Vietnam seeks greater private sector investments: PM
Vietnam is positioning itself effectively in the changing landscape of regional and global value chains, said President of ADB.
Vietnam will need continued support for infrastructure development, as well as innovative financing solutions, to attract greater private sector investments, according to Prime Minister Nguyen Xuan Phuc.
ADB President Takehiko Nakao (left) with Vietnam's Prime Minister Nguyen Xuan Phuc (right) on the sidelines of the G20 Leaders’ Summit in Osaka. Source: ADB.
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Vietnam’s macroeconomic performance has been solid in recent years, with real gross domestic product growth at 6.7% in the first half of 2019 and 7.1% in 2018 - the fastest growth rate in more than a decade.
“ADB stands ready to continue to provide strong support to Vietnam in the coming years in areas such as urban rapid transit systems, highway modernization, water supply and sanitation, and climate resilient urban and rural infrastructure,” said Nakao.
“We will also extend our support to foster more public–private partnerships and continue our non-sovereign lending. ADB’s capacity building work is helping improve the credit worthiness of selected state-owned enterprises,” he added.
“Vietnam continues to demonstrate strong potential for sustaining high economic growth, given its prudent fiscal management, stable inflation, healthy current account balance, and strong foreign direct investments. Vietnam is also positioning itself effectively in the changing landscape of regional and global value chains,” Nakao commented.
Nakao also commended the structural reforms being implemented by the Vietnamese government, including the establishment of the Commission for the Management of State Capital as a key part of the government’s state-owned enterprise reforms.
ADB is assisting Vietnam’s regional cooperation and integration through the Greater Mekong Subregion (GMS) Economic Cooperation Program, including by supporting the implementation of the Hanoi Action Plan, which was endorsed at the 6th GMS Summit held in Hanoi in March 2018.
ADB’s sovereign lending in 2018 for was US$689 million in concessional terms. In addition, ADB committed US$300 million in nonsovereign lending to support small and medium-sized enterprises and municipal waste-to-energy conversion.
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