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ADB supports VN to enhance private sector development, SOE reform

VGP - The Asian Development Bank (ADB) has approved US$4.6 million in technical assistance to support the Vietnamese Government to strengthen public–private partnerships (PPPs), private sector development, and state-owned enterprise (SOE) reform.

July 08, 2021 10:24 AM GMT+7

This technical assistance will be used to provide policy advice, assist preparation for infrastructure projects, and strengthen institutional capacities as a means of enhancing sustainable economic growth.

The financing includes a US$2.7 million grant given by the Canadian Government, along with a sum of US$1.9 million from the Australian Government, both of which will be administered by ADB.

Viet Nam has achieved impressive socio-economic development over the past three decades by maintaining high economic growth gained from its structural reforms, said Donald Lambert, principal private sector development specialist of the ADB.

Viet Nam will need to further accelerate economic reforms and expand the role of the private sector in driving the country’s development to meet the targets of its upcoming Socio-Economic Development Strategy (SEDS) from 2021 to 2030, maintain growth rate of between 6 - 7%, and to achieve the Sustainable Development Goals, he added.

Between 2011 and 2020, Viet Nam invested an estimated US$117 billion in infrastructure. The country will need to mobilize an estimated US$237 billion between 2021 and 2030 to close the infrastructure deficit, a sum which is US$49 billion more than the historical spending trajectory.

ADB’s new technical assistance will help to deliver policy advice on PPPs and private sector development, along with piloting projects that embed the G20 Quality Infrastructure Investment principles, whilst strengthening PPP and private sector development institutional capacities.

By Thuy Dung