0 MINISTRY OF EDUCATION AND TRAINING NATIONAL ECONOMICS UNIVERSITY _________o0o_________ LE THE SAU EFFICIENT OF INVESTMENT PROJECTS FUNDED BY THE STATE BUDGET CAPITAL IN BAC GIANG PROVINCE SPECIALIZED: BANKING AND FINANCIAL ECONOMICS CODE: 62.31.12.01 SUMMARY OF DOCTORAL ECONOMIC THESIS HANOI, 2012 1 INTRODUCTION 1. Necessity of of the subject Development Investment is extremely significant role in promoting social and economic in each country, each branch, each locality, it is the foundation of growth and sustainable development. The practice of market economy in the developed countries as well as over 20 years of real innovation in Vietnam have confirmed that: Tools to use resources effectively to achieve the economic objectives of the plan is oriented programs and projects on socio- economic development, in other words, programs and projects are tools specific plan, to put the plan into real life market. On the other hand, the project has a very important role for investors, managers and direct impact to the process of socio-economic development. The project is important to base decisions of capital investment, investment planning and monitoring the investment process. The project is the basis for the financial institutions making funding decisions, the state authorities for approval and issuance of investment licenses. The project is considered an important tool in the management of capital, materials, labor in the investment process. In our country in general and the province of Bac Giang in recent years, waste, loss and the negative to make effective investment income from projects using State budget is not high, is that the hot issues both social care. With the special meaning of this important show the need for operational research to improve the efficiency of investment by the state budget in the province of Bac Giang. 2. Research purposes. Codify and clarify the basic theory about the effectiveness of the investment projects in the state budget, experience of public investment projects in some countries in the world and lessons learned. Analyze and evaluate the state of efficiency of investment projects funded by state budget Bac Giang province, through which draw the achievements, constraints and the cause of an investment project with capital budget State policies are not effective in Bac Giang province. Proposed solutions and recommendations improve the efficiency of investment projects in the state budget in the area. 3. Objects and scope of the research Objects of the research: Efficiency of projects were invested in the state capital budget. Orientation and strategic socio-economic development of Bac Giang and effective measures to improve project. Scope of the research: Efficiency of investment projects in the state budget funds in the province of Bac Giang period from 2006 to 2010 of the investment projects completed and put into use. 4. The research methods Methodology based on dialectical materialism, historical materialism, by using mathematical modeling methods, combining history and logic, statistical method, comparative method and some other scientific methods to elucidate research problems. 5. The thesis research situation Currently, there are some research issues related to investment projects and investment efficiency in the domestic and foreign. Through the research process and find out, I have some comments, review of these studies are as follows: In "Financial management in the construction sector" by Dr. Thai Ba Cam. Authors focused on big projects and big investments from the state budget, focused analysis of 2 investment projects before 2000, has stated quite detailed about the basic characteristics of the activity construction affecting waste and losses, negative in construction investment, which is characterized stated cost management construction project, generally assess the investment situation of our country from early stages of our country by 2000. The book raises a number of causes of loss and waste of capital construction investment period 1991 – 2000. Downside of the author is not quantify the value loss, there is next to his law studies before construction was born, quantify the targets have not been applied in evaluating projects, not to evaluate the effectiveness of the investment focused on the remaining causes should be overcome by the implementation of investment projects on the level of the country. In "Project Management" and "construction project management" of the academician, doctor of science Nguyen Van Dang, the author presents fairly comprehensive definition of investment projects, the structure of the projects, facilities construction project management, methods of organizing construction project management, project contract management, financial management introduction project management method project finance with curve charts "S" for the use of different objects. The thesis research of Dr. Nguyen Phuong Bac with the theme "Orientation and investment solutions economic development in Bac Ninh province," the authors analyze the major factors affecting investment in the local economic development Bac Ninh province. The thesis was divided capital in each industry, agriculture, transport infrastructure, trade and tourism services, education and health and make the causes affecting the efficiency of capital investment. The thesis has not fully evaluated the effectiveness of investment projects, has not yet been the model of project management that promote the efficiency of investment projects with capital budgets. Going into financial solutions to improve the efficiency of capital construction from state budget PhD thesis in economics "Financial solutions to improve the efficiency of capital construction investment from the state budget in the area Nghe An province "in 2003. In this subject the author Phan Thanh Mao presented a systematic analysis and theoretical issues about the effectiveness