Nâng cao hiệu quả hoạt động đầu tư phát triển cơ sở hạ tầng giao thông đường bộ ở Việt Nam trong bối cảnh hội nhập quốc tế

Nội dung text: Nâng cao hiệu quả hoạt động đầu tư phát triển cơ sở hạ tầng giao thông đường bộ ở Việt Nam trong bối cảnh hội nhập quốc tế

1. INVESTMENT IN DEVELOPING ROAD TRAFFIC INFRASTRUCTURE IN THE CONTEXT OF INTERNATIONAL ECONOMIC INTEGRATION NÂNG CAO HIỆU QUẢ HOẠT ĐỘNG ĐẦU TƯ PHÁT TRIỂN CƠ SỞ HẠ TẦNG GIAO THÔNG ĐƯỜNG BỘ Ở VIỆT NAM TRONG BỐI CẢNH HỘI NHẬP QUỐC TẾ Cu Thanh Thuy Ha Noi Architectural University (HAU) Abstract International economic integration, on the one hand, provides our country with new opportunities for socioeconomic development; on the other hand, it brings big challenges. Nowadays, investment in developing road traffic infrastructure plays an important role in supporting the socioeconomic development of Vietnam in terms of deeper and wider integration. The results of this process will create more favorable traffic conditions for the socioeconomic development. This study was conducted to analyze the reality of investment in developing road traffic infrastructure in Vietnam. The achievements and limitations could, thereby, be taken into considerations in order to propose recommendations to help boost operational efficiency of the investment in developing road traffic infrastructure in Vietnam in the current context of international integration. Key words: investment and development, infrastructure, Vietnam Tóm tắt Hội nhập kinh tế quốc tế một mặt đem lại cho nước ta những cơ hội mới cho phát triển kinh tế xã hội; Mặt khác, nó cũng đem đến nhiều thách thức lớn. Hiện nay, đầu tư phát triển cơ sở hạ tầng giao thông đường bộ đóng vai trò quan trọng trong việc hỗ trợ phát triển kinh tế xã hội của Việt Nam ở khía cạnh hội nhập sâu rộng hơn. Kết quả của quá trình này sẽ tạo ra nhiều điều kiện giao thông thuận lợi cho phát triển kinh tế xã hội. Nghiên cứu này được tiến hành để phân tích thực trạng đầu tư phát triển cơ sở hạ tầng giao thông đường bộ ở Việt Nam. Từ đó, xem xét những thành tựu và hạn chế để đề xuất các kiến nghị để nâng cao hiệu quả hoạt động đầu tư phát triển cơ sở hạ tầng giao thông đường bộ ở Việt Nam trong bối cảnh hội nhập quốc tế. Từ khóa: đầu tư và phát triển, cơ sở hạ tầng, Việt Nam 1. Introduction According to the Road Traffic Law of Vietnam (2008), "The road traffic infrastructure includes roads, bus stops, parking lots, rest stops and other supplementary works on the road for transport services and road safety corridor". It can be seen that road traffic infrastructure is very diverse and made up of many different parts, in both physical and non-physical forms. 904
2. Investing and developing are the fundamental parts of the investment, the current spending in the capital to conduct business activities in order to increase or generate physical assets and intellectual property; increase production capacity; offer more jobs for the purpose of development. Investment in developing road traffic infrastructure is one part of development investment, the current spending in the capital to conduct construction activities like construction of roads, bus stops, parking lots, rest stops and other supplementary works on the road for transport services and road safety corridor, in order to increase or create more physical assets, production capacity, jobs for the purpose of development. The capital investment for developing road traffic infrastructure (DRTI) includes domestic capital and foreign capital, as follows: Figure 1: The capital investment for developing road traffic infrastructure (Source: Synthesis of the author) With the roles of investment in developing road traffic infrastructure in the socioeconomic development of the country mentioned above, the author’s research is reasonable and necessary. 905
3. 2. Literature review Investment and development have become a matter of concern for not only researchers but also policy-makers. The capital used in investment activities varies from state budget, official development assistance, business capital to foreign direct investment, and so forth. Investment for development is implemented in different sectors, each of which has its own characteristics but shares the most basic features of investment for development. The investment activities for development can be project-based, work item - based or in other methods ( Tu Quang Phuong, Pham Van Hung, 2013) State budget capital - one of the most important sources of capital for investment and development activities when it comes to public and transport infrastructure investment has become topics of studies for scientists. Therefore, there is a need to have a consistent and comprehensive theory to have a possibly best accurate and general insight of the state budget so that it can be managed as efficiently as possible. In fact, V.O. Key Jr. (1940) recognized the need for a theory of the state budget. In his