Current situations of public investment and solutions to enhance public investment efficiency in vietnam,graduation thesis

1 Graduation thesis Banking Academy STATE BANK OF VIETNAM BANKING ACADEMY Foreign Language Faculty -***** - GRADUATION THESIS CURRENT SITUATIONS OF PUBLIC INVESTMENT AND SOLUTIONS TO ENHANCE PUBLIC INVESTMENT EFFIECNCY IN VIETNAM Lecturer : M.A Nguyen Hong Mai Student : Kieu Ngoc Bich Class : ATCA_K12 Hanoi, 28th May 2013 Kieu Ngoc Bich ATCA_K12 Graduation thesis Banking Academy STATE BANK OF VIETNAM BANKING ACADEMY Foreign Language Faculty -***** - GRADUATION THESIS CURRENT SITUATIONS OF PUBLIC INVESTMENT AND SOLUTIONS TO ENHANCE PUBLIC INVESTMENT EFFIECNCY IN VIETNAM Lecturer : M.A Nguyen Hong Mai Student : Kieu Ngoc Bich Class : ATCA_K12 Hanoi, 28th May 2013 Kieu Ngoc Bich ATCA_K12 Graduation thesis Banking Academy DECLARATION I hereby declare that this thesis is my own work and effort and that it has not been submitted anywhere before Where other sources of information have been used, they have been acknowledged Signature: ………………………………… Date: 28th May 2013……………………… Kieu Ngoc Bich ATCA_K12 Graduation thesis Banking Academy ACKNOWLEDGEMENTS re e turer M t u guy n i et e ng Mai re r er t e ee e t a ntinu u u re iati n t ya i r an ort of my graduation thesis as well as her patience, motivation, enthusiasm, and immense knowledge Without her guidance and persistent help, this thesis would not have been possible My sincere gratitude likewise extends to the managers and my colleagues at the working place, Bank of Vietnam for Industry and Development (BIDV) - Ha Tay Branch for their precious supports and cooperation throughout my internship Under their guidance, I successfully overcame numerous difficulties and learned a lot To all the professors and teachers in Banking Academy, especially in Foreign Language Faculty, it is a pleasure to pay tribute to their meaningful and valuable lectures and their helpful feedback to my work Above all, my family and best friends deserve special mention for standing by me, giving me words of encouragement, believing in me and supporting me financially, morally, and spiritually Kieu Ngoc Bich ATCA_K12 Graduation thesis Banking Academy DEDICATION To my grandfather who never lived to see the fruits of his advice and dedication To my parents who offered me their endless love, support, and encouragement throughout the course of this thesis Kieu Ngoc Bich ATCA_K12 Graduation thesis Banking Academy EXECUTIVE SUMMARY In Vietnam, public investment is widely understood as investments made from State’ a ita a in in u ing e e ent in e t ent r State budget, governmental bonds, state credit, development investment made by State owned enterprises (SOEs) and other capital sources of the State The crucial roles of public investment in numerous areas of the society have long been globally recognized One of the most fundamental contributions of public investment can be seen from the perspective of national infrastructure development, which partly simulates such important socio-economic targets as poverty reduction, economic growth and living standard improvement Especially in times of economic recession, public investment is often resorted through the channel of stimulus packages to support aggregate demand, promote economic development and create jobs Moreover, public investment plays the superior role as means to manage and boost growth in a particular sector, industry or region However, apart from successes and positive contributions to national development process, it is not overstatement to say that there remain some certain shortcomings regarding public investment in Vietnam Of which, low efficiency of public investment is regarded as the most severe concern Although scale of public investment has kept on rising over the last years, the results provided have not lived up to the big volume of public investment The low efficiency of public investment can be easily verified through some criteria including the extremely high ICOR of Vietnam, the low quality and slow progress of numerous state-funded projects, and the ineffective public investment management Poor public investment efficiency has been due to various factors including the e ire r i e e ent t e eter inati n t ur ue “in u tria izati n” at a costs, the mechanism for allocating public money arbitrarily and evenly, the tenureoriented mindset, the competition for gaining benefit for localities, industries, organizations, and individuals, the lack of competent civil servants, and the insufficiency of practical and consistent public investment legal framework As a Kieu Ngoc Bich ATCA_K12 Graduation thesis Banking Academy result, losses and waste is prevalent among state-funded projects, which jeopardizes the ub i ’ n i en e in t e tate Enhancing public investment efficiency is no smooth path as no single measure can completely tackle the problem The appropriate solution demands the cooperation of about 124 sectors, industries, localities, state-owned economic groups and stateowned enterprises, and the combination of practical measures including the enhancement of legal framework, the strengthen of public investment management cycle, the improvement of human resources