Conclusions and Research Gaps

The budget is always in a state of balance, the deficit is transferred to the central budget. In addition, the issue of improving the efficiency of public spending is also mentioned quite fully and in detail in the PhD thesis in economics by author Nguyen Thi Phu Ha (2007) and has proposed a number of solutions to improve the efficiency of state budget spending to serve the development needs in Vietnam.

However, the above econometric models have not analyzed in depth the contribution of the investment items to growth, so they have not made specific recommendations on how to restructure the investment and what institutional and policy support conditions are needed to implement that restructuring orientation. In addition, although the authors all consider ineffective investment as a chronic disease in Vietnam, they have not clarified why this phenomenon is slow to be overcome.

Regarding the issue of restructuring the stock market, the authors have clearly stated that the stock market is an important tool of the state to overcome three major defects of the market, which are (1) the risk of economic instability; (2) disregarding activities that bring great social benefits, although business profits are not high; (3) solving the problem of polarization between rich and poor. From there, the author affirmed the market-leading role of the state economic force, first of all, state-owned enterprises must focus on providing public goods and services and economic sectors with low profitability, but necessary for the industrialization process such as mechanical engineering, supporting industries, investment in the primary real estate market, research, application and development of high-tech industries... From another perspective, author Vu Tuan Anh (2010) emphasized the role of the state in using FDI as a tool to stimulate the development of priority sectors, often key sectors that have the effect of attracting the economy that the private sector cannot or does not want to invest in. In addition, as a business investor, the state directly invests in two main areas: infrastructure development and business sectors to develop public goods and services and new sectors that have a spillover effect on the economy. However, these recommendations do not really clarify when the state should directly invest and when it should simply create an attractive environment to attract private investment in the provision of goods and services that have traditionally been the domain of the Pope.

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This raises the need to clearly define the “playing field” between the state and the private sector from a theoretical perspective, then apply it to Vietnam's conditions to answer basic questions such as: Which areas will the state invest in, and which areas should be resolutely transferred to the private sector to implement, or simply create mechanisms and policies to encourage appropriate forms of public-private partnership.

Meanwhile, when studying the issue of remaining public investment causing loss and waste, studies all agree on the view that the proportion of public investment must be reduced. Regarding this issue, opinions focus on the proposal to first start with unreasonable expenditures by limiting hard investment while waiting for criteria or time to eliminate projects that should not be invested in, which may be more feasible (Nguyen The Du, 2010), building objective and transparent public investment criteria (Nguyen Dinh Anh, 2010) or the State should only focus on a number of key projects, divesting capital in projects that do not need to retain capital (Nguyen Quang Thai, 2010). Regarding the orientation for the restructuring process, a series of recommendations focus on: (i) reducing the proportion of public investment in the economy and increasing investment in society, (ii) reducing budget investment for "state business" sectors and shifting to investment in "state welfare" sectors;

(iii) investing in key areas with large spillover effects. Along with these orientations, the authors also proposed a series of recommendations on innovating the public financial management mechanism, focusing on promulgating the Law on Public Investment and amending and supplementing the Law on State Budget (which has been promulgated so far) in the direction of distinguishing between two types of budgets: national budget and local budget, budget allocation methods, appraisal of public investment projects and mechanisms for monitoring, evaluating and auditing public investment.

2.2. Research situation abroad

World Bank (2013), published a report on “Assessing the Financing Framework for Local Infrastructure in Vietnam”, October 2013. The report stated that one of the main reasons mentioned is that the attention of state agencies and management units has only focused on the number of investment projects without effectively managing these projects. Investment decisions are driven mainly by administrative considerations and the desire to develop projects that can generate revenue, with weak links to national strategic priorities and market mechanisms.

for the allocation of scarce resources. However, this challenge is also an opportunity for Vietnam, because a significant part of the investment demand can potentially be met by using available resources more efficiently.

Mizell, L.and D.Allain-Dupré (2013), published the paper “Creating Conditions for Effective Public Investment: Sub-national Capacitie in a Multi-level Governance Context”.OECD Regional Development Working Papers, 4/2013, OECD Publishing. The paper provides experiences in effective public investment management in OECD countries. This paper focuses on (1) identifying the enabling capabilities for local governments to design and implement public investment strategies for regional development, and (2) providing practical guidance for assessing and enhancing capabilities in a multi-level governance context.