research, he pointed out the problem when there is no theory for budget and analyzed its importance in macroeconomic management as well as in increasing allocative efficiency of the government budget. The author also pointed out that the most important regard in considering the state budget is the allocation of expenditure for the various purposes in a way that results obtained are the most optimal. In 1930s, Mabel L. W. was also aware of the importance of state budget expenditure. In his study, an analysis of the allocation of state budget and principle for budget spending were made. Malbel synthesized the theories related to public expenditure, and on this basis, developed and built a new theory to guide the spending allocation of the budget. Theories related to state budget have made great strides over time from work item- based budget management practices to task – based budget management practices; from program-based management to output-based budget management practices. Moreover, each budget management method has specific advantages and disadvantages, but it shares a point in common: all of these budget management practices are increasingly better over time through the process of different management practices in different countries. Martin et. al. (2010) compared and showed very clearly the development of budget-related theories. The researcher has confirmed the advantages of output-based budget management method, and this method answered the question often posed by budget managers: How to make decisions to allocate the funds for one activity instead of allocating it to another. One of important budget expenditures using State budget was items of fundamental construction investment. For any country, the basic construction investment has a very important role in their economic development strategy, contributing to creating conditions for economic growth, jobs, and solving social problems. The study of public investment has also proved that inefficiencies in public investment management will lead to bad debts. Therefore, policy makers and researchers have had studies on the status of public investment, achievements and drawbacks so that they will be able to give directions and solutions for the best management of the portfolio. The state, hence, has an important role in the management of investment portfolios. Relationship between public investment, economic growth and social impacts has been studied by Benedict Clements et al (2003). 906
4. In this study authors have made an overview of theories related to the research problem, presented a model of economic growth, used the method of data qualification and so have demonstrated the relationship between public investment and economic growth using quantitative research methods with the data collected in some low-income countries such as Zambia, Guinea, Vietnam, Nepal, Ghana. Also using public investment theories and methods of collecting secondary data, quantitative models in the processing of the data, Edward Anderson et al (2006) considered the role of the investment that use the state budget as a means of poverty reduction. He demonstrated the social role of investment funds using the state budget through the indicators, which reflect the efficiency of public investment in growth, production and social balance. In addition, in the study the authors proposed a method to appraise projects using public investment and allocate optimally the budget between regions in order to achieve social objectives. For the management of investment projects, studies of Peter E.D (2002) have pointed out that it is important to build a sample project for quality system of cost management to determine the quality of construction projects. In addition, the implementation of fundamental investment projects from construction budget sources, the activities of the project should be divided into the areas of work, done by the different sectors and carried out separately. In the management process, the classification of the project types and modes of operation have significant impacts on the cost of the whole project (P.E.D. Love et al (1999)). In view of PED Love (2002), the role of the parties in the management of capital for fundamental construction investment should be reviewed. Specifically, with a given construction investment projects, it is important to give suitable interpretations on the issue of management cost of investment activities. By approaching towards State management experience in the infrastructure construction in different countries by state budget, Bernard Myers and Thomas Laursen (2008) summarized the experience of state management of investment and construction of infrastructure in the EU member states. Data for the study were collected from 2000 to the end of 2006, mainly focusing on an examination of management experience in the investment portfolio in the UK and some countries with developed economies. During