(VOVworld) – Deputies at the current National Assembly session on Friday reviewed the implementation of the law on practicing thrift and preventing wastefulness in using government bonds for capital construction in the period from 2006 to 2012.

Chairman of the National Assembly's Committee for Finance and Budget, Phung Quoc Hien, reports on the use of government bonds for capital construction from 2006 to 2012. (Photo: VNA)

During the debate, deputies agreed on the need to issue government bonds as a source of capital to develop the economy, ensure social security, and improve lives in rural and remote areas. However, they acknowledged shortcomings in the use of the bonds. Nguyen Thi Kha, a deputy from Tra Vinh province said: “Transparency in investment, bidding and monitoring in capital construction is needed in line with the law on constructions and other related laws. Political and social organizations and the people should be involved in inspections and monitoring. I proposed that government bonds be included in the state budget and that projects using government bonds be reviewed to avoid wastefulness.”

Deputy Prime Minister Nguyen Thien Nhan and a number of Ministers the same day explained the use of government bonds in the building of schools, transport, agricultural and healthcare facilities. Minister of Agriculture and Rural Development Cao Duc Phat said: “We propose that the National Assembly provide additional funding to complete projects already under construction and if possible restructure investment. To speed up the progress of such projects and in order to complete them by 2015, we will need at least 400 million USD. Meanwhile, many localities are in urgent need of funding for socio-economic development, particularly economic restructuring. The biggest problem now is to shift investment from projects currently under construction to restructuring projects.”

On Saturday, the deputies will discuss revisions to the law on Emulations and Rewards, the law on Migration and the draft law on Employment.