Assessment of the Financing Framework for Municipal Infrastructure in Vietnam

A fundamental challenge for Vietnam is to improve the affordability and efficiency of infrastructure investment. The fragmentation of public infrastructure investment results in duplication and waste, and is a major underlying cause of investment inefficiency. Bond issuance has been the most prominent form of debt financing at the sub-national level. At the provincial level, significant disconnects exist between total planned investment needs in infrastructure, and the effective demand for such investment. The success of any initiative to improve the financing of municipal infrastructure in Vietnam hinges on advances in the broader landscape of policy reform as part of the country's long-term development. Meeting these challenges requires a comprehensive approach that addresses issues of governance, financing, and execution. This report has been formulated with the objective of informing the Government of Vietnam (GOV) on how the financing framework for municipal infrastructure in the country can be strengthened. It is based on an assessment of the constraints and opportunities that sub-national governments face in accessing financing for infrastructure development. It also draws upon lessons and good practices from international experience in this area, considering their relevance for Vietnam. A set of recommendations and implementable actions is provided, recognizing the broader context of ongoing reforms that are needed on institutions, incentives and the availability of information.

Bibliographic Details

Main Author:	World Bank
Format:	Country Infrastructure Framework biblioteca
Language:	English en_US
Published:	Washington, DC 2013-09
Subjects:	ACCOUNTING, ACCOUNTING STANDARDS, ASSET MANAGEMENT, AUCTION, AUCTIONS, BALANCE SHEET, BANKING SECTOR, BID, BIDS, BOND, BOND ISSUANCE, BOND ISSUE, BOND ISSUES, BOND MARKET, BORROWING CAPACITY, BUDGETING, CAPITAL BASE, CAPITAL FORMATION, CAPITAL GRANTS, CAPITAL INVESTMENT, CAPITAL MARKETS, COLLATERAL, COMMERCIAL BANK, COMMERCIAL BANK LOANS, COMMERCIAL BANKING, COMMERCIAL BANKS, COMMERCIAL LOANS, COMPETITIVE BIDDING, CONTINGENT LIABILITIES, CORPORATE BONDS, CREDIT ENHANCEMENT, CREDIT RATING, CREDIT RATINGS, CREDIT RISKS, CREDITORS, CURRENCY, CURRENCY RISK, DEBT, DEBT DEFAULT, DEBT FINANCING, DEBT MANAGEMENT, DEBT MARKETS, DEBT OBLIGATIONS, DEBT REPAYMENT, DEBT REPAYMENTS, DEBT RESTRUCTURING, DEBT SERVICE, DEBTS, DEMAND FOR BONDS, DEVELOPMENT BANK, DISBURSEMENT, DISCLOSURE REQUIREMENTS, DOMESTIC BORROWING, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ELECTRICITY, ENABLING ENVIRONMENT, EQUITY CAPITAL, EQUITY MARKETS, EQUITY STAKES, EXCHANGE RATE, EXCHANGE RATE MOVEMENTS, EXPENDITURE, EXPENDITURE RESPONSIBILITIES, EXPENDITURES, EXTERNAL FINANCE, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL