VOV.VN - With massive investment needs and limited public resources, Vietnam needs to mobilise more private capital, with the Politburo’s Resolution 27-NQ/TW providing fresh impetus to unlock social resources and promote private investment and public-private partnerships (PPPs).
Vietnam is entering a new phase of development that will require substantial investment in infrastructure, energy, technology and other growth-enabling sectors. The scale of those needs makes greater mobilisation of private capital increasingly important, particularly as public resources alone cannot meet the requirements of a rapidly expanding economy.
Dr. Can Van Luc, chief economist at the Bank for Investment and Development of Vietnam (BIDV), estimates that total social investment needed during 2026–2030 could reach around VND38.5 quadrillion. Of the amount, about VND8.5 quadrillion would come from the State, VND4.8 quadrillion from foreign direct investment and roughly VND25.5 quadrillion from domestic and foreign private investment, equivalent to about 65% of the total.
The figures highlight a key challenge. Attracting private capital requires more than investment opportunities; investors also need clear mechanisms that give them confidence to commit funds to projects with long payback periods and complex risks.
Economist Nguyen Bich Lam, former head of the General Statistics Office, notes that Vietnam already has a legal framework for PPPs, but implementation has been fragmented, with overlapping responsibilities and inconsistent application in some areas. PPPs have also been concentrated largely in traditional sectors such as transport and energy, with relatively limited application in areas including digital technology, healthcare, education and the environment.
A more fundamental concern lies in how risks are allocated between the public and private sectors. Policy changes, inconsistent guidance and limited predictability can leave investors carrying risks that they cannot reasonably manage on their own. Concerns have also been raised over the availability of mechanisms for sharing risks related to minimum revenue, foreign exchange and currency conversion.
Such conditions can weaken the basic logic of a PPP: the State and businesses should share responsibilities, risks and benefits rather than placing a disproportionate burden on one side.
The financing structure presents another constraint. PPP projects typically require large amounts of stable, long-term capital, yet Vietnam’s financial system still relies heavily on bank credit, much of which is backed by shorter-term funding. The capital market has not yet developed enough long-term financing channels or risk-sharing instruments to fully support large and complex PPP projects.
This financial gap is closely linked to a broader issue of trust. Businesses need greater confidence that policies will be stable and predictable over the life of a project, while the State needs mechanisms that protect public interests without creating uncertainty for investors.
For PPPs to move beyond individual projects and become a strategic tool for development, those conditions need to be addressed together.
The pressure to find new sources of long-term investment is becoming more pronounced as Vietnam's development ambitions grow. Social investment needs are estimated at around VND5.1 quadrillion in 2026 alone and VND38.5 quadrillion over 2026–2030, placing greater importance on mechanisms capable of bringing private capital into projects with significant socio-economic impact.
Economist Nguyen Bich Lam argues that the institutional approach to PPPs needs to shift from a traditional administrative model towards one based on co-creation between the State and businesses. In this model, the State provides a clear and predictable policy framework, defines public objectives and shares risks that are beyond investors’ control, while businesses contribute capital, technology, management expertise and market-based solutions.
Such a shift would also broaden the role of PPPs beyond conventional infrastructure. Renewable energy, smart cities, health care, education, environmental projects and innovation could provide additional areas for public-private cooperation, provided that project governance, risk allocation and financial mechanisms are appropriately designed.
Improving the capacity of agencies responsible for PPP projects is another part of the transition. Clearer project preparation, stronger oversight and better-trained officials can help reduce delays and uncertainty, particularly for projects involving multiple sectors and levels of government.
The financing side also needs to evolve. A stronger long-term bond market, dedicated PPP support mechanisms and appropriate risk-guarantee instruments could provide investors with additional channels beyond bank credit and help match the financing structure with the long operating lives of infrastructure projects.
In this context, the Politburo’s Resolution 27-NQ/TW, adopted on August 28, 2026, provides a broader policy direction for mobilising development resources. The resolution on developing regions and organising national development space in the new period calls for mechanisms to unlock and activate social resources, with greater mobilisation of private investment and stronger regional coordination.
For PPPs, that direction creates an opportunity to move from treating public-private cooperation as a mechanism for individual projects towards viewing it as part of a broader strategy for mobilising social resources.
The distinction is important. A project-based approach focuses primarily on getting a particular investment off the ground. A strategic partnership, by contrast, requires a stable institutional framework in which the State and private sectors understand their respective roles, share risks in a transparent manner and have sufficient confidence to make long-term commitments.
Under such an approach, PPPs would not simply provide an additional source of capital. They could become a mechanism for combining public policy objectives with private capital, technology and management capacity, helping to expand the pool of resources available for development.
The ultimate test of that transition will be whether the framework gives both sides enough certainty to plan for the long term. For businesses, that means predictable rules, fair risk allocation and viable returns. For the State, it means ensuring that private participation serves public objectives and that the benefits of investment are shared sustainably.
Resolution 27’s emphasis on unlocking and activating social resources therefore gives fresh policy momentum to the evolution of PPPs. Turning that direction into effective projects, however, will depend on building the institutional trust, financial capacity and risk-sharing mechanisms needed to make public-private cooperation a genuine strategic partnership.
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