in charge of public investment, and the creation of impartial regulators for key infrastructure sectors Kieu Ngoc Bich ATCA_K12 Graduation thesis Banking Academy LISTS OF ABBREVIATIONS CIEM Central Institute of Economic Management EVN Vietnam Electricity GDP Gross Domestic Product GFCF Gross Fixed Capital Formation ICOR Incremental Capital Output Ratio IPs Industrial parks M&E Monitoring and Evaluation MOF Ministry of Finance MPI Ministry of Planning and Investment NCSEIF National Centre for Socio-Economy Information and Forecast ODA Official Development Assistance OECD Organization for Economic Co-operation and Development PIM Public Investment Management PPPs Public-Private Partnerships R&D Research and Development SEZs Special Economic Zones SOEs State-owned Enterprises Kieu Ngoc Bich ATCA_K12 Graduation thesis Banking Academy LISTS OF FIGURES AND TABLES No Name Page Figure 1.1 The public investment management system 10 Figure 2.1 Investment by ownership 2000-2012 (%) 17 Figure 2.2 Composition of public investment capital, 2000-2011 (%) 18 Figure 2.3 State investment by management level 20 Figure 2.4 24 Location of existing and under-development infrastructure in Vietnam Table 2.1 State investment by kinds of economic activities (%) 19 Table 2.2 ICOR of some regional countries 21 Table 2.3 Quality of infrastructure global ranking out of 133 countries 30 Kieu Ngoc Bich ATCA_K12 10 Graduation thesis Banking Academy TABLE OF CONTENTS DECLARATION ACKNOWLEDGEMENTS DEDICATION EXECUTIVE SUMMARY LISTS OF ABBREVIATIONS LISTS OF FIGURES AND TABLES INTRODUCTION 1 Research objectives 2 Research questions Significance of the study Scope and limitations of research Research methodology The organization of the thesis CHAPTER 1: THEORICAL FRAMEWORK OF PUBLIC INVESTMENT 1.1 The fundamental theory of public investment 1.1.1 Definition of investment, public investment 1.1.2 Roles of public investment in socio-economic development 1.2 Definition and criteria to determine public investment efficiency 1.2.1 Definition of public investment efficiency 1.2.2 Criteria to determine public investment efficiency 1.3 Achievements in public investment in some Asian countries and lessons for Vietnam 11 1.3.1 Achievements in public investment in Japan and China 12 1.3.2 Lessons drawn 13 Conclusions of chapter 15 Kieu Ngoc Bich ATCA_K12 33 Graduation thesis Banking Academy The completion of Son La power station, three years ahead of schedule, will play a big r e in ett ing Vietna ’ e tre e rtage energy an benefits the country billions of dollars By virtue of the investment in projects of national importance, Vietnam has enjoyed remarkable progress in some essential areas including transportation, electricity, and water supply More specifically, between 2000 and 2010, the total length of paved roads in Vietnam quadrupled from 30,000 kilometers (km) to almost 120,000 km, connecting farms and firms with the market and lowering transaction costs Likewise, the ratio of rural households connected to electricity grids increased from 14% in 1993 to almost universal access by 2010 From a mere 8.8 billion kilowatt hours of electricity production in 1990, output soared to 80 billion kilowatt hours in 2009, a remarkable annual average growth rate of 13% Similarly, the number of households with access to a piped water network rose from 12% in 2002 to 76% in 2009 2.3.1.3 Public investment management (PIM) The government has drafted and promulgated a series of legal documents to regulate public investment in general, and public investment management in particular As scores of industries, sectors, ministries and regions involve in the PIM cycle, some attempts have been made to create clear boundaries between participants and strengthen the co-operations between state agencies, line ministries and local authorities These moves have been carried out in order to ensure the fluent and effective operation of the PIM cycle 2.3.2 Limitations of public investment 2.3.2.1 Structure of public investment The allocation of public investment between regions and sectors is not suitable Education, research and development (R&D), and science and technology has not been paid due attention, which can affects not only the quality of workforce but also the ability of Vietnam to integrate with the global economy A few of studies have implied the investment in R&D is the driving force for advanced economic development, Kieu Ngoc Bich ATCA_K12 34 Graduation thesis Banking Academy including agriculture development to ensure food security The decline in investment in agriculture can trigger dangers to the rural development, poverty reduction and food security Moreover, the increase in decentralization in public investment can cause the overlap of responsibility in public investment between central and local authorities Consequently, financial sources have not been effectively managed at local level Local authorities may abuse their power to excessive invest in projects that are little use to the local development 2.3.2.2 Incremental Capital Output Ratio (ICOR) Vietna ’ substantially high ICOR indicates the ineffectiveness of the money spent on investment Moreover, ICOR of state sector was much higher than that of private and