of capital construction investment from the state budget, analyzing the status of this problem in Nghe An province and the major part of the thesis focusing on measures to improve the efficiency of capital construction investment capital from state budget. However, in this thesis the author analyzes the situation only through the statistical method described without using the test method to demonstrate the factors that most influence the efficiency of capital construction investment budget, if they do this financial solution will make the thesis more persuasive. Ministry level "A number of measures to improve investment efficiency from the state budget" in 2005 to the Institute for Economic Management by the Central MA. Hoang Van Thanh, chairman of . Thread is going into the solution to improve the efficiency of investment from the state budget and divided into four main groups: group solutions financial solutions group human group on the mechanism solutions, investment management policies from the State budget alternative group. However, in this study gave very general solution for the entire project management activities from the capital investment budget and improve its performance, have not shown that any solution will be applied to file medium for each particular local. Also, on the journals have a lot of articles and works management refers to projects funded by state budget. This may include a number of important posts such as: "Making effective use of capital construction" of the Tao Huu Phung Journal of Finance (6/440), "Some comments on the charter amendments investment management and construction" of the lodge 3 Phuc Quynh on Vietnam Financial Times of 27 in 2003, "Regulation bidding - the burning issues" of Tran Trinh Tuong Construction magazine 7, 2004… These articles are more or less the situation analysis on the management of investment projects with capital budget and propose solutions to address the backlog. However, under the article shall not be a thorough analysis of the situation as well as offer solutions to the problem worth monitoring. With the spirit to acquire, selectively inheriting the findings of previous works, in this thesis, the author focused on a fairly comprehensive and depth of the theory and practice efficiency of investment projects in the state budget, based on which the Author proposed practical and feasible to increase the efficiency of investment in state budget capital. 6. The new point of the thesis. The new contribution in terms of academic, theoretical: Research projects and efficient capital investment projects in the state budget in the context of Vietnam, how the thesis proposed classification of investment projects based on "type of investment," which has 3 types of projects: (i) Investment projects with construction works, (ii) The investment project has no construction work, (iii) The investment project includes a mixture of investment and construction. Each type requires the appropriate management policies to achieve effective. The thesis also shows two features of investment projects with state budget capital, including: (i) The project is not tied to a real owner, (ii) The project is the form of goods and services in which public goods pure and impure. These two characteristics lead to difficulties in managing such: likely to cause waste or loss is less effective, particularly as a basis for restructuring requires public investment and enhance the socialization of investment projects with state budget capital. The thesis proposed target group to assess the effects of capital investment projects in the state budget, including impact indicators of investment to economic growth through economic model of; impact assessment criteria to projects of social justice through the GINI coefficient and Lorenz curve; impact indicators project to attract investment outside the state budget. The conclusions and recommendations drawn from new research results, surveys of the thesis: Thesis confirm the effectiveness of investment projects fund by state budget capital is lower than expected, is proved by the impact of weak investment to economic growth, economic restructuring, job creation employment, environment, economic development and difficult areas of social justice. The thesis also offers 13 reasons for the low investment performance which highlighted the inadequacies of text mode in the management of investment projects between Law and Procurement Law provisions in the state capital. Research projects invested by the state budget in the province of Bac Giang, eight group thesis launched a new solution for improving the effectiveness of the project in the province, which is: (1) promulgate regulations state cooperation - Private (PPP) in the field of investment projects, the rent regulations organizing the management of investment projects with state budget capital; (2) To speed up construction planning and investment management increased as planned; (3) The process of formulation, appraisal and approval of investment projects; (4) management of capital investment projects, (5) Inspection, control and supervision of the state, (7) To renew the project operator, (8) To consolidate the work Consultant of the Project executive. The thesis also proposes a number of new proposals to the State, including: (i) of the Law on Public Investment Board, (ii) assign the function of State management of the bidding for the Ministry of Construction. 4 7. The structure of the topic. Project "Efficient of investment projects funded by the state budget capital in Bac Giang province " Composition: In addition to the introduction and conclusion, table of contents, appendices and reference lists, topic is structured into 3 chapters: (i) Chapter 1: Rationale for the efficiency of investment projects in the state budget, (ii) Chapter 2: Current status effective investment projects funded by state budget Bac Giang province (iii) Chapter 3: Solutions improve the efficiency of investment projects funded by state budget Bac Giang province. Chapter 1 RATIONALE ON EFFICIENCY OF INVESTMENT PROJECTS FUNDED BY THE STATE BUDGET CAPITAL. 