Investment in construction of telecommunications infrastructure (construction of telecommunications infrastructure) is an extremely important investment activity, creating an infrastructure system for socio-economic development, which is a basic premise. to industrialization and modernization of the country. Therefore, in the past time, Mobifone Telecommunications Corporation has implemented many infrastructure construction projects in order to contribute to the socio-economic development of the country. Due to the important nature of the construction investment of telecom infrastructure for Mobifone in particular and for the socio-economic development of the country in general, the management of the construction investment capital of the telecom infrastructure plays a very important role [1,2].

Therefore, the article analyzes the current situation of infrastructure construction investment capital management and proposes some solutions to strengthen the management of infrastructure investment capital at Mobifone, contributing to using capital for the right purposes and effectively to develop the infrastructure. telecommunications infrastructure and promote socio-economic development of our country in the coming years [3-5].

Theoretical Basis

Capital: According to the Vietnam Encyclopedia, capital is defined as all factors used in the production of wealth; Capital makes an important contribution to the growth of the economy.

Investment Capital

Along with labor and land, investment capital is one of the basic inputs of all production processes. According to Investment Law No. 61/2020/QH14 dated June 17, 2020, “Invested capital is money and other assets as prescribed by civil law and international treaties to which the Socialist Republic of Vietnam is a member to conduct business investment activities”. 

Working Capital of an Enterprise

Generally understood as the amount of money invested to serve production and business activities of the enterprise, this capital is formed since the establishment of the enterprise and is adjusted in the following years: operation process.

Management of capital for construction investment of telecommunications infrastructure of a telecommunications enterprise is the enterprise's overall use of measures and tools to influence the process of mobilizing, allocating and using capital for construction investment of telecommunications infrastructure, in order to achieve objectives. production and business have set out.

Accordingly, the subject of capital management is the financial management apparatus of a telecommunications enterprise; The object of capital management is the financial relations arising in the process of mobilizing, allocating and using capital.

Management of capital construction investment in telecommunications infrastructure of telecommunications enterprises must comply with a number of basic principles, which are: Principle of compliance with law; Principles of investment focus, focus; Principles of proper implementation of investment purposes, plans, processes and order; Principles of payment and capital allocation according to the completed volume and approved estimates; Principles of implementing directors with money in all stages of investment implementation; Principles of publicity and transparency; Principle of saving and efficiency.

Thera are 3 contents of capital management for construction investment of telecommunications infrastructure of telecommunications enterprises include: 

• Developing capital plans

• Organizing the implementation of the capital plan

• Inspect, examine and supervise capital management activities

Approach

The article uses an overview and analysis approach; apply dialectical and historical materialism methods to analyze and interpret research problems.

Research Methods

• Methods of collecting available information and documents related to the theoretical basis, legal policy framework; information and documents on the current situation of capital management for construction investment of telecommunications infrastructure at Mobifone Telecommunications Corporation in the period 2016-2020 in relevant reports of the Corporation; information and documents from other sources

• Sociological survey method was conducted by questionnaire with the survey subjects were 30 employees in charge of financial and accounting management activities at Mobifone Telecommunications Corporation

• Methods of analysis and synthesis to clarify the theoretical basis and the actual situation of capital management for construction investment of telecommunications infrastructure at Mobifone Telecommunications Corporation in the period 2016-2020

• Forecasting and deductive methods to propose solutions to improve capital management of infrastructure construction investment at Mobifone Telecommunications Corporation

Research Hypothesis

If the contents of capital management for infrastructure construction investment at Mobifone Telecommunications Corporation are implemented methodically, seriously and strictly controlled, the goal of capital management will be achieved. as expected, and vice versa.

Analysis Of the Current Situation of Capital Management for Infrastructure Construction Investment at Mobifone

Current Status of Capital Planning: The planning of infrastructure investment capital is assigned to the Infrastructure Project Management Board in conjunction with the Investment Board. The planning of investment capital in recent years has been built based on the development planning and development investment plan of the Corporation.

Investment capital planning has made remarkable progress in the 2016-2020 period, the quality of capital plans has been improved, basically consistent with the development planning and development investment plan of the Corporation. company in each period. Investment capital has been concentrated on key projects, urgent works that need to be prioritized for investment to serve in harmony with the Corporation's development goals and the country's socio-economic development goals.