foreign-invested sectors illustrates that state sector can generate the least benefit from a unit of investment Therefore, to maintain the past economic growth rates, Vietnam needs to increase the scale of investment, which is hardly feasible when n i ering t e urrent ig 2.3.2.3 e e Vietna ’ ub i ebt an bu get e i it Number and scale of state-funded projects The excessive number of megaprojects proves the ineffectiveness and unfeasibility in planning and implementing stages With a country at the current development phase, the current number of existing and under-construction large-scale projects is such huge waste as the demand for these megaprojects is much lower than the supply Instead, the state money should have been allocated in such fundamental areas as education, science and technology 2.3.2.4 Public investment management (PIM) Overall, a large number of state agencies, line ministries and local authorities, etc take part in the PIM system which can lead to the overlap of responsibility and even ineffectiveness of PIM cycle There are many laws and regulations regarding public investment, nevertheless, the fragmentation across different legal pieces as well as weak enforcement of the regulations can adversely undermine the efforts for policy and legal reform and adversely affect the performance of PIM cycle Consequently, stages of PIM have not been implemented successfully Kieu Ngoc Bich ATCA_K12 35 Graduation thesis Banking Academy More specifically, the objectives in development strategies and plans are excessively broad and vague, which ease the process of preliminary screening but seriously compromise its quality Both the pre-screening and formal appraisal seem less than fully independent The unintended consequences of decentralization in PIM include the undermining of the central role of the MOF and the MPI and low capacity of appraising agencies at line ministries and local governments The divergence between legal framework and application of the laws and legislation in PIM is evident, attributing to selection of wasteful projects, project delays and incompletion Monitoring and evaluation of projects, though stipulated by the laws, receive little attention from responsible agencies Project adjustment is processed in untimely manner The regulations compelling independent review of appraisals and evaluation of projects remain absent 2.3.2.5 Information transparency The disclosure of information is untimely and ineffective As a result, the public not have access to sufficient information to evaluate the performance of statefunded projects in particular, and state agencies in general Consequent, citizens can become indifferent to state projects and even state policies Worse still, it is less likely that citizens will play an active role in monitoring, supervising, and giving feedback and recommendations to enhance state policies and state projects 2.3.2.6 Quality of state-funded projects Numerous state-funded projects are completed behind schedule or with low quality, which poses considerable losses and waste Clearly, this is partly due to the fact that many domestic and foreign contractors have provided equipment and materials whose quality is lower and/or different from required level Worse still, quite a e in e t r a e a eare in r e t eir ntra t r ’ inan ia tatu an technical ability and related equipment and technology Instead of handling timely the wrongdoings if their contactors, they have even shown their excessive sympathy for their contractors, ignoring their weaknesses and misconduct As a result, the low quality of state-funded projects becomes an unsolved issue Kieu Ngoc Bich ATCA_K12 36 Graduation thesis 2.4 Banking Academy Reasons for low public investment efficiency Poor public investment efficiency has been due to various factors including the e ire r i e e ent t e eter inati n t ur ue “in u tria izati n” at a costs, the mechanism for allocating public money arbitrarily and evenly, the tenureoriented mindset, the competition for gaining benefit for localities, industries, organizations and individuals, the insufficiency of competent personnel and legal documents related to public investment The major reasons for low public investment efficiency will be presented as follow First, the desire for fast development, the determination to pursue “in u tria izati n an ernizati n” i a aj r ntribut r t ub i in e t ent efficiency It is true that the supply-demand principle has not been strictly observed by the authorities in charge of public investment Instead, the goals of industrialization and modernization, and socialist-oriented market economy have been considered as grounds for increase in public investment Almost all coastal provinces have planned to build seaports Most border provinces want to set up border-economic gate zones Every province has established industrial parks, economic zones, museums and universities and every SOE longs for state-funded projects The supply-led and demand-overlooking approach as well as the disregard of such prerequisites as labor, managerial ability and related infrastructure have led to the desertion of numerous completed projects and enormous losses Second, localism, tenure-based policies, achievement-driven