Developing the private sector and expanding domestic private financial sources are key targets for Vietnam in order to meet financial demand for the successful implementation of the Sustainable Development Goals (SDGs) of the United Nations (Illustrative photo: VNA)Hanoi (VNA) – Developing theprivate sector and expanding domestic private financial sources are the keytargets for Vietnam in order to meet financial demand for the successfulimplementation of the Sustainable Development Goals (SDGs) of the UnitedNations.
The recommendation was made in a reportevaluating financial conditions for Vietnam’s sustainable development, whichwas released by the UN Development Programme and the Ministry of Planning andInvestment on September 11.
The report provides an overview about changes inthe country’s financing for development, with the aim of helping the country improvethe mobilisation, utilization and management of finance for development, in abid to carry out the 2030 Agenda for Sustainable Development of the UN.
It analysed financial structure,characteristics, development trends and investment sources in Vietnam and madecomparison with other nations, mainly those in the ASEAN.
Vietnam is advised to extend tax base and ensurebetter management of State property, as well as enhance the efficiency of Stateexpenditure, public investment and public debt management.
The report underlined the necessity of ensuringthe smooth transition from the period of receiving official developmentassistance, and improving the management of the interactive relations among financialsources, while enhancing the coordination and collaboration among the sources.
Deputy Minister of Planning and Investment LeQuang Manh said that financial sources for development and infrastructureremain the biggest challenge for Vietnam in realising the 2030 Agenda forSustainable Development.
The report showed rapid changes in financing fordevelopment in Vietnam, said Haoliang Xu, Assistant Secretary General of theUnited Nations and Director of the Regional Bureau for Asia and Pacific at theUNDP.
Investment by the domestic private sector doubledin 2015 compared to that in 2002, but only accounted for 40 percent of totalfinancing for development. Private investment rate of Vietnam stands at 490 USDper person, among the lowest in ASEAN region.
Xu also recommended that Vietnam mobilise moreprivate investment, attract more FDI projects which link domestic firms withglobal value chains and build suitable financial framework for SDGsimplementation.-VNA
The recommendation was made in a reportevaluating financial conditions for Vietnam’s sustainable development, whichwas released by the UN Development Programme and the Ministry of Planning andInvestment on September 11.
The report provides an overview about changes inthe country’s financing for development, with the aim of helping the country improvethe mobilisation, utilization and management of finance for development, in abid to carry out the 2030 Agenda for Sustainable Development of the UN.
It analysed financial structure,characteristics, development trends and investment sources in Vietnam and madecomparison with other nations, mainly those in the ASEAN.
Vietnam is advised to extend tax base and ensurebetter management of State property, as well as enhance the efficiency of Stateexpenditure, public investment and public debt management.
The report underlined the necessity of ensuringthe smooth transition from the period of receiving official developmentassistance, and improving the management of the interactive relations among financialsources, while enhancing the coordination and collaboration among the sources.
Deputy Minister of Planning and Investment LeQuang Manh said that financial sources for development and infrastructureremain the biggest challenge for Vietnam in realising the 2030 Agenda forSustainable Development.
The report showed rapid changes in financing fordevelopment in Vietnam, said Haoliang Xu, Assistant Secretary General of theUnited Nations and Director of the Regional Bureau for Asia and Pacific at theUNDP.
Investment by the domestic private sector doubledin 2015 compared to that in 2002, but only accounted for 40 percent of totalfinancing for development. Private investment rate of Vietnam stands at 490 USDper person, among the lowest in ASEAN region.
Xu also recommended that Vietnam mobilise moreprivate investment, attract more FDI projects which link domestic firms withglobal value chains and build suitable financial framework for SDGsimplementation.-VNA
VNA