the research, the EU countries have the large public debt across the world. This would be a lesson learned for performance management of basic investment and construction of the State budget in Vietnam, which could have been avoided partly a strong increase in public debt and inability to control. Meanwhile, in Vietnam when it comes to the field of infrastructure investment and development for road traffic, Pham Thi Tuyet (2015) had a different approach by mentioning transport development in Vietnam for the previous period and recommending the capital need in the development of road traffic in the coming period (projected investment capital needs by 2020). She also pointed out that the investment capital for transport infrastructure currently comes mainly from three main sources: foreign loans, government bonds and state budget. Shortcomings and limitations shown by her proposed a number of recommendations aimed at developing road traffic system in Vietnam. 907
5. In short, investment and development play an important role in the process of national socio-economic development. Investment in infrastructure development of road traffic contributes to high quality infrastructure, which in turn leads to many advantages for attracting capital, the foundation for the circulation of goods, in the end the overall economic development of not only the local but also the state. 3. Research Methodology The data in the study was collected from the summary report of Ministry of Transport. Based on these data, the author in the current study used the method of descriptive statistics and interpretation results to analyze the actual situation of investment in infrastructure system of the road traffic in Vietnam in terms of strengths and drawbacks; thus, the author proposes some recommendations with the aim to enhance the achieved results of this activity. 4. The reality of investment in developing road traffic infrastructure in Vietnam *) Capital investment in developing road infrastructure under construction project items Capital investment for Highway (excludes Highway 1 and the Ho Chi Minh Road) is about 255,701 billion VND, with an average of 31,963 billion per year VND, of which, off-budget funds include17,023 billion VND and 84,222 billion VND have not been supported by any source. Table 1: Capital investment in upgrading highways (not including Ho Chi Minh Road and Highway 1) Unit: billion VND No. Sources 2012-2020 2012 - 2015 2016 - 2020 1 ODA 92.956 66.297 26.659 2 State budget 16.908 12.711 4.197 3 Government bonds 44.592 23.850 20.742 4 Off-budget funds 17.023 10.711 6.313 5 Not supported sources 84.222 19.822 64.400 Total 255.701 133.391 122.311 (Source: Decision No. 355, Adjustments for Transportation Development Strategies in Vietnam to 2020, vision to 2030) The capital investment for the Highway 1 is about 89,362 billion VND over the period, with an average of 22,340 billion VNDper year, and about 240,839 billion VND for Ho Chi Minh Road, with an average of 26,760 billion VND per year. In the period 2012-2015, the total investment to upgrade highways in Vietnam was around 133,391 billion VND, most of which came from the state funds with contributions of the state budget (about 12,711 billion VND), official development assistance (66,297 billion VND), and government bonds (23,850 billion VND) 908
6. Meanwhile, it seems more difficult in the period 2016-2020.The projects to upgrade highways and the projects which have not found capital supports account for a relatively large amount (approximately 64,400 billion VND), while the state capital occupies a considerable proportion of this stage; the official development assistance (about 26,659 billion); and state budget (nearly 4,197 billion VND). The capital investment to upgrade and expand Highway 1, Ho Chi Minh Road occupies a relatively large proportion in which expanding Highway 1 is estimated at 89,362 billion VND. In the period 2012- 2015, while the capital for implementing the project was 67,022 billion VND, that sum of money for the period 2016-2020 is expected at about 22,340 billion. For the HCM Road, the total investment is estimated at 240,839 billion VND, of which about 69,997 billion was for the 2012-2015 period, and about 170,842 billion expected for the period 2016-2020. The projects to renovate, expand and upgrade Highway 1 and the Ho Chi Minh Roadare the key projects in 2012-2020 period, financial sources for the implementation of these projectsare shownas follows: Table 2: Capital toupgrade, expand Highway 1 and Ho Chi Minh Road Unit: billion VND No Road name Total 2012 - 2015 2016 - 2020 1 Highway 1 89.362 67.022 22.340 2 Ho Chi Minh Road 240.839 69.997 170.842 (Source: Decision No. 355, Adjustments for Transportation Development Strategies in Vietnam to 2020, vision to 2030) Capital investment for developing highway system is about 446,289,669 billion, with an average of 49,092 billion per year, of which the North-South Expressway project accounts for approximately 209,173 billion, with an average of 26,147 billion per year. Table 3: Capital investment for developing Expressway Length Value No. Category (Km) (Billion VND) A Completed projects (5 Expressways) 167 B Projects expected to complete in 2013-2020 period 1.851 446,289,669 1 North-South Expressways (10 routes) 776 209,172,796 2 Northern Expressways (6 routes) 705 123,660,000 3 Southern Expressways (1 route) 76 13,802,000 4 Hanoi-Ho Chi Minh city belt (3 routes) 94.6 45,744,331 5 Other expressways 200 53,910,541 Total 2.018 (Source: Decision No. 355, Adjustments for Transportation Development Strategies in Vietnam to 2020, vision to 2030) 909
