Quyết định 195/QĐ-TTg của Thủ tướng Chính phủ về việc phê duyệt Quy hoạch tổng thể phát triển kinh tế - xã hội tỉnh Vĩnh Long đến năm 2012

DECISION

APPROVING THE MASTER PLAN ON SOCIO-ECONOMIC DEVELOPMENT OF VINH LONG PROVINCE THROUGH 2020

THE PRIME MINISTER

Pursuant to the December 25, 2001 Law on Organization of the Government;

Pursuant to the Government s Decree No. 92/2006/ND-CP of September 7. 2006. on formulation, approval and management of socio-economic development master plans, and Decree No. 04/2008/ND-CP of January 11, 2008, amending and supplementing a number of articles of Decree No. 92/2006/ND-CP;

At the proposal of the People s Committee of Vinh Long province,

DECIDES:

Article 1.To approve the master plan on socio-economic development of Vinh Long province through 2020 (below referred to as the master plan) with the following principal contents:

I. DEVELOPMENT VIEWPOINTS

1. The master plan must comply with the national strategy on socio-economic development and the master plan on socio­economic development in the Mekong River delta and ensure synchrony and consistency with sectoral master plans.

2. To bring into the fullest play the province s potential and advantages; to intensify international economic integration; to step by step consolidate internal strengths, gradually increase the rate of savings for the economy, minimize challenges and proceed to forming an advanced, open, harmonized and balanced economic structure competitive in domestic and overseas markets.

3. To link economic development with health, education and training development: to ensure social progress and justice, protect the environment, improve people s living quality and gradually reduce the poverty rate; to train quality human resources to meet market requirements, associating human resource development with science and technology development and application.

4. To closely combine socio-economic development with building a strong political system, consolidating national defense and security and maintaining social order and safety.

II. DEVELOPMENT OBJECTIVES

1. General objectives

To build Vinh Long province into an eco-fricndly. green, clean and beautiful urban area with harmonious urban and rural development, and improve people s material and spiritual lives; to strongly develop hi-tech industries and quality services; to incrementally form a knowledge-based economy with quality human resources; to strengthen national defense and security and maintain political stability and social order and safely.

To link with Can Tho to form a dynamic economic region, an economic, training, cultural and scientific-technical center of the Mekong River delta, contributing to successfully achieving the objective of building Vietnam into a basically industrial country by 2020.

2. Specific objectives

a/ Economically

- The average economic growth rate will reach 13%/year during 2011-2015 and 14.5% during 2016-2020; per-capita income will reach over USD 1,900 by 2015 and over USD 4,000 by 2020.

- To restructure the economy toward gradually increasing the proportions of industries and services; the proportions of agriculture-fores try-fisheries, industry-construction and service sectors will be 36%-26%-38% by 2015 and 23%-32%-45% by 2020, respectively.

- To increase export turnover to USD 460 million by 2015 and over USD I billion by 2020; the average budget collection will reach 20%/year during 2011-2015, and 22-23%/ycar during 2016-2020; the percentage of the entire society s development investment capital to GDP will be 33-34%.

b/ Socially

- The natural population growth rate will be stabilized at 1-1.1% during 2011-2015 and0.8-0.9% during 2016-2020; to reduce the rate of poor households (by the new poverty line) by 1.5-2% annually; to strive for the target that by 2015. 22 communes will satisfy new countryside criteria and by 2020, 50% of total communes in the province will satisfy these criteria.

- To create 25,000-27,000 and 18,000-20,000 new jobs annually during 2011-2015 and 2016-2020, respectively; the rate of trained labor will be 55% by 2015 and 65-66% by 2020; to reduce the rate of agricultural labor to around 52% by 2015 and 28% by 2020.

- By 2015, the rates of children attending pre-schools, primary schools, lower secondary schools and upper secondary schools will reach 80%, 100%. over 98% and 63%, respectively; all 5-year children will go to preschools. By 2020, the rates of children going to preschools, lower secondary schools and upper secondary-schools will reach 90%, 100% and 85%, respectively; and secondary education will be universalized. The rate of national-standard schools at ail levels will be 40% by 2015 and 50-60% by 2020.

- The malnutrition rate among under-5 children will drop to below 15% by 2015 and below 8% by 2020.

c / Environmentally

- By 2015,100% of urban residents and 60% of rural residents will have access to clean water; the rate of collected household solid waste will reach 90% in urban areas and 60% in rural areas.