1.1 Overview of projects funded by state budget 1.1.1 Investment activities 1.1.1.1 The concept of investment Investment is the process of using existing resources in order to conduct operations to obtain the results, make certain goals in the future. Which resources can be used money, natural resources, the intellectual labor and intellectual. These results may be an increase in physical assets, financial assets or intellectual assets and resources are qualified to work with higher productivity for the economy and for the entire social. 1.1.1.2 The concept of investment capital a. The concepts. Investment of funds accumulated by the society, the business units and services, it is the savings of the people and mobilize capital from various sources such as joint ventures or foreign-funded…aim to reproduce the fixed assets, to maintain operation of the technical facilities available, to innovate and add the material and technical basis for the economy, for the branches or agencies business services, as well as implementation costs necessary to create conditions for the start of the active material and technical basis of newly added or newly innovative. b. Characteristics of investment capital Investment is considered basic elements beginning of the growth and profitability. Investment requires a large amount of capital, large amount of capital is the main objective to create the material and technical conditions necessary to ensure growth and economic development. Capital construction process to go through a very long labor process can be put into use, the investment is a major risk areas c. The sources of investment capital: Capital investment in the economy is formed from two main sources of domestic capital and foreign capital 1.1.2 Investment projects 1.1.2.1 The concept and characteristics of investment projects a. The concept of investment projects The investment project is a set of proposals related to the commitment of capital to create new, expansion or renovation of certain facilities in order to achieve or maintain growth, improvements, improved of product or service for a period determined. Thus, an investment project includes four main components: objectives, results, activities and resources b. Characteristics of investment projects. Starting from the concept of investment projects, which can identify the following basic 5 characteristics of the project has specific objectives to meet a specific need has been set, the project exists in an environment uncertainty, was dominated by projects and project duration subject to resource constraints. 1.1.2.2 The necessity to carry out investment activities under the project The project has a very important role for investors, managers and direct impact to the process of socio-economic development. Without the project, the economy will be difficult to capture the growth opportunities. The project is important to base decisions of capital investment, investment planning and monitoring the investment process. The project is the basis for the financial institutions funding decisions, the authorities of the state for approval and issuance of investment licenses. On the other hand the project is also regarded as important tools to manage capital, materials, labor in the investment process. 1.1.2.3 Classification of investment projects The projects are very diverse in level and type, size, duration and are classified according to different criteria. To facilitate the monitoring and management and suggest measures to improve investment performance, is necessary to classify investment projects according to the following criteria. As a form of investment: This criterion of investment projects can be divided into three categories as follows: (i) Investment projects with construction work, (ii) investment project without building it, but the project planning, procurement, technology transfer…(iii) Projects mixture of both investment and construction, this type is now common for most of the investment project. Under the decentralized management of projects under the deciding competence or licensing of investment: Depending on the importance and scope of the project, the project is divided into 4 groups: Important national projects and projects of Group A, Group B projects, the project group C 1.1.3 Investment projects funded by state budget capital 1.1.3.1 The concept and characteristics of investment projects funded by state budeget. a. The concept Projects funded by the State budget as projects using State budget funds to implement programs and plans of the state in each given period b. Characteristics of investment projects funded by the State Budget The projects is invested by state budget with the following characteristics: Projects funded by the state budget is not tied to a real property owners; do not follow rules direct refund; follow closely the plan of the State, and local industries, mainly new projects, large and complex, wide influence, have an important role in the development of various sectors and local and economy, the project shall comply with the principle of allocating increased and accounted for the major projects with capital investment in the state budget often address many different purposes 1.1.3.2 Cycle of capital investment projects in the State Budget Cycle of a project funded by the state budget are the steps or stages that a project must go through when starting from the new project is intended to be completed when the project termination activities. We can illustrate the project cycle under the following model Model 1.1: The cycle of capital investment projects in the State Budget 1.2 Efficiency of investment projects funded by the state budget capital Preparation of investment