7. Capital investment for developing the coastal road network is about 28,132 billion (the period to 2020 is 16,013 billion; the period after 2020 is 12,120 billion);with an average until 2020 is 1.600 billion per year. Meanwhile, the capital investment for developing provincial road system is about 120,000 billion, with an average of 12,000 billion per year; urban road traffic for the capital Hanoi and Ho Chi Minh City is approximately 287,500 billion, with an average 29,000 billion per year. Investment needs for developing road traffic infrastructure in Vietnam under decision 355 is enormous, while since 2011 the ODA and state investment by GDP hasgradually decreased (before 2011> 40% of GDP, year 2012 and 2013 was 34% and 30% of GDP respectively). *) Investment in developing road traffic infrastructure on the scale of capital investment The total investment in road traffic infrastructure in period 2011-2015 reached at about 380,000 billion, increasing average 38% per year in which state budget accounted for 144,000 billion (38%); government bonds was 113,000 billion (30%); the remaining was mobilized from off-state budget sources. Table 4: The total capital investment for developing road traffic infrastructure in period 2011-2015. Unit: Billion VND Total Proportion Growth No. Sources 2011 2012 2013 2014 2015 2011- (%) (%) 2015 I State budget 13.545 23.666 29.98 34.13 42.88 144.201 38,0 33,4 1 ODA 11.385 20.127 21.768 31.5 33.164 117.944 31,1 30,6 2 State budget 2.16 3.539 8.212 2.63 9.716 26.257 6,9 45,6 II Government bonds 11.078 16.038 14.768 35.545 36.376 113.806 30,0 34,6 Off-state budget III 8.787 8.005 21.761 41.3 41.98 121.833 32,1 47,8 (BOT, PPP) Total 33.411 47.709 66.509 110.975 121.236 379.84 100 38,0 (Source: Department of Planning and Investment, the Ministry of Transport) In the period 2011-2015, the capital investment for development activities in road traffic infrastructure tended to gradually increase in the study period. The state budget accounted for a large share in the total capital investment for developing the road traffic infrastructure, namely in 2011, the capital from the state budget for this was about 13,545 billion. This figure increased by 33% in comparison with the study period with about 42,880 billion. The capital of the state budget comes from two basic sources, official development assistance (ODA) and the state budget funds in which the ODA have contributed considerably in the investment activities of developing road traffic infrastructure in Vietnam in 2011-2015 with about 31% of the total investment. 910
8. The capital from government bonds is one of the important sources of investment fordeveloping the road traffic infrastructure in Vietnam, with a contribution to the development of road infrastructure of about 30% of the total investment, which increased by over 34% during the study period.In 2011, capital investment from government bonds was about 11,078 billion investment. By 2015, this figure reached 36,376 billion. This is one of the important sources in raising capital for investment in developing road traffic infrastructure in Vietnam. Besides the capital from the State budget, the off-state budget is also one of the important sources for the implementation of investment activities in developing transport infrastructure in Vietnam. The forms of project implementation under PPP, BOT are being applied fairly common in our country, especially in developing road traffic infrastructure. However, in order to carry out such projects using funds outside the state budget in different forms of cooperation, it is necessary to use the funds from state budget to resolve such issues as support for site clearance compensation or other forms of support for each specific project. *) The achievements and the limitations on investment in developing road traffic infrastructure using the State budget in Vietnam According to the Vietnam General Department of Road, in 2015 Vietnam obtained certain achievements on investment activity in developing road transport infrastructure, namely: +) In the highway system Total Highway length: 22 660 kms Total length of the provincial roads: 23 729 kms Total length of the district roads: 53 