activities and the even allocation of state-money are behind the push to launch state-funded projects in r er t rai e “ r in ia GDP ” P r ub i in e t ent a a been attribute t t e weaknesses of the planning work and the unreasonable delegation of responsibility between the central government and local authorities Quite a few newly-approved plans have become inappropriate to the reality Industry master plans are not in accordance with regional ones Almost all plans fail to be completed as schedule Poor planning and unclear delegation of tasks have been responsible for the surplus of projects having the same function, the enhancement of the unnecessary competition Kieu Ngoc Bich ATCA_K12 37 Graduation thesis Banking Academy between the state sector and the private one, the waste of capital and the making of massive losses Third, the shortage of competent state officials in charge of public investment means that quality of projects appraisal, planning, selection, implementation and evaluation is not ensured Moreover, the socio-economic development plans by local authorities in Vietnam often include numerous unrealistic, unfeasible socio-economic targets that are inappropriate to practical demand and beyond local capacity This is partly due to the lack of talented policy makers to set realistic and feasible plans that can really accelerate the development of provinces and the whole countries Forth, the low public investment efficiency has been resulted from the in u i ien y Vietnam-ba e Vietna ’ r je t ega a e been u ent It is said that the shortcomings of ain y attribute t Vietna ’ re ate r b ematic legal provisions which are often regarded as unfeasible, ambiguous, inconsistent, fragmented and overlapped For instance, the current laws and regulations have not clearly stipulated the roles and responsibilities of stakeholders engaged in public investment management, which can cause the overlap between stakeholders The loopholes in legal documents are certain to exert devastating impacts on the society and the prestige of the state apparatus Kieu Ngoc Bich ATCA_K12 Graduation thesis 38 Banking Academy Conclusions of chapter Based on the theoretical framework mentioned in chapter 1, the thesis n entrate n ana yzing an a e ing t e urrent ituati n Vietna ’ ub i investment The thesis draws some conclusions as follow First, the key findings of the study has indicates that Vietnam has achieved several successes For instance, public investment has been successfully allocated in some areas of great importance such as transport, telecommunications, energy and water supply, etc to meet the increasing demands from the public Second, apart from the achievements, the study also evaluates some shortcomings of public investment and points out factors contributing to low public investment efficiency in Vietnam This will be the background to some practical solutions to enhance public investment efficiency that will be presented in chapter Kieu Ngoc Bich ATCA_K12 39 Graduation thesis Banking Academy CHAPTER 3: SOLUTIONS TO ENHANCE PUBLIC INVESTMENT EFFICIENCY IN VIETNAM 3.1 Improving the legal framework of public investment In reality, there are a large number of the legal documents for public investment in Vietnam Nevertheless, existing public investment governing laws and by-law documents were proposed by different institutions often with sectoral perspectives, and hence result in either inconsistencies or lack of overall vision To enhance the effectiveness of public investment, the legal framework for public investment has to be further strengthened to alleviate the existing fragmentation, duplication and missing uniformity of the laws and legislation It should be noted that state agencies that are assigned the responsibility to issue legal documents for the untry’ tate anage ent arti u ar y u ent regar ing ub i in e t ent should undertake due consideration to ensure the efficiency and feasibility of laws and related regulations At the highest order of importance, the MPI is drafting the new Law on Public Investment as a unified legal document that aims to rectify outstanding issues This law is e to facilitate a more healthy public investment environment as participants involved in public investment is required to strictly obey the law Moreover, the law is expected to clearly stipulate the boundaries of responsibilities between governing bodies in charge of public investment, which can reduce the overlap of rights and responsibilities and, in turn, enhance improve public investment efficiency Moreover, the Law on Bidding is problematic and should be amended The Law on Bidding provides that among the bidders for a contract meeting 70% of technological criteria, the one who offers the lowest bid shall win the contract, but prohibits the investors from including in the tender invitation dossier any requirement for specific trade mark and origin of goods Therefore, contractors may use substandard materials or technology, which erodes the quality of projects Besides, the organization of bidding session and the selection of tenders by Vietnamese investors Kieu Ngoc Bich ATCA_K12 Graduation thesis 40 Banking Academy have been riddled with problems including opaque and inconsistent procedures