Vietnam, US cooperate to strengthen infrastructure finance

Wednesday, 2019-11-06 16:52:15
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The signing ceremony between the Vietnamese Ministry of Finance and the US Department of the Treasury (Photo: VGP)
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NDO/VNA - The Ministry of Finance inked a cooperation framework to strengthen infrastructure finance with the US Department of the Treasury in Hanoi on November 6.

Deputy Minister of Finance Tran Xuan Ha said the framework aims to mobilise private capital and develop financial markets for infrastructure, thus helping Vietnam achieve its priorities in the field in the near future.

He added that the country’s need for investment capital for infrastructure in the coming time is extremely huge. According to a report of the Ministry of Planning and Investment, Vietnam will need an estimated US$195 billion for infrastructure development during 2017-2020.

Energy, roads, bridges, aviation, clean water supply, and waste treatment are important fields, Ha said.

Michell Silk, Acting Assistant Secretary of the US Department of the Treasury, said the framework looks to remove barriers in order to increase financial instruments for the debt and capital markets and promote related activities.

It is also expected to reduce financial pressure on the Vietnamese Government and attract more private capital to develop infrastructure in the Southeast Asian country, he added.

To implement the framework, the two sides will set up a working group, including members representing the two sides’ relevant agencies, and with the participation of the US Office of Technical Assistance (OTA).