Implementati on of investment Operation of investment results The idea of new projects The idea of investment projects 6 1.2.1 The concepts Hiệu quả dự án ñầu tư bằng vốn ngân sách nhà nước là mối quan hệ so sánh giữa các lợi ích trực tiếp và gián tiếp mà nền kinh tế xã hội thu ñược so với các chi phí trực tiếp và gián tiếp mà nền kinh tế xã hội phải bỏ ra trong quá trình thực hiện dự án 1.2.2 Methods for evaluating the effectiveness of investment projects funded by the State Budget a. Methods evaluate the effectiveness of financial Effective method of evaluating project financial analysis techniques applied cost - benefit (CBA). This technique was developed from the theory of financial investment b. Method of assessment of the economic efficiency of investment projects. Effective method of evaluating project financial analysis techniques applied cost - benefit (CBA). Including an economic price (shadow price) is used to calculate the economic efficiency norms. Worldwide, the CBA technique is most commonly used in the analysis / evaluation of investment projects c. Methods evaluate the social effectiveness For many projects, especially projects of state social in nature, besides financial performance and economy, should assess the social effects of the project. In the calculation of economic efficiency, the environmental impact and social assessment through the benefits and costs arising from the impact. If costs and benefits can be quantified and economic valuation, just internalize that effect included in the model and evaluate the effectiveness economic. 1.2.3 The criteria evaluate the effectiveness of capital investment projects funded by the State Budget capital. 1.2.3.1 The criterias for evaluating financial performance a. Profit criteria. It is determined based on the set ratio of annual net profit on capital. This rate is usually calculated only for a year, usually a year production capacity. But it can also be calculated for the level of use of different production capacity, or for different years in the start time. There are two rates of return on total capital employed (total investment of the project) and on capital, usually of the interest. b. Payback criteria Payback period is the number of years required for project activities and depreciation profits earned enough to repay the initial investment. 1.2.3.2. The criterias for evaluating social-economic efficiency a. Criterias impact of investment projects to economic growth. To assess the impact of investment to economic growth of a region, a local, through criteria such as target ICOR, or through econometric methods econometric models. ICOR = The investment capital of projects / GDP growth The impact of capital investment projects in the state budget impact to economic growth is to determine the relationship between capital investment in projects, in a period at the rate of economic growth. To determine this relationship and to quantify the effect of the investment of state budget project we use econometric methods to evaluate the effectiveness of investment projects funded by the State Budget boost economic growth. According to the theory of economic growth, including investment capital factors have a significant place for the general model GDP = F (Capital investment by the State Budget). On the basis of collecting statistics on investment from the state budget for the project and the value of GDP over the period, the construction of mathematical models with economic variables and the variable data , 7 estimation, appropriate testing for positive results are important for evaluating the effectiveness of investment projects funded by the State Budget for GDP growth b. Criterias impact of investment projects to the restructuring of economic. To assess the impact of capital investment projects in the state budget to economic restructuring, are evaluated by comparing the relationship between investment structure and the transformation of economic structure in certain period with the orientation and efficiency of investment in each sector. c. Criterias impact of investment projects to create jobs for workers Impact assessment of investment projects by the State budget capital in creating new jobs for workers involved tend to use more capital investment or labor-intensive use. To assess the impact of the project on labor and employment could be considered both absolute indicators and targets that relative is: Target number of employees employed by the project and the target number of employees employment activities per each unit of capital. d. Criterias impact of investment projects to strengthen technical facilities of the economy. Measured in value of fixed assets increased during the period of the project using funds invested by the State Budget. To evaluate the efficiency norms on strengthening material base of the economy people have used the method of comparing the fixed assets value added of the projects using State budget capital to the total value of fixed assets increased during the calculation will be used to evaluate. Mobilizing factor fixed assets = Value of fixed assets are mobilized to complete the year / total capital investment in. e. Criterias impact of investment projects to income distribution and social justice This is an important indicator, it helps evaluate the project's contribution to the implementation of the target distribution and determine the impact of the project to the regulatory process income groups and the territories. The essence of this criterion is to examine the value of the project and associated projects (if any) will be distributed to the different target groups include those employees, who benefit profits, state or between the territories of how, if it meets the goal of economic development or social. To assess the impact of capital investment projects in the state budget to social justice, we mention three common index measuring inequality is: The Gini coefficient, Theil's L index, and Theil's index T. Following two indicators are part of a set of "general inequality index entropy-geneal," so called Theil L GE (0) and Theil T called the GE (1) f. Criterias impact of investment projects to increase savings and foreign currency. To calculate this indicator to calculate the total foreign exchange earned savings and then subtract the total cost of foreign currency in the process of project implementation. g. Criteria impact assessment of investment projects to international competition (IC): This criterion for evaluating the competitiveness of products produced by the project on the international market h. Criterias for evaluating the impact of investment projects to the ecological environment Methods to assess environmental impact of projects such as: Method of determining the cost benefits and methods of network diagrams, the matrix method or the method list of environmental conditions. In addition we can also use the typical method of analysis, through the projects selected to analyze the negative and positive of the project on the ecological environment as they work. i. Criterias for evaluating the impact of investment projects to contribute to budget 8 To consider the effectiveness of their contribution to the project's budget, we can use indicators to contribute to the rate of the total budget invested. This percentage is large, then the project contribute to effective budgetary and vice versa if a small percentage of the low efficiency. j. Criterias for evaluating the impact of investment projects to attract other projects To measure the attractiveness of the investment projects from the state budget to other projects, we consider as an investment by the state budget in a locality or region is already collected project attracted many other participants, the registered capital involved and the amount of capital investment made to participate in a certain time. Through indicators such as the ratio between the number of investment projects in the state budget to attract projects drawn and the ratio between investment projects with capital investment in state budget registered capital investment of the project attracted, in addition to using the ratio of investment to projects funded by the state budget for implementation of capital projects to attract. k. Criterias impact of investment projects to the economic development of local social and infrastructure Considering the capacity of the new infrastructure is created from the project, not only for the main effects which the project but also to affect other projects and the development of local. 1.3 Factors affecting to the efficiency of investment projects funded by state budget Two groups of factors are contributing factors from the macro environment (macro- economic environment; political environment, legal; cultural environment - social natural environment) and the team from environmental factors operational (project Management, the investment management agency, the project implementation units). The impact of the contributing factors from the macro environment and operational environment affecting the efficiency of investment projects in the state budget can illustrate the following Figure 1.2 Model 1.2: Model performance impact of capital investment projects in the state budget 1.3.1 . Group macro environmental factors 1.3.1.1 The political environment Political and social environment have a great influence to the success of investment projects. n the political situation unstable: War, protest, strike, strike, the struggle between the Macro environment Macroeconomic environment social and cultural environment Nature - Environment Politics, Legislation The investment management agencies The organization of the project directly Project management 9 parties, the forces in society will affect the direct and indirect investment projects from the period preparation, implementation phase and operation phase of investment projects. 1.3.1.2 Legal Environment A uniform legal environment, completeness, consistency and stability will greatly effect the operation of the economy in general and capital investment activities in particular the state budget. 1.3.1.3 Macroeconomic environment Macroeconomic environment will affect the investment idea and govern the operation of the project to facilitate or impede project implementation process. Macroeconomic conditions, not only creates favorable conditions for the project was born, which effectively operate in a certain extent may occur investment ideas. The elements of the macroeconomic environment may have a lot such as growth rate; interest rate, rate of inflation, foreign trade situation, status of the budget deficit; economic systems and policies the macro state. 1.3.1.4 Social and cultural environment. Research content and level of socio-cultural research affects the process of implementation and operation of the investment results of each project can vary depending on the nature of business activities and objectives of each project project. 1.3.1.5 Natural environment and natural resources can be exploited for the implementation of projects. Depending on the project, which the natural environment will be studied under different levels to ensure the success of each of the investment. 1.3.2 Factors environmental operational of projects 1.3.2.1 Management of investment projects. The role of management organizations are present when the project began to form in the idea of an investment project and continue throughout the implementation and operation of investment results, and arrested its role through effective early stages of the process of establishment and management of investment projects 1.3.2.2 The agencies management of investment projects The combination of investment management agencies great influence to the management of investment projects. Coordination of agencies and good management of the evaluation, the project approval process is done fast, clearance work is done quickly, the project was started early and soon put into operation improve the efficiency of the project. 