and criteria These problems have caused substantial damage to the state budget and the national economy and need tackling through the amendment of the Law on Bidding In addition, the State Budget Law has to be updated to focus on improving regulations of accounting, auditing, financial supervision, reporting, and disclosure of financial-budget information, whilst maintaining better consistency with the socioeconomic development strategies and plans Eventually, the overlap and inconsistency between the existing laws and regulations, in particularly any discrepancies between the two main Construction Law and Investment Law should be avoided 3.2 Strengthening the public investment management cycle A more rigorous public investment management (PIM) cycle, synchronized with the budget process, will help Vietnam avoid approving inefficient and cost-ineffective public investment projects Unfortunately, to some extent, the performance of the PIM system in Vietnam has not brought about expected effects and many stages need strengthening There exists great demand for an enhanced PIM driven by both citizens and business community Donors, particularly the World Bank, are providing critical support for the comprehensive PIM reforms Along with enhancement of legal framework, these following priorities should be considered First, with deepening decentralization of PIM, Vietnam should increase responsibility and accountability of local governments and line ministries and improve the capability of appraisal and monitoring, at all levels In addition, it is critically important to establish the framework and institutional arrangement for independent review of project appraisals as part of strengthening the oversight in PIM The issuance of the Decision to approve the Charter establishing the Association of Independent Evaluators is the first step in this direction Second, monitoring and evaluation deserves further attention The lessons from successful programs, such as the Program No 135, indicate the approach to monitoring and evaluation should be result-based, rather than input-based To this, however, Kieu Ngoc Bich ATCA_K12 41 Graduation thesis Vietna nee e ani Banking Academy t e e ti e y e a uate t e r je t ’ ut ut an r gre with responsibility of agencies in charge of PIM, so that they have more incentives to monitor and evaluate projects Moreover, Vietnam should enhance the voice of the community organizations in monitoring and evaluating projects This is stipulated in current regulations, but not done in practice Third, Vietnam needs to improve her statistical system to allow for adequate analysis of public investment, and related to it, adopt realistic and feasible indicators of PIM efficiency to facilitate M&E and project evaluation 3.3 Enhancing human resources in charge of public investment As human resources is believed to play the key role in maintaining public investment efficiency, it is essential that the government create favorable conditions and incentives to enhance the quality of personnel involved in public investment management, especially in the appraisal, selection, implementation and evaluation of state-funded projects Several measures to enhance quality of human resources will be mentioned as follow In terms of recruitment, it is highly recommended that the only competent individuals who at the same time demonstrate good work ethics should be employed The recruitment procedures should be transparent and fair Moreover, policies and incentive to attract and keep talented staff should be introduced With regards to training policies, the government should build feasible roadmap, plans and training sche u e t requent y en an e t e ta ’ e erien e n e ge and skills To illustrate, it is advisable to carry out short-term and long-term training, conferences, workshops, seminars, etc, where staff have the wonderful opportunities to improve knowledge, share experience and learn from others These programs should be carried out frequently to raise the quality of staff in terms of appraisal, planning, selection, implementation and evaluation of state-funded projects Moreover, competitions and tests to check the quality of staff should also be launched as they can motivate staff to self-improve, be updated with changes of the laws and regulations, polices, mechanism related to public investment Furthermore, during the training Kieu Ngoc Bich ATCA_K12 Graduation thesis 42 Banking Academy period, staff should be given such favorable conditions as reduction of official working hours, volume of works and finance assistance Notably, staff should be encouraged to enhance work ethics to improve the work efficiency Coming to other incentive scheme, the state, line ministries, local authorities and related agencies should launch suitable promoting schemes and ensure a transparent, fair and professional working environment Individuals and organizations with excellent performance should receive appropriate complements as a means to promote the work efficiency Simultaneously, staff with substandard work efficiency and those committing in wrongdoings causing significant losses and damage should be criticized and severely punished Moreover, staff should be given tasks based on their