On 12/10/2021, representatives of Department of Foreign Affairs, Department of Planning and Investment, Vietnam State Bank Hai Phong Branch, attended the Conference on National Partnership Strategy in 2022-2025 organized by Asia Development Bank (ADB).
Scene of the Conference on National Partnership Strategy in 2022-2025: Inclusive growth led by private sector. Photo: Department of Foreign Affairs.
There was participation of leadership representatives of ADB Vietnam, International Cooperation Department (Vietnam State Bank), Vocational Training General Department (Ministry of Labor, Invalid and Social Affairs), People’s Committees of 14 provinces and cities of Vietnam, Airports Corporation of Vietnam, commercial banks, and several local enterprises at Vietnam.
At the meeting, representative of ADB Vietnam and certain experts of ADB gave remarks on: i) Overview the national partnership strategy in 2022-2025, enhancement of competitiveness and private sector development, guaranteeing sources for investment and benefits to enterprises, localities, and the nation; ii) capital markets at Vietnam, measures to develop capital markets in Vietnam; iii)implementation of projects in infrastructure, health, education, agriculture with participation of private sector, ADB’s role in private sector enhancement, support to PPP model deployment.
Presenting the National Partnership Strategy in 2022-2025, ADB’s experts shared that, development of the private sector plays a crucial role in realizing Vietnam’s target, which is to become an upper middle-income country by 2030, and ADB’s purpose is to support Vietnam achieve that target. Implement the aforementioned Strategy, ADB’s approach is to integrate sovereign and non-sovereign loans, focusing more on supporting localities and sponsoring projects in many fields of each locality, integrated consultancy, supporting acknowledge in activities implementation, to support Vietnam achieve the target of becoming a upper middle-income country by 2030. The National Partnership Strategy in 2022-2025 is a ground for ADB to build up investment activitiesappropriate to Vietnam’s eco-social development plan in 2021-2025. The aforementioned strategy would concentrate on two pillars: Inclusive growth led by private sector; and green recovery and resilience; implementation of integrated topics on gender, regional cooperation, digital transformation, and green financing in the aforementioned pillars.
According to ADB, in 2021-2030, Vietnam would face many challenges including: economic challenges (unbalance between SMEs, Micro enterprises, big companies, slow reform of state enterprises, undeveloped capital markets); climate change and environmental challenges, challenges from urbanization, dividing urban/agriculture, inequality (particularly in post-COVID19).
Based on its own research, at the meeting, ADB suggested the necessity of re-orienting 03 basic contents to meet development demand and Vietnam’s priorities for development in unstopped changing environment of the region and world. The three basic contents include: i)apply focusing approach on locality and integrated measures to sovereign loans operation; ii) integrated sovereign/non-sovereign loans; iii)integrated knowledge in activities implementation. According to ADB, to support Vietnam achieve targets of the 2030 Strategy, the National Partnership Strategy in 2022-2025 focuses on favoring inclusive development led by the private economic sector, green recovery and resilience in post-COVID-19 period.
It may see that is the first time ADB has worked with Vietnam in establishing such a national partnership strategy to bolster the private sector’s role. That strategy also marks ADB’s adjustment in building its own strategic direction –more concentration on sponsorship to the private sector (including non-sovereign loans)./.