- By 2020, 90% of rural residents will have access to clean water; all schools will be supplied with sufficient daily-life water; all wastewater and solid waste from health establishments will be collected and treated; all industrial parks and complexes will have wastewater treatment systems.

d/ National defense and security

To maintain national defense and security and political stability; to control the rise of, and gradually reduce, crimes and social evils.

III. SECTOR DEVELOPMENT ORIENTATIONS

1. Agriculture, forestry and fisheries

To comprehensively develop agriculture, forestry and fisheries toward producing high-quality commodities in association with deep processing industry and protecting the eco-environment. The average growth rate of the sector will be over 5%/year during 2011-2015 and 4-4.5% during 2016-2020.

- Agriculture: To regard rice as a key food crop and grow other subsidiary crops such as vegetables, cabbage, sweet potato and soybean; to study and restructure crops according to soil conditions and sale market requirements with a view to increasing production value per unit of area; to alternately grow rice and subsidiary crops or grow rice and raise aquatic resources; to keep the rice land stable at around 54,000 ha by 2015 and around 51,000 ha by 2020; to apply science and technology to reducing production costs, raising productivity and product quality; to carry out synchronous mechanization, attaching importance to post-harvest processing. To develop branded fruit trees such as Nam Roi grapefruit. Cat Loc mango, Sanh orange, etc.

To form and build consolidated animal rearing zones meeting hygiene standards and free of epidemics; to develop semi-industrial and industrial rearing to account for 55-60% of forms of rearing in the whole province; to synchronously organize all the stages from rearing, processing, preservation to distribution, ensuring quality, safety and hygiene.

Fisheries: To develop fisheries through developing highly effective forms of alternate aquaculture and cultivation such as shrimp-rice and rice-fish in areas where conditions permit; to restructure aquatic breeds as appropriate; to develop artificial breeding shrimp farms on rivers to supply breeding shrimps for localities in the region; by 2020, to keep a stable water surface area for aquaculture at around 3,400 ha.

2. Industrial development

- To facilitate stable and sustainable development of advantaged industries: to attach importance lo developing collage industries and production of fine-art articles and handicrafts in association with tourism development; to pay special attention to applying advanced technologies for making high-quality products which are competitive on domestic and overseas markets and do not affect the eco-environment. To strive for an average growth rate of 24%/ year during 2011-2015 and 19.5%/year during 2016-2020.

- To focus on developing the following key industries: foodstuff and beverage industry (processing of agricultural products, vegetables, fruits and soft drinks); agricultural mechanical engineering (agricultural machines, rudimentary trucks and pumps); chemical and pharmacy industries which are the province s advantages; and labor-intensive light industries (textile, garment, footwear, leather, leatherette; consumer goods production).

Foodstuff and beverage processing industry: To invest in modern and complete technologies for all stages from harvest, preservation, processing lo distribution and sale in order to create quality products; to pay special attention to post-harvest preservation of products; to call for investment in building fruit, food and foodstuff processing establishments and plants.

To develop chemical, pharmacy and medical equipment industries through creating competitive products for domestic consumption and export, gradually substituting imports; lo operate the capsule factory al full capacity to ensure 50% of products for export production; to expand fertilizer production, etc.

To attach importance to in-depth investment, technology renewal and effective use of materials for exploitation and production of construction materials and fine-art ceramics and porcelain toward producing non-baked construction materials, making use of scraps of other industries (coal and iron slag, etc.). economically using agricultural land as raw material and storing yards, aiming to substitute 20-25% of baked clay bricks by 2015 and 30-40% by 2020, and eventually abolish all baked clay brick-making establishments using manual kilns.

Electricity industry: To strive for an average growth rate of 15.4%/year during 2011-2015 and 14.9%/year during 2016-2020.

- To rapidly and effectively develop approved industrial parks and complexes in combination with building waste treatment facilities, growing trees to ensure a green, clean and beautiful environment; to develop complete services to ensure daily-life conditions for laborers, especially houses for workers.

3. Trade and service development

To strive for an average growth rate of 13.5%/year during 2011-2015 and 15%/year during 2016-2020. To develop diversified services and prioritize development of value-added services and provision of new services.