Anand Rajaram, Le Minh Tuan, Nataliya Biletska and Jim Brumby (2010), with the topic “A Diagnostic Framework for Assessing Public Investment Management”. The World Bank Africa Region, Public Sector Reform and Capacity Building Unit & Poverty Reduction and Economic Management Network, Public Sector Unit, August 2010. The article provides a pragmatic and objective diagnostic framework for assessing the public investment management system of governments. Budget allocation for public investment can improve future economic prospects, affirming that the coordinated processes of selecting and managing public investment are very important. In addition, the framework is designed to encourage governments to conduct periodic self-assessments of public investment systems and reform management mechanisms to improve the efficiency of public investment.

OECD (2013), With the topic “Draft OECD principles on Effective Public investment: a shared responsibility across levels of government”, For external consultation, November 2013. This document presents a draft on effective public investment: a shared responsibility across levels of government developed by the OECD Territorial Development Policy Committee (TDPC).

Era Dabla-Norris, Jim Brumby, Annette Kyobe, Zac Mills, and Chris Papageorgiou (2011), had the topic "Investing in Public Investment: An Index of Public Investment Efficiency". IMF Working Paper, Authorized for distribution by

Catherine Pattillo, February 2011. This paper presents a new index to measure the institutional environment that underpins public investment management across four distinct stages: project appraisal, selection, implementation, and evaluation. The index benchmarks across regions and country groups; analyzes relevant policies, and identifies specific areas that could be prioritized. Potential research sites are outlined.

2.3. Conclusions and research gaps

Thus, there have been a number of domestic and foreign research projects on public investment in Vietnam. The topics have pointed out that the current state of public investment activities in recent years still has some shortcomings, especially the investment structure is still scattered, the efficiency of resource allocation and use is slowly improved. However, most of the topics have not studied public investment management in Vietnam. Public investment management is still not good, leading to investment gradually spreading without taking into account efficiency, loss, corruption and waste in public investment. Therefore, the research on the topic of strengthening public investment management in Vietnam is both a topical and practical topic, in which the state management role of the Party Committee, the government and departments and branches for public investment is extremely important.

Most of the research works in Vietnam so far when considering the issue of public investment consider public investment as development investment activities carried out by the state sector on the basis of state resources. Regardless of the perspective or research method, the result is that public investment efficiency in Vietnam tends to decrease, especially when compared to investment in other economic sectors. The situation of investment dispersion, loss, waste, corruption; the state management of public investment in general and the work of establishing, appraising, approving, organizing investment implementation and inspecting and supervising programs and projects are considered as the main causes leading to low public investment efficiency.

In the evaluation of public investment performance in Vietnam, it is mostly considered and evaluated by qualitative methods and by specific programs and projects and by the traditional ICOR coefficient. Meanwhile, economic development and social welfare improvement are the goals of public investment and the impact of public investment on these results also reflects the effectiveness of public investment, but has not been specifically and systematically considered in the context of public investment.

Vietnam scene.

From the above research gap, in this thesis, the author focuses on solving the following contents:

- Public investment and public investment management contents

- Analyze and evaluate the current status of public investment management in Vietnam

- Viewpoints, orientations and some solutions and recommendations to increase public investment in Vietnam

3. Research purpose

- Thesis research purpose:

The thesis studies public investment management in Vietnam to propose solutions to strengthen public investment management in Vietnam in the coming time.

- Thesis tasks:

+ Systematize theoretical and practical issues on public investment management.

+ Analysis and evaluation of the current status of public investment management in Vietnam

+ Propose solutions to strengthen public investment management in Vietnam.

4. Research object and scope

- The research object of the thesis is public investment management in Vietnam.

- Research scope:

+ About space: Public investment management activities in Vietnam. Because the topic is quite broad and to ensure logic as well as clearly analyze the weaknesses in each stage of public investment management, the scope of the thesis will be researched and analyzed according to the internal procedures for managing public investment projects. Such an approach is also consistent with the approach to public investment management of previous scientific articles and current Vietnamese legal documents such as the 2014 Public Investment Law, Decrees and Circulars as well as other legal documents guiding Public Investment.