964 kms Total length of the commune roads: 202.705 kms Total length of road for special use: 6911 kms Total toll stations on Highway: 42 stations +) In the Expressway system The total length of highways being exploited: 114,146km The total length of the bridge on the Expressway: 56 563 km Total number of toll stations on the Expressway: 32 stations Total number of service stations on the Expressway: 10 stations Total direct aid stations on the Expressway: 08 stations Standby rescue stations on Expressway: 04 stations +) In the bridge system The total length of the bridge on Highway: 417.165ms The total length of the bridge on Provincial Road: 183.113ms The total number of bridges on the highway: 5196 bridges Total number of bridge in the provincial road: 4601 bridges 911
9. +) In road safety corridors: Whole planned connection points: 1322 Locations. Beside the achievements obtained in the investment activities for developing road traffic infrastructure in Vietnam, there are still certain restrictions, namely: low technical condition of road, narrow streets, small curve radius; road surface does not ensure safety for smooth traveling, landslides also occur frequently causing traffic jams. The number of weak bridge, low weight, not synchronous with the road levels is still high. Many local roads in the traffic system of mountainous and rural areas are not working over the year. 5. Recommendations In order to further enhance the ability to meet the demand for funding the investment activities in developing road traffic infrastructure using the state budget, as well as improving the results of investment activities in this area using state budget, the author suggests a number of specific proposals as follows: Attractingoff-budget capital investment (socialized capital) is a policy of the State Government, in accordance with international experience and also the current solutions of Transport sector. Many solutions have been put forward, which focuses on four main groups of attracting, and using capital investment in developingroad traffic infrastructure, as follows: Innovating Institutional policies to attract investment, promote administrative reform to meet the requirements of development and transportation process of international economic integration: creating a competitive environment; attracting all sectors to invest. For investment from the state budget: only focus on investing in areas where the recoverability of capital is not high or it is impossible to mobilize private investment. For attracting off-budget capital: the improvement of policies on investment and investment incentives, especially policies on utilizing transport infrastructure charges in the form of socialization, service charges, investment underwriting policy, purchasing infrastructure assets, the tax, land and fee incentives; promote the transfer or lease of transport infrastructurebusiness activities, piloting and constructing specific instructions to transfer and socializeinvestment in airport, railway, seaport sectors. ; removing the constraints in capital mobilization channelslike domestic credits, expanding channels of foreign credit mobilized for large-scale projects. Accelerate the process of restructuring and equitizing enterprises in transport sectorincluding rail, seaport, and aviation. REFERENCES 1. Benedict clements, Rina Bhattacharya, Toan Quoc Nguyen, (2003), External debt, public investment, and growth in low- income countries, IMF 2. Barnard Myers, Thomas Laursen, (2008), Public investment management in the EU 3. Edward Anderson, Paolo de Renzio, Stephanie levy, (2006), The role of public investment in poverty reduction: theories, evidence and methods, overseas 912
10. development institute, 111 wesminster bridge road London SE1, 7JD, UK 4. Martin, Lawrence L, (2010), Measuring the performance of human service programs, Sage Publications 5. P.E.D Love, (1999), A symptom of a dysfunctional supply chain’, European Journal of purchasing and supply management, 5 6. P.E.D. Love, (2002), Auditing the indirect consequences of rework in construction: a case based approach, Managerial auditing journal, 17, pp. 138-146. 7. Peter E.D, (2002), A project management quality cost information system for the construction industry’, Information and management, 40. 8. V.O.Key Jr, (1940), The lack of budgetary theory, American political Science review, volume 34, issue 6 9. Mabel L. Walker, (1930), Municipal expenditures, National Municipal review, Volume 20, issue 9 10. Tu Quang Phuong, Pham Van Hung, (2013), Giáo trình kinh tế đầu tư, Nhà xuất bản đại học Kinh tế quốc dân Hà Nội [Investment economics introductory course, Ha Noi National economics University Publishing House]. 11. Pham Thi Tuyet, (2015), Thực trạng và nhu cầu vốn phát triển giao thông đường bộ Việt Nam, tạp chí giao thông [ The actual situation and the development demands of Vietnam’s transportation, Traffic Journal) 913