To develop retail networks with a target that the rate of commodities retailed through modem distribution systems will reach around 15% by 2015 and 20% by 2020: to build marketplaces according to planning, attaching importance to major and rural marketplaces: to encourage all economic sectors to build marketplaces and trade centers; to expand export markets so that in the coming 5-7 years, exports will mainly include processed farm and aquatic products, textiles and garments, and handicraft and fine-art articles. During 2015-2020, to add chemical, electric and electronic products and other consumer goods.

- To diversify tourist products and develop tourism in linkage with other localities in the region, especially with Can Tho city; to raise tourist service quality to attract 1.3 million tourist arrivals/year by 2015 and 2.6 million tourist arrivals/year by 2020; to develop sight­seeing and resort tourism, eco-tourism and tours to historical relics, etc.

- To comprehensively develop finance, insurance, banking, transportation, training, consultancy, post and telecommunications and information technology services which have high added value and can promote development of other production and service sectors.

4. Social fields

a/ Education-training

- To develop education-training in close association with the province s overall socio-economic development and in linkage with Can Tho city for forming an education-training center in the region; to improve comprehensive education quality; to enhance training and retraining of teachers and educational administrators so that 100% of teachers at all levels will satisfy prescribed standards. To strive for 40% and 50-60% of schools at all levels satisfying national standards by 2015 and 2020, respectively.

- To structure training disciplines meeting the economy s requirements; training must be linked with post-training employment; to diversify forms of training of higher quality; to attach importance to job training for rural labor and consolidate the network of job-training schools.

- To scale up the professional training; by 2015 and 2020, there will be an average of 200 and 250 university, college and professional secondary school students per 10,000 people, respectively.

b/ Health care

- To implement the national target program on health care and population, family planning; to improve community health through active prevention, nutrition education, disease prevention hygiene, physical training, and increase disease treatment effectiveness. To increase investment in medical physical foundations and equipment and increase health workers from provincial to grassroots level to meet increasing demands in quantity and quality for medical examination and treatment.

- To strive for the target that all commune health stations will satisfy national standards; to maintain commune or ward health stations and general clinics having medical doctors and improve the organization of village health stations; to strive for the target that there will be 22 and 30 patient beds for every 10.000 people by 2015 and 2020, respectively; to ensure that there will be more than 7 medical doctors and 1.5 university pharmacists for every 10,000 people by 2015 and more than 15 medical doctors and 2-2.5 university pharmacists for every 10.000 people by 2020. c/ Culture, physical training and sports

- To conserve, inherit and selectively promote values of traditional culture, form a civilized lifestyle and build cultured families; 95% and 100% of households will satisfy cultured family standards by 2015 and 2020, respectively; to step up the building of a new cultured life in rural areas; to focus on building a complete system of cultural institutions at all levels.

- To develop physical training and sports movements among different strata of people, agencies and mass organizations in the society; to step up raising funds and resources for investment in physical foundations; to increase physical education at schools; to attach importance to training and retraining high-achievement athletes to take part in regional-and national-level sports competitions.

d/ Poverty reduction, job creation and social security assurance

- To completely, comprehensively and effectively implement hunger eradication and poverty reduction programs; to develop sustainable poverty reduction solutions and models for enabling the poor to develop production; to adopt policies to encourage communes and households to get rid of poverty and businesses to train and create jobs for the poor.

- To create around 25,000-27,000 jobs a year for local people and guest workers; to reduce the urban unemployment rate and increase the rate of rural working time, and shift labor from agricultural lo non-agricultural sector in both rural and urban areas. To properly implement policies for laborers, contributing to improving people s living standards and maintaining social order and safety.

- To step up the prevention and control of social evils, raise the effectiveness of the campaign "Building healthy and social evil-free communes/wards" in association with the campaign "All the people unite to build a new cultured life."

e/ Environmentally

To protect and improve the environment for sustainable development, focusing on environmental pollution management and treatment in consolidated agricultural and fishery production areas, tourist zones, biodiversity protection and recovery; to increase treatment of wastewater, industrial waste and urban wastewater pollution: to take the initiative in preventing and combating natural disasters and promptly respond to environmental incidents, climate change and sea level rise.

f/ Science and technology

- To study and apply solutions for exploiting and using natural resources in a sustainable manner; to widely apply new scientific and technological achievements such as biotechnology and post-harvest technology. creating a breakthrough in plant varieties and animal breeds of high productivity and value; to apply new technologies to mechanizing each stage of the process of agricultural production.

