Proposing A Plan To Issue Corporate Bonds To Build 3,800 Km Of Express

Construction objectives of 3,800 km of high speed for 10 years that the Government has needed a new capital mobilization solution in the context of abundant budget capital, increasingly difficult sources of credit in the North - South side East section through Thanh Hoa. (Photo: Dinh Quang). In the model of "3 letters" that some businesses invest in transport infrastructure are proposing about the capital implementation of traffic PPP projects, including state budget capital, equity Huu and capital mobilizing other resources, the issuance of corporate bonds is the solution to receive consensus of leaders at all levels and experts. Mr. Nguyen Viet Huy - Deputy Director of PPP Department (Ministry of Transport) , Issuing corporate bonds is a right solution and will open the door to investors who can participate in the implementation of express-speed projects according to the public-private partner method (PPP)

. , Solutions of the Ca Pass Group when developing projects with large capital needs, credit difficulties and legal disputes ..
such as in Ca Pass Tunnel Projects, Bac Giang - Lang Son and Trung Luong - My Thuan succeeds with a very diverse capital mobilization method. In particular, each project is "a difficult problem - accompanied by the appropriate solution", the first step is to "create true value for society". In fact, the negotiation process between the Ministry of Transport and the Group Passing when signing the contract to implement PPP projects in the past time, such as automatic charge without stopping (etc), Cam Lam - Vinh Hao highway ... not only lasting, very detailed and directed for business This industry has practical experience, professional apparatus and special forecasts of financial needs, policies ... Financial and legal issues in the above projects are always required by investors With the goal of creating fairness among subjects in the long-term companion process throughout the project life cycle. According to the Leaders of PPP, legal documents Investment guidelines in the form of PPP Previously Narrow in borrowing credit institutions
However, in the context of increasingly difficult credit, this is a huge barrier to implement large-scale traffic PPP projects. "Under the new PPP Law, in addition to borrowing credit institutions The capital mobilization through legal organizations or individuals ensures. I think this is a direction that is in line with the context of abundant budget sources in Vietnam, especially in the stage of developing infrastructure before a step ", Mr. Huy assessed. Current Decree No. 28 / 2021 / ND-CP on stipulating financial management mechanisms for investment projects according to PPP methods have also guided quite specific procedures, steps needed to help PPP enterprises issue bonds. "Really Just PPP projects (through BOT forms) are not the same as real estate projects or other development projects. In the early years of the BOT project, the cash flow was difficult due to the low traffic at the same time prioritizing interest and principal payment to the Bank. The biggest concern related to the issuance of corporate bonds is too Slow tax policy adjustment, especially accounting of interest expenses at BOT projects that lasted slowly resolved although the Ministry of Transport has repeatedly recommended the Ministry of Finance to remove. "To PPP Law Going into life, it is necessary to clearly identify the PPP project (BOT) other than normal business enterprises. The financial plan at the PPP project must calculate the interest rate structure of the project's life cycle can last up to 30 years and shown in accordance with the nature is a true profitable business enterprise from one attendance Effective financial sentences. I suppose it is necessary to remove the current tax policy in the stage of interest allocation, to express the right nature of the economic efficiency of the project, "Mr. Huy stressed.PGS.Ts Tran Cuc - Chairman The Association of Vietnam Road Traffic Investors (VARSI) said VARSI received the document of the Ca Pass Group inadequate inadequate in accounting and allocation of interest expenses for PPP projects Currently. On the basis of petitions of Ca Pass Group and other BOT investors, VARSI will report to the Government and petitions to the National Assembly in the coming time to solve difficulties for traffic infrastructure projects in the form. BOT contracts are suffering from prolonged problems. "In fact, in the past 5 years, no PPP project is implemented. 5/8 PPP project does not have investors because there is no credit granting bank. And if it keeps taking mobilized capital conditions, the bank's credit, all three projects have signed contracts are disabled because the ability to sign a credit contract after 6 months is not much hope, "said Varsi president indicates.

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