WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
ADB approves US$4.6 million technical assistance for Vietnam's private sector
Ngoc Mai 11:29, 2021/07/07
The private sector is expected to play a key role in driving the country forward in the upcoming decade.

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

 Inside Vinfast's factory. Photo: Pham Hung

The technical assistance will provide policy advice, assist in infrastructure project preparation, and strengthen institutional capacity to enhance sustainable economic growth. The financing includes a $2.7 million grant from the Government of Canada and a $1.9 million grant from the Government of Australia, both to be administered by ADB.

ADB Principal Private Sector Development Specialist Donald Lambert said Vietnam has achieved impressive socio-economic development over the past three decades by maintaining the high economic growth gained from its structural reforms.

“To meet the targets of its upcoming Socio-Economic Development Strategy (SEDS) 2021-2030, maintain a growth rate of 6%-7%, and achieve the Sustainable Development Goals, Vietnam will need to further accelerate economic reforms, expanding the role of the private sector in driving the country’s development,” Lambert said.

Between 2011 and 2020, Vietnam invested an estimated $117 billion in infrastructure. However, the country’s infrastructure remains underdeveloped compared to its regional peers.

Vietnam will need to mobilize between 2021 and 2030 an estimated $237 billion to close the infrastructure deficit, which is $49 billion more than the historical spending trajectory.

Recognizing the potential of the private sector to help close the infrastructure deficit, Vietnam’s SEDS 2021-2030 prioritizes removing barriers to open competition and developing a supportive environment to increase the private sector’s contribution to the economy, including a larger role in infrastructure development.

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

RELATED NEWS
TAG: ADB Vietnam PPP private sector economic growth GDP covid-19
Other news
05:10, 2024/10/04
VINC FORUM initiative launched at Innovate Vietnam 2024
The program was held at Hoa Lac Hi-tech Park on October 1 and 2 as part of the NIC's 5th anniversary and Innovate Vietnam 2024 celebrations.
20:55, 2024/10/01
Prime Minister designates October 1 as Vietnam Innovation Day
On October 1, the Vietnam Innovation Day 2024 and the fifth anniversary of the National Innovation Center (NIC) were celebrated at the Hoa Lac Hi-Tech Park.
16:35, 2024/09/28
Workshop explores AI and cybersecurity for smart Hanoi
The event marks the 70th anniversary of Hanoi’s liberation and the 25th anniversary of the Hanoi ICT Association.
14:22, 2024/09/23
Vietnam sees int’l cooperation as key to hi-tech development
Vietnam is home to major electronics, IT, semiconductors, and AI companies such as Samsung, Amkor, Hana Micron, Intel, Foxconn, LG, Viettel, VNPT, and FPT.
21:49, 2024/09/22
Hanoi's economic growth spurs recruitment drive across sectors
Hanoi Employment Service Center strengthens online job exchange activities, uses technology to improve connections between labor supply and demand, and improves the effectiveness of job platforms and satellite offices.
18:59, 2024/09/21
Hanoi to boost innovation and investment
Hanoi is about to make major strides toward creating an all-encompassing startup support network.