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To meet practical requirements and attract more private resources for high and sustainable economic growth, the Government revised the Law on Public-Private Partnerships (PPP) twice in 2025. These updates were approved by the National Assembly through Law No. 57/2024/QH15 and Law No. 90/2025/QH15. Subsequently, the Government issued Decree 243/2025/ND-CP to detail the PPP Law and Decree 257/2025/ND-CP regarding the implementation of Build-Transfer (BT) contract projects.

According to the Public Procurement Agency under the Ministry of Finance, several highlights in the revised PPP policies include removing sector restrictions and minimum capital requirements. This move aims to maximize investment resources for infrastructure and public services. The new laws also simplify investment preparation and investor selection processes while decentralizing various procedures. Furthermore, the cap on state capital participation in PPP projects has been raised to incentivize private enterprises. The revenue-sharing mechanism for increases or decreases in revenue was also amended to show the Government’s commitment to accompanying investors. Other additions include the reintroduction of BT project contracts and mechanisms for early contract termination.

Significantly, new policies specifically promote PPP projects in the science and technology sector. A specialized revenue-sharing mechanism applies here: investors are not required to share revenue increases with the State during the first three years of operation. During this same period, the State may allow a 100% sharing of the deficit if actual revenue falls below the figures in the initial financial plan.

Mr. Shantanu Chakraborty, Country Director of the Asian Development Bank (ADB) in Vietnam, noted that Vietnam has made significant strides in building a legal and institutional foundation for PPPs over the past 15 years. The 2024 and 2025 amendments demonstrate the Government’s determination to refine the policy system, allowing Vietnam to deploy PPPs in a more strategic and consistent manner.

In its “Transport Infrastructure Industry – 2026 Outlook” report, Vietnam Investors Service (VIS Rating) observed that the adjusted PPP legal framework accelerates project approvals and strengthens investor protection. This creates a clear pull for private capital into infrastructure. VIS Rating highlighted that new regulations decentralize authority to ministries and local governments. Investor protection is enhanced by raising the state contribution cap from 50% to 70% for eligible toll road projects and applying a transparent, standardized investor selection framework.

Deputy Minister of Finance Tran Quoc Phuong stated that after efforts to perfect the legal framework, Vietnam is now ready to vigorously implement high-impact PPP projects.

Regarding potential sectors, Deputy Minister Phuong identified three main groups. The first is transportation, the pillar of the PPP program with high capital demand, ranging from expressways and seaports to airports and regional connectivity infrastructure. PPPs in transport help accelerate key projects, share risks reasonably between the State and businesses, and improve management efficiency according to international standards.

The second group involves urban development and urban transport, particularly Transit-Oriented Development (TOD). This is a crucial area requiring sustainable solutions for large-scale urban infrastructure, with mechanisms to mobilize capital by leveraging land funds and value appreciation.

The third group focuses on innovation, digital transformation, and social infrastructure. According to the Deputy Minister, these are emerging fields with breakthrough potential, featuring models like digital infrastructure for national governance and public services, and tripartite cooperation between the state, businesses, and academic institutes.

Based on the new policy foundation, various ministries and localities plan to invest in numerous PPP projects. Preliminary statistics from the Public Procurement Agency show a diverse pipeline covering transport, healthcare, waste treatment, water supply, and information technology. Proposed contract types include BLT, BOO, BOT, BT, and BTL.

In the transport infrastructure sector alone, the Department of Roads of Vietnam reported that 16 BOT projects are currently being implemented with a total estimated investment of approximately VND 440,000 billion. Of this, private investors are expected to mobilize VND 230,000 billion, while state capital accounts for about VND 210,000 billion (51% of the total). To drive socio-economic development, the investment demand for transport infrastructure for the 2026-2030 period is immense—estimated at nearly VND 3,000 trillion. Given limited budget resources, PPP investment is considered a vital solution.

Many localities have proposed large-scale expressway projects under the PPP model, such as the Cam Lo – Lao Bao (Quang Tri), Go Dau – Xa Mat (Tay Ninh), and Nha Trang – Lien Khuong (Khanh Hoa) projects.

In the science and technology field, Mr. Pham Thy Hung, Deputy Director of the Public Procurement Agency, noted that the new PPP policies have received positive feedback from both state agencies and technology firms. The Ministry of Finance has received tech-related PPP proposals from several provinces. Mr. Hung believes the PPP model not only leverages capital but also taps into the management expertise and creative ideas of the private sector, promising significant benefits for scientific development and economic growth.