The above comment is shown in Table 1 with the rate of implementation of the plan over the years has increased with a relatively good increase over the years from 2016 to 2020.

The rate of implementation of the capital plan from 2019 to now is relatively high, reaching 89.90% in 2020 because the Corporation's leaders have developed and issued investment plans at the beginning of the year and directed the units to prepare investment plans. and submit synchronous projects for approval; In addition, strengthening coordination between units in the formulation, appraisal and approval of projects.

The investment capital plan still exists, limited compared to the management requirements and the requirement for efficient use of the state budget's investment capital.

The arrangement of capital plans for a number of projects is not attached to the project schedule stated in the investment decision; have not allocated enough capital for a number of projects to be completed in the year. The synthesis of the annual capital plan is still slow, the time schedule is not guaranteed, making it difficult to submit, appraise and decide on the estimate.

Table 1: Capital Allocation Plan for Construction Investment of Telecom Infrastructure at Mobifone Telecommunications Corporation in the Period 2016-2020

Unit: Billion VND

Source: Report on Investment Activities of Mobifone over the years 2016-2020

Table 2: Evaluation of Employees of Mobifone Telecommunications Corporation on the Planning of Capital Construction Investment in Infrastructure

Assessment according to the results of the sociological survey shown in the following table 2.

Summarizing the evaluation opinions showed that the evaluation scores of the surveyed subjects about the investment capital planning work were not high on the 5-point Likert scale. Specifically, 2/3 of the criteria are evaluated as average (i.e. have an average score in the range of 2.5 to 3.5) and the remaining 1/3 of the criteria are evaluated at a good level (i.e. have a good score). average score between 3.5 and 4.5). The majority of opinions agree that the planning work to ensure the correct process and capital planning process at the Corporation is currently scientific. However, the survey also showed that the capital plan is still not really suitable with the actual conditions; the allocation of capital plan is not close to the planning, this can lead to waste and loss in the use of capital for infrastructure construction investment.

Actual Situation of Organization and Implementation of Capital Plan

In recent years, in addition to focusing on the planning of capital for infrastructure investment, the Corporation's leaders have also been especially close in directing and managing the organization and implementation of the capital plan, ensuring the achievement of the target. achieve the investment objectives at the lowest cost.

Disbursement, capital allocation, payment of capital for infrastructure construction investment are carried out actively and relatively timely. Therefore, it makes an important contribution to speeding up the construction progress so that the works can be completed and put into use soon. Specifically, the data in Table 1 shows that:

The targets of project approval, contract signing and acceptance have not been high compared to the plan, due to the following reasons:

In 2017:

• Project leaders are late in formulating and submitting new investment projects for approval. The quality of project documentation is not good, so it has to be revised and supplemented when consulting with relevant units

• Regulations on the procedure for submitting projects to the Members' Council and the Chairman of the Members' Council are complicated and time consuming

• The coordination in the browser, appraisal is not good, the units are not proactive and are slow to give opinions according to the tasks

In 2018

• Project leaders are late in formulating and submitting new and transitional investment projects for approval

• Some projects were slow to be approved for the 2018 plan, so they were slow to sign the contract and carry out the follow-up work (the second transitional plan of group C was issued on April 24, 2018, the transition C 3rd batch issued on 17/05/2018, new B on 2nd batch on 11/07/2018, new 3rd batch on 24/10/2018)

• The coordination of the units in the approval and appraisal of projects is not tight, the quality of the documents is not guaranteed

• Difficulties in the implementation of infrastructure construction at the Infrastructure Project Management Units affect the results of the implementation of the investment plan of the unit

in 2019

• For Project Approval Criteria: Slow in formulating and submitting new group C projects for approval (completion rate is 54% and 44% respectively). 03 projects of group B of the IT Department have not completed the approval plan in 2019. The new investment plan for Metro fiber optic projects at the Infrastructure PMUs was issued slowly (October 28, 2019), leading to a low rate of approval of new Group C projects by the Infrastructure PMUs (33%). to 64%)