PERFORMANCE, FINANCIAL STATEMENTS, FINANCIAL SUPPORT, FINANCIAL SUSTAINABILITY, FISCAL DECENTRALIZATION, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN FUNDS, FOREIGN INVESTORS, FOREIGN LOAN, GOVERNMENT BOND, GOVERNMENT BONDS, GOVERNMENT DEBT, GOVERNMENT EXPENDITURE, GOVERNMENT GUARANTEE, GOVERNMENT REVENUE, GOVERNMENT REVENUES, GOVERNMENT SUPPORT, GROSS DOMESTIC PRODUCT, IMPLICIT GUARANTEES, INCOME LEVEL, INFORMATION DISCLOSURE, INFRASTRUCTURE DEVELOPMENT, INFRASTRUCTURE FINANCE, INFRASTRUCTURE FINANCING, INFRASTRUCTURE INVESTMENT, INFRASTRUCTURE INVESTMENTS, INSTITUTIONAL DEVELOPMENT, INSTITUTIONAL INVESTORS, INSURANCE, INSURANCE COMPANIES, INTEREST RATE, INTEREST RATES, INTERGOVERNMENTAL TRANSFERS, INTERNATIONAL BANK, INTERNATIONAL DEVELOPMENT, INTERNATIONAL STANDARDS, INTERNATIONAL TRADE, INVESTING, INVESTMENT CAPITAL, INVESTMENT DECISIONS, INVESTMENT FUND, INVESTMENT FUNDS, INVESTMENT PORTFOLIO, INVESTMENT PROJECTS, INVESTMENT RATE, INVESTMENT REQUIREMENTS, INVESTOR INTEREST, LAND USE, LAND VALUE, LAND VALUES, LEGAL FRAMEWORK, LENDER, LENDERS, LENDING DECISIONS, LENDING INTEREST RATE, LEVIES, LEVY, LICENSES, LOAN AGREEMENT, LOCAL CURRENCY, LOCAL GOVERNMENT, LOCAL GOVERNMENT REVENUES, LOCAL GOVERNMENTS, LOCAL INFRASTRUCTURE, LOCAL MARKET, LONG-TERM CAPITAL, LONG-TERM INSTRUMENT, MACROECONOMIC STABILITY, MANAGEMENT OPERATIONS, MARKET ECONOMY, MARKET FAILURES, MARKET INFRASTRUCTURE, MARKET MAKERS, MARKET PRICE, MARKET SIZE, MATURITIES, MATURITY MISMATCHES, MATURITY PERIOD, MATURITY PERIODS, MATURITY STRUCTURE, MDF, MUNICIPAL BOND, MUNICIPAL BOND ISSUANCE, MUNICIPAL BOND MARKET, MUNICIPAL BONDS, MUNICIPAL FINANCE, MUNICIPAL INFRASTRUCTURE, MUTUAL FUNDS, NATIONAL GOVERNMENTS, NON-PERFORMING LOAN, NON-PERFORMING LOANS, NPL, OUTSTANDING AMOUNT, OUTSTANDING DEBT, OUTSTANDING DEBTS, PAYMENT OF DEBT, PAYMENT OF INTEREST, PENSION, PENSION FUNDS, PORTS, PRIVATE CAPITAL, PRIVATE SECTOR, PRIVATE SECTOR PARTICIPATION, PROPERTY RIGHTS, PROVINCIAL GOVERNMENTS, PUBLIC, PUBLIC ASSETS, PUBLIC DEBT, PUBLIC DEBT MANAGEMENT, PUBLIC DEBTS, PUBLIC FINANCE, PUBLIC FINANCES, PUBLIC INFRASTRUCTURE, PUBLIC INVESTMENT, PUBLIC SECTOR, PUBLIC SECTOR DEBT, REGULATORY FRAMEWORK, REPAYMENT, REPAYMENT CAPACITY, RESERVE, RETURN, RETURNS, REVENUE SHARING, RISK ASSESSMENTS, RISK FACTOR, RISK MANAGEMENT, ROADS, SECURITIES, SETTLEMENT, SETTLEMENT SYSTEM, SHORT MATURITY, SHORT-TERM DEPOSITS, STATE BANK, SUB-NATIONAL BORROWERS, SUB-NATIONAL DEBT, SUB-NATIONAL FINANCES, SUBNATIONAL GOVERNMENTS, TAX, TAX RATES, TAX REVENUES, TIMELY PAYMENT, TRANSPARENCY, TREASURY, TRUST FUND, TRUST FUNDS, URBAN PLANNING, URBAN SERVICES, URBANIZATION, VALUATION,
Online Access:	http://documents.worldbank.org/curated/en/2013/09/18928950/assessment-financing-framework-municipal-infrastructure-vietnam-final-report http://hdl.handle.net/10986/17568
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