VGP -The fourth meeting of the 11th Party Central Committee has issued a resolution on infrastructure construction in an attempt to advance Viet Nam's goal of becoming an industrialized and modernized country by 2020. Though the Party and Government have paid great attention to infrastructure development in recent years, the system remains poor, uncoordinated and with low connectivity, transportation between ports and industrial zones. Urban infrastructure is of low quality and overloaded, while social infrastructure is short in quantity and low in quality, inefficient, and fails to meet basic demand for social services like health and education. The resolution identifies both objective and subjective causes for these shortcomings, including slow changes in thinking about infrastructure development, over reliance on State budget resources, and incomplete legal system, ineffective supervision and management, and poor quality planning. The resolution stresses the need to prioritize … [Read more...] about Party issues resolution on infrastructure development
Infrastructure
US bank helps VN carry out infrastructure projects
VGP - A business delegation led by President of the Export-Import Bank of the United States (Ex-Im Bank) Fred Hochberg is paying a visit to Việt Nam from February 5-8. The visit aims to boost trade relations and create more business opportunities between the US and Việt Nam focusing on providing the credit of nearly US $1.5 billion for critical infrastructure projects in Việt Nam. In 2011, the Ex-Im Bank accepted the credit of around US $1 billion for Việt Nam. However, a US $1.5 billion credit for key infrastructure projects, especially those in transport, thermal power and renewable energy, is currently under discussion. This financing reflects the implementation of the two memoranda of understanding totaling US $1.5 billion between the Ex-Im Bank and the Việt Nam Development Bank in 2010 and the Việt Nam's Ministry of Industry and Trade in 2011. Việt Nam is a country holding enormous potential and the two countries need to cooperate in projects that generate mutual benefits, Fred … [Read more...] about US bank helps VN carry out infrastructure projects
VietinBank supplies CII with credits for infrastructure
VietinBank supplies CII with credits for infrastructure Le Anh By Le Anh - The Saigon Times Daily HCMC – The HCMC Infrastructure Investment Joint-stock Company (CII) last Saturday signed an agreement with Vietnam Bank for Industry and Trade (VietinBank) to take out loans for developing infrastructure and clean water treatment projects in the city. Under the frame agreement, VietinBank pledges to provide capital for CII between now and 2020 to carry out such projects. The specific capital volume for every project would be discussed by the two sides later. Besides the loan arrangement, both sides now are in talks over VietinBank buying debts owed by CII in other credit institutions. VietinBank has also considered making guarantee for convertible bonds that CII has issued to Goldman Sachs and the HCMC Finance and Investment State-owned Company in 2011. The lender plans to buy back VND1 trillion worth of bonds issued by CII this year. In the clean water treatment industry, … [Read more...] about VietinBank supplies CII with credits for infrastructure
Vietnam urges ADB President to better infrastructure
President of the Asian Development Bank (ADB), Haruhiko Kuroda told Vietnam News Agency reporter on Oct. 29. The country should also focus on administrative and state owned enterprise reforms to improve corporate governance and efficiency, he said.. In the Asian Development Outlook 2010 Update issued in September, ADB has projected Vietnam's growth rate in 2010 and 2011 at 6.7 percent and 7 percent, respectively. "Vietnam has done very well in responding to the global economic crisis with quick formulation of a substantial economic stimulus package," said the bank's President. However, the President pointed out "number one" challenge that Vietnam is facing which is infrastructure shortage though highways have been built quite rapidly together with the development of railways, roads, airports and seaports. In the next 5-10 years, Vietnam's infrastructure needs to be significantly improved, he said. He also suggested that the country learn experience from China, one of the fastest … [Read more...] about Vietnam urges ADB President to better infrastructure
Seaside infrastructure projects asked to kick off construction and disbursement
Cao Khoa, in his newly promulgated official document, has asked the People's Committees of coastal districts to promptly focus on promoting the progress of construction and disbursement of public infrastructure projects under the 2011 coastal supporting program. The Chairman also requested the project owners to strengthen the inspection activities and resolve the difficult problems during implementation period. The VND 24,3 billion program was approved on March 2011 by Quang Ngai PPC to construct 47 public infrastructure works in 21 special difficult communes of coastal districts of Duc Pho, Mo Duc, Tu Nghia , Son Tinh, Binh Son and Ly Son island district. Infrastructure works mainly centered on upgrading and construction of rural road routes, drainage channel system, community houses and schools. Dai Kiet … [Read more...] about Seaside infrastructure projects asked to kick off construction and disbursement