• For Contract Signing Criteria: The organization and selection of contractors for IT projects is slow, especially for group B projects such as OCS, CRM, CDR File, etc., so the contract signing plan in 2019 has not been completed (signed VND 227 billion / year). 1,082 billion VND as planned, reaching 21%). 02 bidding packages for small cell equipment under the Northern and Southern radio projects in 2018 and the intra-provincial transmission package for the southern provinces in 2017 did not complete the contract signing as planned due to bid cancellation and waiting for fiber optic cable. (worth 210 billion VND)

• For Acceptance and Payment Criteria: The transitional projects of groups B and C have a low rate of payment, reaching only 62% of the annual plan while being assigned the plan at the beginning of the year

The transitional and new group B projects of the Information Technology Department did not complete the contract, so the acceptance and payment targets of the Information Technology Department were low (244 billion VND/963 billion VND according to the plan as planned. plan, paying 176 billion VND/680 billion VND according to the plan).

Some transitional group B projects (with 8-month deferred payment terms) of the Network Development Board were slow to take over as planned, so they could not be paid in time in 2019 (payment was 2,625 billion VND/4,150 billion VND) planned coin).

Due to difficulties in infrastructure construction and architectural works, the transitional projects of group C of Architecture Project Management Board 1, 2 and Infrastructure Project Management Unit 1 and 2 are slow. signing the contract resulted in failure to fulfill the acceptance and payment targets in 2019 (only completed payment of 234 billion VND / 548 billion VND as planned).

Difficulties in deploying the construction of telecommunications infrastructure at the Infrastructure Project Management Units affect the implementation progress of radio and transmission projects of the Corporation.

Therefore, it has greatly affected the annual capital payment and settlement plan, making it difficult to monitor and manage this expenditure, there are advances from projects that have been stopped but have not yet been implemented. recovered, not yet settled.

The settlement of capital construction investment in infrastructure has made great efforts and achieved positive results. The settlement of investment capital according to the budget year is done well and in accordance with the provisions of the Law on State Budget; Advances are made in a timely manner and monitored and recovered in accordance with regulations. In general, the Corporation and contractors have closely coordinated in completing disbursement, payment and settlement documents for infrastructure investment.

Assessment according to the results of the sociological survey shown in the table 4.

From Table 4, it can be commented that the organization and implementation of the capital investment plan for infrastructure construction investment in the Corporation has been done relatively well in the past time with 2/3 of the criteria being evaluated as good with the average score. high. However, besides that, the criterion "Efficiency in the use of investment capital" is an important criterion that is only assessed at an average level, however, the average score of this criterion is not too low,relatively close to good score.

Status Of Inspection, Examination and Supervision of Capital Management Activities

In the 2016-2020 period, the Corporation's leaders have directed functional units to inspect the implementation of the Law on Anti-corruption, associated with the management of capital construction investment in infrastructure in the units of the Corporation. the company.

Table 5 shows the number of inspections and tests on the use of capital for infrastructure construction investment over the years 2016-2020. 

The results of the inspection, examination and supervision agencies show that most of the projects are implemented according to the plan in accordance with the planning, in accordance with the objectives in the investment decision and plan; No project approved by wrong authority.

However, the inspection, examination and supervision of investment capital and management of investment capital are still lax, failing to detect in time the negatives in capital management for the implementation of projects; Even if it is discovered, the punishment is not strong enough. The recommendations of the inspection, examination and supervision agencies are still limited, in some places, some parts are still afraid of collision, respectful, not drastic, sometimes lacking in time. The implementation of the recommendations is slow, serious and incomplete.

Assessment according to the results of the sociological survey shown in the table 6.

Table 6 shows that the inspection, examination and supervision of infrastructure construction investment capital is maintained regularly. However, the criteria of inspection, examination and supervision capacity, inspection and inspection efficiency and supervision are all rated at an average level (although the average score is not too low). consistent with previous observations.

In the current conditions, the inspection, examination and supervision of investment capital has not really shown all its roles and functions, has not strictly handled cases of violations in capital management and that is also the reasons for the inefficient use of investment capital.

