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ADB Offers New Assistance for Private Sector Development

Diep Nguyen
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The technical assistance will provide policy advice, assist in infrastructure project preparation, and strengthen institutional capacity to enhance sustainable economic growth.

ADB Offers New Assistance for Private Sector Development
Photo Credit: Reuters
The Asian Development Bank (ADB) has approved a $4.6 million technical assistance to help the Government of Viet Nam tostrengthen public–private partnerships (PPPs), private sector development, and state-owned enterprise (SOE) reform.
The technical assistance will provide policy advice, assist in infrastructure project preparation, and strengthen institutional capacity to enhance sustainable economic growth. The financing includes a $2.7 million grantfrom the Government of Canada and a $1.9 million grant from the Government of Australia, both to be administered by ADB.
“Viet Nam has achieved impressive socio-economic development over the past three decades by maintaining high economic growth gained from its structural reforms,” said ADB Principal Private Sector Development Specialist Donald Lambert. “To meet the targets of its upcoming Socio-Economic Development Strategy (SEDS) 2021-2030, maintain growth rate of 6%-7%, and achieve the Sustainable Development Goals, Viet Nam will need to further accelerate economic reforms, expanding the role of the private sector in driving the country’s development.”
Between 2011 and 2020, Viet Nam invested an estimated $117 billion in infrastructure. However, Viet Nam’s infrastructure remains underdeveloped compared to its regional peers. The country will need to mobilize between 2021 and 2030 an estimated $237 billion to close the infrastructure deficit, which is $49 billion more than the historical spending trajectory. 
Recognizing the potential of the private sector to help close the infrastructure deficit, Viet Nam’s SEDS 2021-2030 prioritizes removing barriers to open competition and developing a supportive environment to increase the private sector’s contribution to the economy, including a larger role in infrastructure development.
ADB’s new technical assistance will help by delivering policy advice on PPPs and private sector development, piloting projects that embed the G20 Quality Infrastructure Investment principles, and strengthening PPP and private sector development institutional capacities.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

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