Financing of infrastructure projects

The Partnership for Global Infrastructure and Investment, unveiled with fanfare by U.S. President Joe Biden and G7 allies from Canada, Germany, Italy, Japan and the European Union, aims to fill a huge gap left as communist China uses its economic clout to stretch diplomatic tentacles into the furthest reaches of the world. Biden said the target was for the United States to bring $200 billion to the table, with the rest of the G7 another $400 billion by 2027. Funding the kinds of projects that China currently dominates -- everything from roads to harbours in far-flung corners of the world -- is not "aid or charity," Biden said. Highlighting the geostrategic thinking behind the plan, Biden said such projects "deliver returns for everyone, including the American people and the people of all our nations." Around the world, the role of China's democratic rivals is "a chance for us to share our positive vision for the future" and for other countries to "see for themselves the … [Read more...] about G7 touts $600 bn global infrastructure plan to rival China

Prime Minister Phạm Minh Chính speaks at the Đà Nẵng investment Forum. The event offers more investment opportunities for domestic and foreign investors. Photo courtesy of Đà Nẵng Investment Forum ĐÀ NẴNG — The Government of Việt Nam will keep reforming policies in administrative procedure, legal environment, more transparency and publicity in creating trust and confidence among domestic and foreign businesses investing in Việt Nam and Đà Nẵng. Prime Minister Phạm Minh Chính made the comments at the Invest Đà Nẵng Forum in the central city on Saturday, urging businesses to invest more in Việt Nam and Đà Nẵng for both the benefit of business and the country’s prosperous development. “The Government of Việt Nam is developing a wide-open economy to attract multi-sector businesses and investors for sustainable growth in climate change and global crisis and conflicts. We must strongly change institutions to be cooperative in dealing with market shocks,” PM Chính said. “We do … [Read more...] about Đà Nẵng City calls for investment

HCM City calls for investment in many projects at the Viet Nam – Europe Business Forum held on Thursday. — VNA Photo Xuan Anh HCM City offers numerous investment and business opportunities for European businesses, a Viet Nam – Europe Business Forum heard on June 30. The event organised by the Investment and Trade Promotion Centre in HCM City heard that the city is soliciting investment in 197 projects in a number of areas such as traffic infrastructure, agriculture, housing, and healthcare. They include the US$761 million Elevated Road No 1 from Tan Son Nhat Airport to the city centre and the $255 million Northern Saigon 2 Wastewater Treatment Plant in Thu Duc City. As of last year the city had 1,044 projects set up by EU businesses out of the 2,263 they had in Viet Nam with investments totalling $6.45 billion, or 12.18 per cent of the city’s total FDI. Vo Van Hoan, deputy chairman of the city People’s Committee, said: “With the EU’s assistance in the form of expertise, … [Read more...] about HCM City attractive investment destination for Europe: forum

Carolyn Turk - Country director World Bank Vietnam (left) and Kyle Kelhofer Former senior country manager for Cambodia, Laos, and Vietnam International Finance Corporation However, increasing consumption of single-use plastics and mismanagement of waste is visibly polluting the country’s cities and beaches, adversely impacting biodiversity and natural habitats, and contributing to climate change. These impacts are especially acute for Vietnam given its 2,000-mile coastline and dependence on key economic sectors like tourism and fisheries. The good news is that Vietnam is moving from creating awareness of the plastic waste problem to defining solutions by developing action plans and setting ambitious recycling targets. Its national action plan for the management of marine plastic litter aims to reduce 75 per cent of Vietnam’s marine plastic debris by 2030. And yet, important as these steps are, incrementally tweaking waste management policies and overloaded solid waste … [Read more...] about Mainstreaming circular plastic plans

The Saigon 2 Bridge (left) is built in the form of PPP. (Photo: SGGP) However, ever since the PPP Law took effect, this model has not attracted enough investors, although there is a lot of room for mobilizing social resources to invest in public projects. Rights not defined Under the PPP model the State and private investors jointly sign a contract to share benefits, risks, and responsibilities of construction of works or provision of public services. Both these entities are equal partners under the civil law in the project contract. However, the PPP Law does not clearly define the rights and obligations of each of these two entities. According to the PPP Law, the competent agencies specified in Clause 1 in Article 5 are the Ministry, the provincial People's Committee, and the agency established by the Government or the Prime Minister. These are state management agencies, but when they appear as partners, the mode of operation bears the imprint of public authority, leading … [Read more...] about Public-Private-Partnership model fails to draw investors

Movitel, the telecommunications network of Viettel in Mozambique. There is significant room for Viet Nam and Mozambique to increase trade and investment cooperation. — Photo vneconomy.vn Mozambique could act as a gateway for Vietnamese businesses to penetrate member countries of the Southern African Development Community (SADC), President of the Mozambican Assembly Esperanca Laurinda Francisco Nhiuane Bias said at a meeting with representatives of the Vietnamese business community in Ha Noi on Tuesday. Held by the Viet Nam Chamber of Commerce and Industry (VCCI) and the Mozambique Embassy in Viet Nam, as part of the President of the Assembly's visit to Viet Nam, she called on Vietnamese enterprises to invest in tourism, mining, energy and agriculture, in which Mozambique has potential. She stressed the African nation had established a portal providing information for both private and state-owned firms to support investors. She suggested that Vietnamese and Mozambican … [Read more...] about Mozambique could be gateway for Vietnamese firms to access southern Africa