Vietnam needs US$150 billion to invest in power projects in the next 10 years, equal to half the country’s current gross domestic product (GDP), which raises demand for international financing. A solar power project. Vietnam needs US$150 billion to invest in power projects in the next 10 years, equal to half the country’s current gross domestic product (GDP). — VNA/VNS Photo Dang Huy Dong, head of the Institute for Planning and Development, provided this estimate and emphasised given the current size of the domestic capital market, for at least the next five years, the economy cannot meet the capital requirements for the development of the power sector. Dong made this statement at the seminar on International Financing for Independent Power Projects on Wednesday in Hanoi. Since 2015, Vietnam has transitioned to a low-middle-income country which reduces its access to concessional sources of finance from development partners such as Official Development Assistance (ODA). “Therefore, capital can only be mobilised from international financial institutions,” Dong said. The international capital market is very large with tens of thousands of billions of US dollars, more than enough to satisfy Vietnam’s capital need. However, Dong said such capital flows are highly competitive, running on supply-demand… Read full this story
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