1.3.2.3 The organizations directly implement projects. The unit directly implement projects including contractors and consulting organization. This is the main factor for the construction of facilities projects, affect the good and bad quality of the project, which from that affect the efficiency of investment projects. 1.4 . International experience of raising the efficiency of investment projects funded by state budget. 1.4.1 China's experience on the management of public investment projects Promulgate regulations establish the feasibility study include the following contents: the need for construction, size, performance, ability to meet the capital, the desired effect. Model "building representative" was born to encourage the separate stages of "investment, construction, management and use", promoting the mutual agreements processing stage. Establish the accountability and widely practiced mode question of responsibility. 1.4.2 Experience from abroad on the form of Public Private Partnership (PPP) In China shares model, the preferred form is applied in China to cooperate with the [...]... funded by the state budget in the province of Bac Giang in the model after: 11 UBND T NH B C GIANG S K HO CH VÀ ð U TƯ S CH ð U TƯ S XÂY D NG TÀI CHÍNH V T GIÁ BAN QU N LÝ D ÁN S CHUYÊN NGÀNH KHO B C NHÀ NƯ C T NH CÁC NHÀ TH U XÂY D NG D ÁN, NHÀ TƯ V N C A D ÁN Model 2.1: The organizational model management of investment projects by State budget Bac Giang province 2.2 Situation efficient investment... STATE BUDGET CAPITAL IN BAC GIANG PROVINCE 2.1 The socio-economic and political characteristics impact of nvestment projects funded by the State Budget capital in Bac Giang province 2.1.1 Geographical location and natural conditions Bac Giang is a mountainous province is re-established under the resolution of the 10th session of National Assembly 9 of 9 districts of Bac Giang province and a city which... declined from 39.83% Bac Giang in 2006 to 32.5% in 2010, corresponding to the share of industry increased from 25.24% in 2006 to 33.6% in 2010 however, the service sector decreased from 34.93% in 2006 to 33.9% in 2010, this is not commensurate with the potential of Bac Giang province 2.1.3 Overview of the management of investment projects funded by the State Budget of Bac Giang province In recent years,... townships Compared to the northern mountainous provinces, Bac Giang is located relatively favorable geographic 2.1.2 Socio-economic characteristics In recent years, the pace of economic growth of Bac Giang province reached 9.3% this is an encouraging result for a difficulf mountainous province The trend of economic restructuring in Bac Giang province over the years have positive level shifted towards... total provincial GDP by 0.39% 12 Graph 2.3: The structure of social capital in the province of Bac Giang period 2006 to 2010 Source: Department of Statistics Bac Giang province [36] [37] 2.2.2 Situation efficient investment projects by the State Budget capital In the 5 year period from 2006 to 2010 Bac Giang province has made investment by 189 investment projects in the State Budget with a total realized... commitments worth $ 8.7 million Graph 2.4: Number of projects and total registered capital investment in the province of Bac Giang Source: Department of Planning and Investment of Bac Giang province [31] 2.3.1.2 Some projects have good effects contribute to protecting the environment In Bac Giang province, the capital projects in the state budget had a positive impact on the environment is the typical afforestation... of Bac Giang province, of which capital budget funds from the provincial government contributed 16.3% 2.6 times increase in fixed assets by the central budget project done on Bac Giang province Due to projects funded by the annual state budget that some sectors in the province such as electricity, industry, agriculture has developed rapidly, contributing significantly to economic growth of Bac Giang. .. supporting the material production sectors, on the other hand it is a component of economic growth The economic structure of Bac Giang province in the year made the graph 2.6 16 Graph 2.6: The structure of economic activity of Bac Giang province Source: Department of Statistics Bac Giang province [36] [37] 2.3.2.3 The impact of capital investment projects in the state budget to create jobs for workers not... economic; 2010 economic growth rate at 9.3% but the year ICOR 2010 was 7.6 This result showed that ICOR Bac Giang province demonstrated increasing levels of investment increase may impact the economic growth in the province On the other hand to quantify the effect of projects on the economy of Bac Giang we apply the economic theory of the basic inputs affect GDP including: (*) GDP= f(I)= e β1Von_NSNNβ2e... projects by State budget Bac Giang province 2.2 Situation efficient investment projects funded by the State Budget capital in Bac Giang province 2.2.1 Investment capital for projects 2.2.1.1 Investment capital for projects Total investment made whole society in the province of Bac Giang period 2006 - 2010 in current prices is 30 502 billion In the last 5 years invested socio-economic development of the province . UBND TỈNH BẮC GIANG S Ở XÂY DỰNG S Ở KẾ HOẠCH V À ðẦU TƯ CHỦ ðẦU TƯ BAN QUẢN LÝ DỰ ÁN KHO BẠC NHÀ NƯỚC TỈNH SỞ TÀI CHÍNH VẬT GIÁ SỞ CHUYÊN NGÀNH CÁC NHÀ THẦU XÂY DỰNG DỰ. concepts Hiệu quả dự án ñầu tư bằng vốn ngân sách nhà nước là mối quan hệ so sánh giữa các lợi ích trực tiếp và gián tiếp mà nền kinh tế xã hội thu ñược so với các chi phí trực tiếp và gián tiếp. XÂY DỰNG DỰ ÁN, NHÀ TƯ VẤN CỦA DỰ ÁN 12 Graph 2.3: The structure of social capital in the province of Bac Giang period 2006 to 2010 Source: Department of Statistics Bac Giang province