Vietnam has made great strides in raising living standards by heavily investing in human development. However, Vietnam faces the risk of falling into the ‘middle-income trap’, where a country’s growth stagnates after reaching middle-income status due to inefficient allocation of resources, a low-skilled labour force and low levels of innovation.
The overall objective of the INFF is to support Vietnam’s transformation into a more inclusive, productive, green, and climate-resilient economy and accelerate the achievement of the SDGs.
Building on the outcomes of Vietnam’s development finance assessment (DFA), completed in 2017, the INFF will assist with the development and implementation of Vietnam’s 2030 integrated financing and investment strategy. The strategy will be firmly centred around the SDGs and will integrate considerations surrounding the recent COVID-19 pandemic.
The INFF will further support Vietnam’s 2030 Finance Strategy, Medium-Term Investment Plan and Medium-Term Budget Plan to deliver the following results: (a) strengthened resource allocation for the new national Socio-Economic Development Plan and national SDG priorities; (b) improved effectiveness of public investment through better integration across government; and (c) increased private sector investment and quality foreign direct investment flows that support the development of green, productive domestic enterprises.
For more details, visit the Joint SDG Fund website.