+ About time: The thesis studies data from 2010 to 2017 on economy and public investment in Vietnam. At the same time, it proposes solutions to 2025.

5. Research methods

5.1. Data collection method

The data used in the author's research are collected from annual summary reports of industries, summary reports on FDI of the Ministry of Finance, Ministry of Planning and Investment, and annual summary reports of the General Statistics Office.

At the same time, the author also uses data published in scientific journals, scientific research works that have been published or accepted related to the thesis.

In addition, after analyzing secondary data collected from official data sources of the Ministry of Finance, the Ministry of Planning and Investment, and the General Statistics Office, the author conducted in-depth interviews with a number of experts on FDI at: the Investment Department of the Ministry of Finance and the Ministry of Planning and Investment. The author conducted in-depth interviews on some contents to gain insights from the opinions of experts on FDI management in Vietnam.

5.2. Data analysis and processing methods

5.2.1. Descriptive statistical method

Statistics is a system of methods used to collect, process and analyze numbers (quantitative aspect) of large numerical phenomena to understand their inherent nature and regularities (qualitative aspect) in specific time and place conditions. Descriptive statistics is used to describe the basic characteristics of data collected from experimental research through different methods.

Descriptive and inferential statistics both provide simple summaries of samples and measures. Together with simple graphical analysis, they form the basis of any quantitative analysis of data. Understanding phenomena and making informed decisions requires an understanding of the basic methods of data description. There are many commonly used techniques. These techniques can be classified as follows:

+ Graphical representation of data in which graphs describe data or help compare data.

+ Represent data into summary tables of data.

+ Summary statistics (in the form of single statistical values) describe the data. The descriptive statistical method used by the author when presenting data shows the basis

Capital structure of Vietnam's capital market, scale of capital market in Vietnam classified by industry, field...

5.2.2. Comparison method

The comparison method is a quantitative comparison with similar content and nature: Number of times, percentage. Comparison is also used in forms such as: Comparison between implementation and plan, comparison of different stages, comparison of similar objects, comparison of individual phenomena...

The author uses the comparative method to analyze the fluctuations of the GDP over the years in the research period.

6. Structure of the thesis

In addition to the commitment, summary, and introduction, the Thesis is structured into 3 chapters, specifically as follows:

Chapter 1: Theoretical basis of public investment management. Chapter 2: Current status of public investment management in Vietnam

Chapter 3: Solutions to strengthen public investment management in Vietnam by 2025

CHAPTER 1: THEORETICAL BASIS OF PUBLIC INVESTMENT MANAGEMENT

1.1. Public investment

1.1.1 Concept of public investment

1.1.1.1. Investment concept

According to the most common understanding in society, investment is the investment of capital in the form of money or tangible assets (factories, machinery, etc.) or intangible assets (inventions, patents, brands, etc.) for business purposes to achieve certain benefits. According to macroeconomics, investment is understood as increasing capital to increase future production capacity. That means investment is the investment of capital, investing capital in certain activities to achieve economic goals, which is an activity that brings profit to the investor. Investment is also known as capital formation or capital accumulation. Only increasing capital to increase material production capacity is considered investment, while increasing capital in the field of finance and currency and real estate business is not considered investment.

1.1.1.2. Concept of public investment

Public finance perspective

According to this view, public spending is the activity of public spending to promote the productive capacity of the economy. Accordingly, public spending is the amount of public spending that helps increase the accumulation of physical capital. Total public spending includes investment in physical infrastructure by the central government, local governments and public sector enterprises. However, not all public spending can be considered public spending because one of the characteristics of investment is the ability to "repay". According to the International Monetary Fund (2012), "public spending is all spending by the public sector, but excluding spending by state-owned enterprises, to form fixed assets". According to UNCTAD, "public spending is defined as the basic construction spending part of public spending". However, UNCTAD also believes that many government spending activities, if not considered as investment (public) spending, will lead to shortcomings in assessment, especially spending on social welfare issues such as: maintenance costs of infrastructure works, health, education, environment, security and order... Therefore, many empirical research works based on the division of public spending items shown in the balance sheet include government spending.

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