of people and CĐDC for the NTM construction The mechanism of capital mobilization for NTM construction investment is associated with the state's policy on agricultural and rural development planning and construction, with flexibility both based on the balance of the state budget and on the basis of fair civil and commercial agreements according to market rules The method of mobilizing investment capital for the construction of NTM has the characteristics that the state is both the subject of mobilization and the object of capital mobilization, with the state guarantee of capital sources for the construction of NTM in case it cannot be mobilized from other subjects The legal content governing the relationship of capital mobilization respects the principle of administrative orders and the principle of voluntariness and agreement; stipulating the rights and obligations of the subjects participating in legal relations arising from this activity The legal institution to mobilize investment capital for the construction of NTM in Vietnam in recent years has had a positive impact on the results of the NTM construction, but there are still limitations that need to be evaluated from the practical application to have certain adjustments Some legal contents need to continue to be reviewed and considered for improvement, including regulations on mobilizing, managing and using state budget capital, mobilizing capital from the private sector, and promoting the role of subjects involved in NTM construction Building and perfecting the law on mobilizing investment capital is a requirement from the current reality and context of NTM construction that needs to be considered by the State on the basis of capital mobilization results, opinions from society, from the practical application of the law and the experience of some countries, especially those with rural development movements in the community Accordingly, the law on mobilizing investment capital for the construction of NTM needs to ensure the leading role of the state budget, to lead and attract other sources of capital; credit capital is maintained at a reasonable level; enterprise and people's capital become the main and potential source of capital to build longterm and sustainable NTM ... advantages and limitations of the legal institutions and policies on mobilizing construction investment capital for NTM based on qualitative and quantitative survey - Determining orientations and solutions... and practical implementation 2.1.1 Regulations on mobilizing capital from the state budget Regulations on mobilizing state budget capital have been given through (i) the state budget decentralization... practical implementation in Vietnam; (iii) orientations and solutions to improve the law on mobilizing capital for new rural construction 5 3.2 Research scope In terms of space, the Dissertation limits