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Investors believe the law!

In the situation social capital source is great and capital from the Government is limited, investment in form of public private partnership (PPP) has been considered as an efficient solution to develop infrastructure and other fields as education, vocational training, culture, sports as well…

Socializing investments

The Decree no.13- NQ/TW dated January 16th, 2012 of the Party’s Centtral Committee (Decree 13) clearly states “strongly attracts economic sectors, including foreign investors, to take part in developing infrastructures and ensures satisfactory interests from investors, expanding the form of cooperation between the Government and the people…” . To implement the spirit of the Decree 13, Vietnam’s Government is to implement diversifying forms of raising enquity and boost up investments in form of PPP to make good use of sources for socio-economic developments.

The Prime Minister Nguyen Xuan Phuc said in fields it is not necessary to have public investments. Role of the Government should be lower than that of private ones. “The Party and the Government have recognized it is necessary to socialize projects investment,” affirmed the PM.

According to economic experts, PPP has been considered an efficient solutions to develop infrastructures and other fields of education, vocational training, culture, sports… in the situation that social capital source is great and the Government’s capital is limited. Investments in form of PPP also solve the matter of quality control of the work after investments.

According to staistics from the Ministry of Transport, thousands of kilomenters of the National Road 1A and the section through Tay Nguyen of Ho Chi Minh Road was improved; great works as bridges of Co Chien, Rach Mieu, Viet Tri, Yen Lanh, road tunnels as Deo Ca, Hai Van were put into operation. And with the Decree 13, the electric sector, has attracted thousands of billions dong to large-scale power supply BOT projects with participation from both local and foreign investors…

According to statistics, at the beginning of 2019, there were 336 PPP project contract signed- 140 of them with BOT contracts, 188 of them with BT contracts and 8 with other forms of contract. VND 1.6m was raised to improven matters of traffic infrastructure quality, city power, city infrastructure, waste water treatment and garbage. They solved in time problems of public services, infrastrucutres for socio-economic developments.

Approaching international regulations

Actually, in Vietnam, investments in form of PPP have been carried out since 1997 when the Government issued the Decree 77/ND-CP on investment regulations in form of BOT (Building- Operation- Transfer) applied in local investments. After many times of modifying and changing, investment modal in form of PPP has gradually been approaching international regulations.

Currently, invesments in form of PPP and contents of choosing investors are regulated in the Decree no.63/2018/ND-CP dated May 4th, 20018 (Decree 63/CP) and the Decree no.30/2015/ND-CP dated March 17th, 2015 (Decree 30/CP): investors have responsibilities to raise owners’ enquity and other legal capital sources to implement signed contracts in accordance to proportion of raising enquity regulated in the Decree 63/CP. For contracts of building-transfer (BT), investors should have a requirement on owners’ equity (if there is) in accordance to regulations on investment, construction, accommodation, property business when carrying out other projects.

The capital from the Government is to ensure financial feasibility of the project, coming from public investment capital. However, it is not applied for BT projects.

Assisting capital for additional works, compensation, land clearance and relocation also come from capital source of public invesment

Investors believe the law

On the morning of November 11th, 2019, the Government officially summited the draft of the law of investment in form of PPP to the Assembly to consider.

Investment in form of PPP is a form of investment implemented on the basis of project contract between Governmental authorized offices and investors, enterprises to build, improve, operate or to manage infrastructure works or to provide public services.

In the group discussion in the Assembly of the same day, PM Nguyen Xuan Phuc said although sources in the people are great, they will not use them for investment if there is no protection from the law. Also according to the PM, investors believe law, not decrees. So there should be a law to protect investors. “There are obstacles in the existing law, so investors are not willing to have more investments to Vietnam,” said the PM.

Many delegates said it was necessary to have law on PPP so that the people can have the best public services. And investors should have enough information to consider if they should participate in the project and if their capability is suitable to it. The Minister of the Ministry of Planning and Investment Nguyen Chi Dung said:” We have a lot of “rights”, but investors also have a right of deciding whether they should invest in a project or not. And PPP law should have fair, attractive regulations so that investors are willing to invest in projects and they feel safe.”

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