Accelerating the development of the private sector and expanding domestic private finance are key priorities for Viet Nam to meet the financial requirements of the Sustainable Development Goals (SDGs), a United Nations Development Programme (UNDP) report launched yesterday reveals. The Development Finance Assessment Report entitled ‘Financing Sustainable Development in Viet Nam’ uses the lens of the Integrated National Financing Framework to analyse the composition, characteristics and trends of Viet Nam’s development finance and development investment resources with comparisons to other countries mainly from ASEAN. According to the report, the development finance landscape in Viet Nam has witnessed changes. Viet Nam’s Foreign Direct Investment (FDI) and remittance inflows have remained high compared to other ASEAN countries while Official Development Assistance (ODA) is declining. Government revenue is not increasing fast enough to sustain the high level of … [Read more...] about Higher local private investment key to filling SDG funding gap
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Increasing domestic private investment key to filling SDG funding gap: UNDP report
Accelerating the development of the private sector and expanding domestic private finance are key priorities for Viet Nam to meet the financial requirements of the Sustainable Development Goals (SDGs), a United Nations Development Programme (UNDP) report launched yesterday reveals. The Development Finance Assessment Report entitled ‘Financing Sustainable Development in Viet Nam’ uses the lens of the Integrated National Financing Framework to analyse the composition, characteristics and trends of Viet Nam’s development finance and development investment resources with comparisons to other countries mainly from ASEAN. According to the report, the development finance landscape in Viet Nam has witnessed changes. Viet Nam’s Foreign Direct Investment (FDI) and remittance inflows have remained high compared to other ASEAN countries while Official Development Assistance (ODA) is declining. Government revenue is not increasing fast enough to sustain the high level of … [Read more...] about Increasing domestic private investment key to filling SDG funding gap: UNDP report
EU firms to bid on public contracts
EU firms want to benefit from public procurement in infrastructure and other sectors, Photo: Le Toan At a recent teleconference between the government and ministries and localities, Minister of Industry and Trade Tran Tuan Anh announced that the EU-Vietnam Free Trade Agreement (EVFTA) will be signed in October or November this year, and is expected to take effect early next year. After the deal comes into force, EU companies will, for the first time, be able to bid for public procurement contracts in Vietnam under the same conditions as Vietnamese companies, for a selective number of entities (see box). Currently, EU firms are not allowed to engage in bidding activities for government-funded projects. Public procurement is about how public authorities spend public money when buying goods, works or services. This can range from buying IT equipment or providing water, gas and electricity, to building a hospital or a road. The entities with which EU firms will be able to bid for … [Read more...] about EU firms to bid on public contracts
Public investment projects need tighter control
Financial experts talks to Youth Newspaper about several ways to avoid the misuse of tax payers’ money on public projects In your opinion, what are the main reasons why public projects are running over budget? There are five key reasons why public project are exceeding their approved investment budget. The first is feasibility studies. During this phase, most project owners do intentionally lower the projected costs. The reason is very simple. If the estimate is low then local authorities have the right to approve the project without seeking approval from higher authorities. Under the current Vietnamese Investment Law, there are five types of investment projects that must get approval from the central Government First, any project requiring an investment budget of over VNĐ5 trillion (US$217 million). Second, any project requiring additional funding because it fails to meet the deadline. Third, if the project’s owner intentionally low-balled … [Read more...] about Public investment projects need tighter control
North South Expressway requires public private partnership: WB
Focusing on legislation and involvement of the public and private sectors are a driving force for attracting investment in transport projects, including the North-South Expressway project, said Transport Deputy Minister Nguyen Ngoc Dong at a workshop wher World Bank experts and officials of related ministries discussed the implementation plan of the project. Focusing on legislation and involvement of the public and private sectors are a driving force for attracting investment in transport projects, including the North-South Expressway project-Photo mt.gov.vn Speaking at the workshop on April 26, Dong said that a key challenge in infrastructure development in Vietnam is that the country’s public investment on infrastructure only meets 25 to 30 per cent of demand. The Vietnamese Government is now calling for the involvement of private companies in transport projects under public-private partnership. The North-South Expressway project has faced many challenges relating to … [Read more...] about North South Expressway requires public private partnership: WB