Aug 28, 2019 / 13:14

Vietnam supports private sector to access OFID resources: PM

The Hanoitimes - The OPEC Fund for International Development expects to become Vietnam’s credible partner in development, said the fund’s executive.

The Vietnamese government is willing to create favorable conditions for the private sector to access the OPEC Fund for International Development (OFID)’s resources, aiming to diversify capital mobilization channels for enterprises, Prime Minster Nguyen Xuan Phuc has stated. 
Prime Minister Nguyen Xuan Phuc and OFID’s CEO Abdullhamid Alkhalifa. Source: VGP.
Prime Minister Nguyen Xuan Phuc and OFID’s CEO Abdullhamid Alkhalifa. Source: VGP.
Vietnam has transformed itself into a middle-income country, but is still in need of capital for development, especially in infrastructure, Phuc said at a meeting with the OFID’s CEO Abdullhamid Alkhalifa on August 27. 

As interest rates have been falling in the global capital market, Phuc expected the OFID to continue providing non-refundable aid and help Vietnam access the fund's loans with preferential rates.

According to Phuc, Vietnam and the OFID has maintained a strong relationship over the last 40 years through 20 projects financed by the fund in the fields of transportation, irrigation, poverty reduction, healthcare, education and urban development across the country, contributing significantly for improvements of the people’s lives, including those in remote and poor areas. 

Alkhalifa’s visit to Vietnam for the signing of financing agreement for “Da Nang transportation infrastructure development project ” would mark a futher step in cooperation between the Vietnamese government and the OFID, stated Phuc. 

Vietnam would cooperate with the OFID in drafting projects and programs meeting the OFID’s criteria and Vietnam’s socio-economic development strategy, Phuc continued. 

Alkhalifa said Phuc’s comments would help the OFID set up its cooperation strategy with Vietnam in the future and expected the OFID to become a credible partner for the country in development. 

OFID is willing to cooperate with the Vietnamese government in any project, stressed Alkhalifa, adding he had visited the Transport Hospital in Hanoi, one of a number of projects using OFID funds and expressed his delight as people are benefiting from the project. 

Alkhalifa urged Vietnamese government agencies to address issues so that the OFID could participate in the capital market for the private sector.