- To assist businesses in renewing and applying technologies in traditional craft villages to create fundamental changes in productivity, quality and efficiency in some important economic sectors like aquaculture and processing of agricultural and fishery products. To develop the technology market and implement the strategy for hi-tech application and development and form a number of hi-tech industries.

5. Infrastructure investment a/ Transport

- Roads: To upgrade provincial, district and inter-communal roads as well as rural roads depending on resources in each period; to comprehensively develop urban roads under planning; to build an appropriate system of stations and parks, facilitating people s travel and transportation.

- Waterways: To exploit to the utmost the strengths of waterway transportation, renovate and upgrade centrally managed waterways; to regularly dredge waterways in the province, renovate and upgrade embankments at wharves and in central areas of the city, towns and townships; to study expansion of Vinh Thai port to increase its design capacity to 1 million tons/ year. To study investment in Binh Minh port, Tra On port (on Hau river), Tam Binh port and Vung Liem port to meet development needs and suit available resources in each period.

- To study and open new river and sea routes to Cambodia and other regional countries; high-quality passenger transportation waterway routes from Ho Chi Minh City to Vinh Long, Vinh Long lo Can Tho city, Vinh Long to Dong Thap. and Vinh Long to Long Xuyen and Chau Doc.

b/ Irrigation

To step by step study and build irrigation systems for fruit tree areas, consolidated aquaculture areas and rice cultivation areas; to build permanent intra-field irrigation systems in closed irrigation areas; to plan irrigation systems concurrently for rural transport in response to climate change and sea level rise.

c/ Electricity supply

To develop electricity transmission and distribution grids under planning to ensure safe and uninterrupted electricity supply and reduction of electricity loss in the distribution network; to create stable standby electricity sources, especially in areas far from the national power source; to study incentives for people to use renewable energy sources like solar power, wind power, etc.

d/ Water supply and drainage and environmental sanitation

- To upgrade and build daily-life water supply systems for urban centers to supply water for people s daily-life and production activities; to ensure that rural residents have access to clean and hygienic water.

- To build complete systems for rainwater drainage, wastewater collection and treatment, especially in urban areas and industrial parks and complexes. By 2020, to ensure that urban areas will no longer be inundated: all hospital waste will be collected and treated; and the city will have dump sites and garbage treatment facilities.

e/ Information and communications

To further modernize and expand networks in parallel with applying modern technologies in the field of post, telecommunications and Internet, ensuring information security to meet socio-economic development requirements; by 2015, there will be 35 telephone sets per 100 people on average and 12-15% of the population will use Internet services; by 2020, this figures will be 55 telephone sets and 50-60%.

6. National defense and security

- To further consolidate national defense and security; to promote the combined strength of the entire political system with a view to building all-people defense in combination with people s security posture.

- To formulate and properly implement defense plans and closely manage reserve mobilization forces in both quantity and quality; to closely associate these plans with socio-economic development in each locality, and in the formulation of development investment plans programs and projects.

IV. ORIENTATIONS FOR ORGANIZING DEVELOPMENT SPACE

1. Urban-rural development

- Urban development: To develop the urban system, distribute a multi-level central urban system, combine renovation of old urban centers with building of new urban centers for balanced development of different areas and suitability to the development characteristics of each area. To attach importance to developing key areas toward urbanization so that urban quarters will become industrial and service development centers to drive socio-economic development and re-distribute population.

- By 2020, Vinh Long city and Binh Minn district will satisfy grade-Ill urban center criteria; Vung Liem and Tra On townships will satisfy grade-IV urban center criteria; Tan Quoi township (Binh Tan district), Phu Quoi township (Long Ho district), Cai Ngang and Ba Gang townships (Tarn Binh district), Huu Thanh township (Tra On district). Tan An Luong and Quoi An townships (Vung Liem district) will satisfy grade-V urban center criteria. The urbanization rate will reach 31% by 2015 and around 60% by 2020.

- Rural development: To plan population lines and clusters according to intensive cultivation capacity of crops and plants, such as population lines and clusters in specialized rice areas, population lines and clusters in Co Chien and Hau riverside areas (specialized in fruit trees). By 2015,22 communes will satisfy new countryside criteria and other communes will satisfy 10-15 or more criteria in the set of new countryside criteria; by 2020, 50% of communes will satisfy new countryside criteria, equivalent to the country s average.

