Thang cited an estimate by the Asian Development Bank (ADB) that Vietnam needs about US$16-17 billion for infrastructure investment between 2015 and 2025. The figure was forecast to be US$17.2 billion by the Hong Kong – Shanghai Banking Corporation (HSBC).
However, the State budget for public investment is limited, hence the need to mobilise investment from other economic sectors, Thang said.
He noted that the Ministry of Planning and Investment had made several efforts to promote PPP investment in the forms of some Decrees, such as the government’s Decree No.15/2015/ND-CP dated February 14, 2015 on PPP investment and Decree No.30/2015/ND-CP dated March 17, 2015 stipulating the execution of some articles in the Law on Bidding about the selection of investors.
However, the enforcement of those documents revealed many limitations, which failed to create an attractive environment and flexible investment methods for investors, especially those from overseas.
The National Assembly has entrusted the government to study and draft a PPP law to remove difficulties and legal restrictions in promoting this investment form.
The Ministry of Planning and Investment has embarked on the process to build the PPP law, which is expected to take three years.
The ministry has collected opinions from relevant ministries, sectors, localities and businesses on the need for such a law, and submitted a proposal on building the law to the Government. The proposal will be considered at the cabinet meeting in May and submitted to the National Assembly in July 2018.