Vietnam amends its Legal Framework on Public Private Partnerships
The Rationale for PPPs in Vietnam
Improvements to Vietnam’s transportation network, electricity system, water supply network, irrigation systems, telecommunication infrastructure, education and healthcare systems have all been identified as key targets in the Government’s latest 5-year socio-economic development plan. According to estimates of Vietnam’s Ministry of Planning and Investment (“MPI”), the capital required for infrastructure development up until 2030 is VND 3.3 quadrillion (approximately USD 145.3 trillion), excluding costs for high-speed railways, airports and waterway development.
The Vietnamese Government, in recognizing that private sector investment must be leveraged through public private partnerships (“PPPs”) in order to meet the country’s infrastructure needs and investment targets, has just passed Decree No. 63/2018/ND-CP on the Public Private Partnership Investment Form dated 4 May 2018 (“Decree 63”). Decree 63 aims to strengthen Vietnam’s PPP framework and, as of 19 June 2018, will replace Decree No. 15/2015/ND-CP on the Public Private Partnership Investment Form dated 14 February 2015.
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