Brian Jeffrey
Overview of Government’s Asset Management Initiative for 2025
The government’s primary goal is to optimize management and organization of assets, particularly in the real estate sector, while also enhancing overall efficiency.
Deputy Prime Minister Ho Duc Phoc has officially launched a program aimed at promoting frugality and reducing waste throughout the government in 2025.
A significant aspect of this initiative involves stricter management and usage of public assets to align with established standards and mission goals, ensuring proper organization and management as the government restructures itself.
Public Investment Assessment
The government plans to evaluate ongoing public investment projects, eliminating those that are ineffective or unnecessary. Prioritization will be given to key projects critical for sustainable and rapid development.
Reorganization and Streamlining of Government Structure
Steps will be taken to reorganize and streamline government agencies, which will include workforce reduction and restructuring. This aims to enhance the skills and efficiency of officials and employees, adapting to new challenges.
Decentralization and empowerment at local levels will also be accelerated, aimed at improving governance and accountability within communities.
Focus on Technology and Development
The initiative prioritizes the allocation of resources towards digital transformation and the advancement of science and technology. Intellectual and human resources will be directed towards achieving comprehensive development in these areas.
Ensuring Accountability and Recovering Assets
The government emphasizes the importance of thorough inspections and audits, alongside the recovery of suspended projects and reclamation of mismanaged state assets and lands, following the results of said inspections.
Additionally, cultivating a culture of frugality and anti-waste practices within government agencies is crucial. Measures will be introduced to encourage these values across various sectors, including manufacturing and consumer behavior.
Implementation Plans for 2025
The upcoming initiatives for thrift and waste reduction will encompass all sectors, focusing particularly on public asset management.
All ministries and local authorities are expected to conduct thorough assessments of public assets as well as identify and manage underutilized office spaces according to regulations aimed at preventing waste.
Moreover, comprehensive inventories of public assets held by various agencies will be required, ensuring that accurate information is maintained in the National Database on Public Assets.
Budget Management Strategies
The government mandates a 10 percent reduction in regular expenditures for agency wage reform. An additional 10 percent cut is required for the budget estimates for 2025, compared to 2024.
These savings are intended to reduce the state budget deficit and allocate resources for urgent needs and social welfare responsibilities, augmenting public investment wherever necessary.
Upholding Discipline in Public Investment
The government will enforce stricter guidelines in public investment, holding department heads accountable for delays in project execution and budget disbursement. This includes a firm approach to addressing any violations that impede progress.
Efforts will also be made to expedite the completion of projects funded by public capital, ensuring they are operational as soon as possible and avoiding wastage.
Addressing Legal Delays
Nguyen Huy Tien, Prosecutor General, remarked that waste often leads to more significant losses than corruption. Prolonged legal procedures can leave valuable assets and projects stagnated for extended periods.
Nguyen Huu Chinh, former Chief Justice, pointed out that numerous investigative cases take much longer than expected, often resulting in asset deterioration during this time, thus contributing to substantial waste.
Recent reports indicated that 57 projects have been highlighted for action against waste, including initiatives related to healthcare and urban development in HCM City. The government aims to focus on specific sectors such as construction, energy, transport, education, and agriculture in its waste reduction strategies.