Table 3: Advance Balance of Capital Construction Investment in Telecommunications Infrastructure of Mobifone Telecommunications Corporation in the Period 2016-2020

Unit: Billion VND

Source: Report on investment activities of Mobifone over the years 2016-2020

Table 4: Opinions of Employees of Mobifone Telecommunications Corporation on the Organization and Implementation of the Capital Investment Plan for Infrastructure Construction

Source: Analysis of sociological survey results using Excel

Table 5: Inspection, Examination and Supervision of Mobifone Telecommunications Corporation's Capital Management for Construction Investment in the 2016-2020 Period

Source: Report on investment activities of Mobifone over the years 2016-2020

Table 6: Evaluation of Employees of Mobifone Telecommunications Corporation on Inspection, Examination and Supervision of Infrastructure Construction Investment Capital Management

Source: Analysis of sociological survey results using Excel

Some Solutions to Continue to Improve the Management of Capital Construction Investment in Telecommunications Infrastructure at Mobifone

In order to improve the management of infrastructure investment capital at Mobifone in the near future, it is necessary to implement the following solutions:

• Firstly, to complete the planning of capital for infrastructure investment and to improve the efficiency of capital allocation. It is necessary to have a mechanism to associate investment deciders with the managers of infrastructure construction investment capital in two directions: firstly, the person competent to decide on investment must know the source of capital to make the investment, from which there is an allocation plan. reasonable capital; second, the budgetary capital manager must be responsible for allocating capital sources in the projects that are decided to invest. It is necessary to implement a capital allocation mechanism according to the project schedule: Due to the characteristics of the infrastructure construction activities such as long construction period, unfinished volume, investment cycle does not coincide with the budget year, it is necessary to allocate capital. medium and long term. Therefore, the allocation and allocation of capital should be done according to the project schedule

• Secondly, complete the contractor selection. Mobifone should overcome the situation of formal bidding and anti-dumping in bidding. The work of preparing bidding documents must issue clear and standard criteria. Each project has specific and public bidding criteria. It is necessary to take resolute and appropriate handling of violations of the Bidding Law and the Decree guiding the implementation of the Bidding Law. Review contractors with weak capacity, thereby taking appropriate sanctions. It is necessary to strictly penalize contractors who commit frauds in bidding, such as borrowing legal entities, borrowing capacity resources, etc. Strengthen coordination between units in project formulation, appraisal and approval and contractor selection; hold meetings and evaluate progress periodically network development projects, infrastructure construction investment programs Infrastructure

• Thirdly, perform well the disbursement and settlement of infrastructure construction investment capital. Urgently carry out site clearance to hand over to the construction unit, this is the premise for the project implementation. To solve this problem, on the basis of state policies and regimes, the investor closely cooperates with the locality where the work is to be built to carry out site clearance work. Actively consolidating the entire machine to carry out the investment capital payment process at the Investment Board; Financial Planning Division. Create conditions in terms of time and funding for professional training for officials in charge of payment of investment capital. Urging investors and contractors to set up payment procedures in the first and second quarters, avoid uneven payment between quarters of the year and reduce the payment volume transferred next year

• Fourthly, strengthen supervision, inspection, inspection and prevention of loss-waste in investment

• Improve the efficiency of internal investment supervision at Mobifone's units. At each capital management department, there should be specific processes and regulations to supervise in the work

• Periodically inspect and supervise the entities managing the construction investment capital of the infrastructure in the units and publicize the evaluations in order to have a clear classification and attitude towards the quality of activities in the field of infrastructure construction investment

• Finally, to improve the capacity of the Infrastructure Project Management Board in the management of infrastructure construction investment capital

• The Infrastructure Project Management Board needs to both play a coordinating and supervising role in order to have a smooth connection between the consultant, construction contractor and related departments and agencies to keep up with the scheduled work schedule. out. It is necessary to strengthen the exchange of information between the parties.

It can be affirmed that the exchange of information and the provision of reliable information and data for the consultant has a great influence on the operational efficiency and output of the consulting service, on the actual progress of the consultancy service. Executing investment plans, infrastructure deployment progress for units

1. Mobifone Infrastructure Investment Project Management Board. Report on Mobifone's Investment over the Years 2016–2020. Hanoi.

2. Ministry of Finance. Circular No. 09/2016/TT-BTC on Regulations on Settlement of Completed Projects under State Capital. January 2016, Hanoi.

3. Government. Decree No. 32/2015/ND-CP on Management of Construction Investment Costs. March 2015, Hanoi.

4. Government. Decree No. 59/2015/ND-CP on Construction Investment Project Management. June 2015, Hanoi.

5. National Assembly. Investment Law No. 61/2020/QH14. June 2020, Hanoi.