2. Development of economic areas

- To develop Tien river area with Vinh Long city as a growth pole which is a long-time transport, trade and training hub; and an industrial center with Hoa Phu industrial park (Long Ho district), Co Chien industrial line (Long Ho and Mang Thit districts). In this area, to develop trade, industries-cottage industries and aquaculture; to develop specialized fruit gardens in association with eco-tourism in islet communes on Co Chien river and develop education and training with universities, colleges, professional secondary schools and job-training schools. As a gateway linked with Tra Vinh and Ben Tre provinces via Co Chien bridge under construction, to strongly develop trade and services in Vung Liem township as a central urban center and the province s third growth pole.

- To develop Hau river area with Binh Minh town as the province s second growth pole which has the advantage of proximity to Can Tho city; a long-time specialized vegetable and subsidiary crop production zone with the specialty of Nam Roi grapefruit. In this area, the key orientation is to develop trade, specialized vegetables and subsidiary crops and aquaculture; to develop specialty fruit gardens in association with eco-tourism and develop training with university branches. To attach importance to developing trade and services in Tra On area, which is adjacent to Tra Vinh province and along waterways and roads linking Dinh An open economic zone and Quan Chanh Bo project (Tra Vinh province) with Can Tho city.

- The province s central area has a strength of rice production and fruit trees. In this area, the key orientation is to focus on producing specialty rice for export, growing fruit trees and rearing fish in rice fields and upland fields; in addition, to develop industrial complexes in association with food processing, aquaculture and fruit trees; to develop trade, services and tourism, etc.

V. LIST OF PROJECTS PRIORITIZED FOR INVESTMENT STUDY (See attached Appendix)

VI. MAJOR SOLUTIONS

1. Raising investment capital

During 2011-2020, the province will need total investment capital of around VND 240 trillion, including around VND 70 trillion during 2011-2015 and VND 170 trillion during 2016-2020. Based on its annual budget capacity, the province should take the initiative in drawing up plans and appropriately phasing investment to assure capital for the province s key works and projects, and at the same time take specific solutions for effectively mobilizing domestic and foreign resources for development investment through:

- Making and issuing a list of investment-calling programs and projects by 2020. On that basis, to step up investment publicity, introduction and promotion to attract investment capital from all economic sectors, attaching importance to ODA.

- Improving the investment environment and production and business environment, further improving investment procedures to be simplified, transparent and public; improving infrastructure for investment projects; issuing investment support mechanisms and policies on the basis of the province s economic development advantages and in accordance with law.

- Raising public funds for investment, especially in education, training, health care, culture, sports, broadcasting, television, science and technology, and environmental protection, etc.

- Increasing forms of investment like BOT, BT, BTO, PPP, etc.. for facilitating development of capital markets; developing forms of investment joint venture and cooperation and contribution of assets as investment capital.

2. Human resource training and development solutions

- To develop the province s human resources to basically meet the labor needs of different sectors and trades, harmoniously combine job training and creation; to adopt policies to attract highly qualified experts and laborers.

- To attach importance to training, retraining, planning and employment of personnel, especially managers; to discover and foster young talented cadres, civil servants, managers, scientific and technical researchers; to diversify forms of training, paying attention to intensive job-training; to raise the quality of training; to employ cadres and civil servants based on their trained qualifications.

- To socialize education and training; to encourage social activities related to study and talent promotion and build of a learning society capable of international integration.

3. Science and technology solutions

- To step up the movement of promoting initiatives, inventions and technical innovations in production and business and strictly observe regulations on industrial property rights; to encourage businesses to earmark capital for technology renewal and technical innovation to raise productivity: to closely cooperate with research institutes and universities in conducting research in combination with application to production and life.

- To renew mechanisms and policies for training, retraining and employing laborers and plan to employ young scientists and technologists: to properly implement policies on preferential treatment of scientists and the policy to promote socialization of scientific research and development of the science and technology market.

- To invest in physical foundations for scientific and technological management; to increase control of technology transfer, technology and quality inspection, and environmental pollution.

