Issue bonds to fund key transport projects, Vietnam govt urged

By An Khang, Hai Yen
Sun, October 6, 2024 | 1:30 pm GMT+7

High-yield bonds are an option the Vietnamese government should consider for raising capital to implement key transport projects, says Nguyen Van Than, chairman of the Vietnam Association of Small and Medium-Sized Enterprises.

Than made this recommendation at a Friday meeting between Vietnamese business leaders and Prime Minister Pham Minh Chinh.

He specified that the second-phase of the North-South expressway and the trans-Vietnam high-speed railway projects were among those that merited the issue of high-yield bonds.

Prime Minister Pham Minh Chinh (center) meets with executives of Vietnamese firms, October 4, 2024. Photo courtesy of the government's news portal.

Prime Minister Pham Minh Chinh (center) meets with executives of Vietnamese firms, October 4, 2024. Photo courtesy of the government's news portal.

He suggested the government develop a plan to attract capital from the public and prioritize local firms in implementing these two projects.

Expressing confidence in the capability of Vietnamese enterprises to handle large-scale projects, Than proposed that the government offers guarantees to help these companies secure direct loans, technology and expertise from foreign partners. He said this approach could reduce costs for state agencies and mitigate risks for contractors.

Huynh Bich Ngoc, standing vice chairwoman of the multi-industry corporation TTC Group, recommended implementing demand-stimulus policies and adjusting several regulations under the Laws on Credit Institutions and Land.

She urged the administration to issue specific guidelines for developing the capital market and to focus further on developing an international financial center in the country.

The executive also recommended that the government introduces policies and mechanisms to encourage private firms to list new types of commodities on the stock market, aiming to lure more long-term investments.

Tao Duc Thang, chairman and CEO of Viettel Group, proposed that the government devises a telecommunications-focused strategy or resolution to help local firms go global.

In the travel sector, chairman of the Vietnam Tourism Association (VITA) Vu The Binh stressed the need to reinforce tourism and transport infrastructure as well as promote waterway and sea transport for tourism purposes.

Binh also asked the government to support development of the nation’s tourism workforce, which he said had only recovered to 60-70% of pre-pandemic levels.

Le Hoang Chau, president of the Ho Chi Minh City Real Estate Association (HoREA), underscored the need to increase the supply of affordable commercial housing and reduce housing prices towards achieving the goal of building one million social housing units. He also called for support for around 500,000 landlords who provide rental accommodation to low-income earners and workers.

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