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PPP law necessary amid increasing demand for resources: Seminar

Delegates at a video seminar in Hanoi on May 13 shared views on the significance of the draft public-private partnership (PPP) law in the context of increasing demand for resources and limited State budget funds.
PPP law necessary amid increasing demand for resources: Seminar ảnh 1Illustrative image (Source: VNA)

Hanoi (VNA) - Delegates at a video seminar in Hanoion May 13 shared views on the significance of the draft public-privatepartnership (PPP) law in the context of increasing demand for resources andlimited State budget funds. 

They believe Vietnam has great potential for PPP projects,especially in the fields of energy, transport, and infrastructure. 

Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce andIndustry (VCCI), said building the PPP law is a difficult task but it isnecessary for economic recovery post-COVID-19. 

According to Pham Ngoc Lam, deputy head of the economicbureau at the National Assembly Office, the draft law has now gone through manyrounds and opinions have been collected.

Dao Viet Dung from the Asian Development Bank (ADB) saiddevelopment funds are needed to facilitate the implementation of PPP projects,particularly large-scale projects, and the building of such funds must betransparent. 

He also called for more specific stipulations regarding risksharing mechanisms, to help increase information access for investors. 

Nguyen Thanh Hai from the American Chamber of Commerce inVietnam, said the draft law should not restrict the rights of investors totransfer all shares after project construction is completed. 

Lam, who represented the law drafting group, said manyopinions sent to the compilation board concern mechanisms on the sharing ofrisks and turnover increases and decreases prescribed in the draft law, sayingthey are too strict and more favourable for the public sector. 

They also proposed expanding investment fields, explainingthat new fields requiring the PPP model may emerge during the participation ofthe private sector. 

Investors should also be allowed to determine the domestic orforeign contractors and subcontractors for their projects, they said.

Most opinions believe regulations regarding the completion offinancial arrangements within 12 months from the signing of PPP contracts arenot suitable. 

The video seminar was jointly held by VCCI, the Institute forPolicy Studies, and the US Agency for International Development./.
VNA
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