4. Investment policies

To formulate investment-calling programs and projects: In pursuance to the socio­economic development master plan, to formulate effective production and business projects; to adopt open policies for attracting investment from all economic sectors in the province and the country and from overseas. To attract investment from overseas Vinh Long people.

To intensify investment promotion for attracting ODA. To create an investment environment attractive to FDI with lax reduction and exemption and land rent reduction policies and adequate industrial-park infrastructure. To study such special mechanisms as leasing land to foreign parties for developing industrial parks and services, allowing foreign companies lo open department stores and trade centers in Vinh Long city, Binh Minh area, etc.

5. Enhancing cooperation and market development

- To increase alignment with provinces and cities in the Mekong River delta, the southern key economic region and Can Tho city with a view to effectively tapping the potential and advantages of each locality and building raw-material zones to supply sufficient and quality raw materials for production, consumption and export; to encourage joint venture and cooperation in investment, production, processing and sale of products and goods.

- To develop the commodity and service market; to raise quality and trademarks of commodities on the market. To increase trade promotion and export markets; to expand rural markets for product consumption.

6. Resource and environmental protection solutions

To increase public information and education for raising awareness of the people, organizations and businesses about environmental protection as a common responsibility of the entire society.

To review, supplement and complete regulations to ensure rational, economical and effective exploitation and use of natural resources for socio-economic development and environmental protection.

To invest in waste treatment facilities in industrial parks and complexes, hospitals and urban areas, etc., ensuring that waste is treated up to standards before being discharged into the environment. To develop mechanisms for assisting businesses in renewing technologies and applying advanced technologies and clean production technologies to mitigate pollution and protect the environment. To regularly examine, supervise and seriously handle violations of the environmental protection law.

VII. ORGANIZATION AND SUPERVISION OF THE MASTER PLAN IMPLEMENTATION

1. Announcement and publicization of the master plan

- To announce and publicize the master plan to Party committees and administrations at all levels, branches, mass organizations, businesses and people in the province right after it is signed by the Prime Minister. Based on the master plan, to formulate specific action programs for effective implementation.

- To step up investment promotion activities, introduce and advertise the province s potential and advantages to investors; to introduce prioritized investment programs and projects, attaching importance to calling investment in key projects to create key products.

2. Formulation of action plans

- To concretize the master plan through five-year and annual plans for implementation and assessment of their results. On that basis, to review the master plan and submit review results to competent authorities for timely adjustment and supplementation according to the province s socio-economic development tasks in each period.

- All levels, sectors, socio-political organizations and people in the province shall examine and supervise the master plan implementation.

Article 2.The master plan serves as a basis for formulation, approval and implementation of sectoral master plans (construction master plan, land use master plan and plans and other relevant master plans) and investment projects in Vinh Long province.

Article 3.Based on the approved master plan, the People s Committee of Vinh Long province shall:

1. Direct the formulation, approval and implementation of district-level socio-economic development master plans; construction master plan; land use master plan and plans; and master plans on development of sectors in the province according to its socio-economic development tasks and in association with security and defense maintenance.

2. Formulate long-, medium- and short-term plans associated with specific projects for planning appropriate investment capital allocation.

3. Elaborate, issue or submit to competent authorities for promulgation (if falling beyond its competence) a number of mechanisms and policies to meet the province s socio-economic development requirements.

Article 4.Within the ambit of their functions, tasks and powers, related ministries and sectors shall:

1. Guide and assist the People s Committee of Vinh Long province in implementing the master plan.

2. Coordinate with Vinh Long province in reviewing, adjusting and supplementing sectoral master plans to ensure the synchrony and consistency of the master plan; consider and assist the province in raising domestic and foreign investment capital sources for the master plan implementation.

Article 5.This Decision takes effect on the date of its signing.

Article 6.The chairperson of the People s Committee of Vinh Long province, ministers, heads of ministerial-level agencies and heads of government-attached agencies shall implement this Decision.-

APPENDIX

LIST OF PROJECTS PRIORITIZED FOR INVESTMENT STUDY IN VINH LONG PROVINCE DURING 2011-2020
(To the Prime Minister s Decision No. 195/QD-TTg of February 16, 2012)

Notes:The locations, sizes, land areas and total investment amounts for the above works and projects shall be calculated, selected and specified in each stage of formulation and approval of investment projects, depending on demand for and capacity of balancing and raising investment capital in each period.-