abilities, which can inspire them to spare no energy and effort to the job as well as maximize the work efficiency 3.4 Creating impartial regulators for key infrastructure sectors More importantly, such critical issues as localism; tenure-oriented mindset; the race for gaining benefits for localities, industries, organizations and self-seeking; and the overlap of rights and responsibilities between regulators and market participants, central government ministries and local authorities, and even among units of one agency should be addressed The fundamental answer for these problems is the creation and enforcement of a national or regional Infrastructure Regulatory Authority for key sectors such as the Port Authority of the Southeast, with responsibility for regulating the port system in the region Many countries have established governmental or quasigovernmental authorities for airports, seaports, and Economic Zones to administer and regulate infrastructure systems that serve more than one province or region In Vietnam, such regulatory agencies exist, but they often are part of a line ministry, blurring the line between ownership and regulation Such agencies need to be upgraded to the status of authority, with powers equivalent to those of a central ministry and given sufficient financial resources and operational autonomy Their main responsibilities would be to approve new projects, set industry standards, create a level Kieu Ngoc Bich ATCA_K12 43 Graduation thesis aying ie t en ure air etiti n a ng Banking Academy erat r r te t itizen ’ interest, and set user fees In brief, the establishment of impartial national or regional Infrastructure Regulatory Authority for key sectors will settle a large number of current setbacks of public investment in Vietnam, thus enhance public investment efficiency Kieu Ngoc Bich ATCA_K12 Graduation thesis 44 Banking Academy Conclusions of chapter Based on the fundamental theory of public investment mentioned in chapter and findings on weaknesses of public investment and their reasons discussed in chapter2, the thesis present some applicable solutions to enhance public investment efficiency as follow First, enhancing the legal framework of public investment Second, strengthening the public investment management cycle Third, enhancing the human resources in charge of public investment Forth, creating impartial regulators for key infrastructure sectors Kieu Ngoc Bich ATCA_K12 45 Graduation thesis Banking Academy RECOMMENDATIONS AND CONCLUTIONS It is not overestimated to state that public investment plays a vital role to the macro-economic development Specifically, over the last decades, public investment, especially investment in infrastructure development has been the driving force for Vietna ’ i re i e e n i gr t e e ti na erty re u ti n an i ing standard improvement e er Vietna ’ ub i in e t ent i ti ri e it a arge nu ber problems The shortcomings of public investment can be clearly seen through some criteria such as the extremely high ICOR, the inefficient and insufficient of public investment management, the excessive number of and the delay or low quality of numerous state-funded projects This study presents some applicable solutions to enhance public investment efficiency including enhancing the legal framework of public investment, strengthening the public investment cycle, and enhancing human resources in charge of public investment Obviously, enhancing public investment efficiency is no easy task It is a long-term process that demands the cooperation of about 124 sectors, industries, localities, state-owned economic groups and state-owned enterprises Undeniably, one single solution will not able to produce the expected results Therefore, to effectively tackle the problem of low efficiency in public investment, these measures should not be carried out separately but must be combined with each other Apart from these measures, the government should issue a clear guideline to instruct line ministries, local authorities and state-owned enterprises implementing public investment reform step by step Kieu Ngoc Bich ATCA_K12 46 Graduation thesis Banking Academy REFERENCES C EM (2011) “T Vietna ” re u e quantity an in rea e qua ity ub i investment in e ber 4th, 2011 Retrieved from http://www.ciem.org.vn/home/ en/home/InfoDetail.jsp?area=1&cat=391&ID=1603 Doan, H Q., Le, M T and Nguyen, A D (2010) Public Investment in Vietnam Ba gr un a er re are rt eW r Ban ’ n eren e tit e “Promoting Public Investment Efficiency: Global Lessons and Resources for Strengthening World Bank Support for Client Countries ” an i ugu t 30 2010 Ha T (2011, 13th July) Why does Mekong Delta remain poor? 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Background paper for the High-Level Seminar on the Role of Public Investment in social and Economic Development, 13-14 July 2009 in Rio de Janeiro, Brazil World Economic Forum (2009) Global competitiveness report 2009-2010 Retrieved from http://www.weforum.org/reports/global-competitiveness-report-2009-2010 World Bank (2011) Doing more with less: improving the effectiveness of public investment Vietnam development report 2012: Market economy for a middle income Vietnam (pp 53-76) Kieu Ngoc Bich ATCA_K12