Deputy Prime Minister Hoang Trung Hai has asked for quickening the introduction of a decree mandating public-private partnership (PPP) investment since the form is viewed a solution to inadequate investment problem.

At a meeting of the PPP Steering Committee, which he headed, in Hanoi on December 16, the Deputy PM said applying the model of PPP, a popular capital mobilising trend in the globe, is one of the important ways that could draw non-State money to public projects.

Vietnam needs huge investments for infrastructure development and social services when those sourced from the State budget are limited, the leader said.

The Ministry of Planning and Investment (MPI) revealed that the draft decree it prepared contains full, updated provisions of the newly-issued Public Investment Law, Procurement Law, Investment Law, and Business Law.

A completed PPP framework is much-awaited, Minister Bui Quang Vinh stressed, citing a recent proposal on a wide range of PPP projects on transportation and waste treatment in Hanoi and Ho Chi Minh City sent from the Office of former British Prime Minister Tony Blair.

Deputy PM Hai asked the MPI to hasten the gathering of comments on the draft decree for the Government to examine and promulgate it as soon as possible.

He assigned the PPP Steering Committee to choose potential projects, particularly large-scale ones, for the application of the PPP model.

The Government is considering the making of a decree on selecting investors and regulations on required procedures that would work together with the PPP decree in providing a complete legal framework for PPP projects.

In the past, Vietnam has implemented infrastructure projects using the build-operate-transfer (BOT), build-transfer-operate (BTO) and build-transfer (BT) models. However, these models have their weaknesses, especially concerning the allocation of State resources.-VNA