Over the last two decades, Vietnam hasmade notable progress in reforming management of publicinvestment. The legal framework on public investmentmanagement (PIM) has been continuously improved, coveringthe entire project management cycle. Management of publicinvestment projects still faces several major challenges.The objectives in development strategies and plans areexcessively broad and vague, which undermines quality ofpreliminary screening. The analysis of the study suggestssome priorities for PIM reforms. First, the legal frameworkhas to be further strengthened to alleviate the existingfragmentation, duplication, and lack of uniformity of thelaws and legislation. Second, decentralization of PIM shouldbe accompanied by measures to increase responsibility andaccountability of local governments and line ministries, andto improve their capacity and coordination, particularly inappraisal and monitoring. Third, the approach to monitoringand evaluation (M and E) should be results based, whichrequires a mechanism to effectively tie in project outputand progress with responsibility of agencies in charge ofPIM and to enhance participation of the communityorganizations. Fourth, Vietnam needs to improve statisticalsystem to allow for adequate analysis of public investmentand, related to it, adopt realistic and feasible indicatorsof PIM efficiency to facilitate M and E and ex post project evaluation.
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