Poor infrastructure slows Vietnam’s development: PM

Wednesday, 2018-02-28 16:42:04
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Prime Minister Nguyen Xuan Phuc at the meeting
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NDO - Vietnam’s infrastructure is improving with major projects but flaws in planning and slow progress in construction projects remain bottlenecks to the country’s development, Prime Minister Nguyen Xuan Phuc has said.

The PM said that it is necessary to seek new resources in order to fund infrastructure projects, while emphasising that poor infrastructure must not be allowed to prevent the country’s development.

He elaborated that if the public debt ratio falls to 61%, it could provide room for the continuation of securing suitable sources of official development assistance or the issuance of Government, international and project bonds.

The suggestion was made at a meeting to review the implementation of a resolution on developing infrastructure to meet Vietnam’s modernisation needs, on February 28.

The resolution focuses on four areas, namely transport infrastructure, power supply networks, irrigation projects and the infrastructure in major cities.

According to a report prepared by the Ministry of Planning and Investment, Vietnam’s infrastructure has improved significantly in the past five years, especially in the transport sector, but there remain many downsides.

The report noted that Vietnam’s infrastructure is improperly linked as a result of poor planning and the difficulty in attracting funding, especially from non-state sources.