Giving the Opening Remarks, Dr. Tran Du Lich - Vice President of VIAC, Head of the Advisory Council for Resolution 98/2023/QH15 updated some brief information on the process of implementing Resolution No.98/2023/QH15, especially those related to implementing PPP projects in Ho Chi Minh City. Up to April 2024, the City has called for investment in 54 projects that are intended to be invested in the form of PPP (41 projects in the aspect of culture, sport and health under Resolution 181/NQ-HDND, 05 BOT projects to improve the existed transport infrastructure, plus 08 other projects in the aspects of education and sport which are called for investment by Thu Duc City on 17 April 2024). The city now shows its attempt to utilize Resolution No. 98/2023/2015 in implementing PPP projects. Nonetheless, it can be seen that the process of calling for and implementing PPP projects is facing some obstacles such as a lack of specific guidance as well as issues related to the suitability of the PPP model for certain projects. Mr. Lich also emphasized that the ILS Forum is a platform for exchange and connection among investors currently participating in Ho Chi Minh City. This is a model that can leverage and synergize the strengths of many units, organizations, and individuals contributing to the common development of the economy of Ho Chi Minh City in particular and the country as a whole. Mr. Lich informed that after the Preliminary Session on April 12, 2024, there have been more than 30 opinions from the investor community, consulting agencies, and foreign business associations gathered and submitted to the Specialist Group of the ILS Forum 2024 - Session I. He expects that the constructive sharing and opinions during the Plenary Session will provide many insights and relevant suggestions for Ho Chi Minh City in the implementation and development of PPP projects in the future.

At the beginning of the Plenary Session, the Representative of the Leader of the Specialist Group of ILS Forum 2024 - Session I - Mr. Ngo Thanh Tung – Partner of VIAC, VIAC’s listed arbitrator, gave a keynote speech to provide an overview of the implementation of PPP projects in Ho Chi Minh City. Mr. Tung noted that, with the benefits that PPP brings, Vietnam is one of the countries that has been pursuing PPP as a strategic option to mobilize private investment and improve the provision of public services. However, implementing PPP in Vietnam faces many difficulties and obstacles, resulting in a low number of successful projects and hesitancy from the private sector, especially from investors with real potential who want to participate seriously. Evaluating the challenges in implementing PPP projects today, Mr. Tung stated that one of the main challenges in developing countries is the lack of clear and consistent legal frameworks and regulations defining the roles, responsibilities, and rights of public sector and private partners, as well as procedures, criteria, and mechanisms for selection, assessment, approval, procurement, contract management, monitoring, and evaluation of projects. Additionally, issues regarding institutional capacity and human resources in the public sector are also factors hindering the success of PPP projects. Therefore, to improve the situation, overcome these challenges, and seize the opportunities of PPP projects in sociality, the government, public sector, and private sectors need to apply specific measures, such as developing and applying appropriate methods and indicators, engaging and consulting with relevant parties, providing financial and non-financial incentives and support, integrating and adjusting PPP projects in social sectors with national and local development plans and strategies, ensuring transparency and accountability of PPP projects in the community.

Regarding the issue of "Choosing the type of PPP contract and investor protection requirements during the implementation of PPP projects”, Ms. Nguyen Thi Linh Giang - Chief of PPP Office, Minister of Planning and Investment, said that since the PPP Law came into effect in 2021, there are 36 projects have been implemented under the PPP model. Among these, the majority of projects have been carried out as BOT contracts (28 out of 36 projects), while the remaining projects have been implemented as BLT, BOO, and one project under the O&M contract. This indicates the investors' preference for contract types. Ms. Giang also emphasized the need for standardized contracts aimed at achieving a balanced relationship between the public and private sectors based on the principle of balanced interests. However, the question arises of how we can develop standardized contracts that are suitable for each sector and meet the specific needs of each industry. Only then can standardized contracts fully fulfill their role as a tool to clarify rights, interests, obligations, and provide a basis for preventing risks and developing effective solutions for each case.

Following Ms. Giang's presentation, Ms. Luong Thi Thanh Ngan - Private Sector Development Officer, Viet Nam Resident Mission of Asian Development Bank (ADB), delivered a specialized report on the topic "Standardized contracts in PPP project implementation and criteria for selecting suitable PPP contract types for projects in Ho Chi Minh City." Ms. Ngan shared the failures of PPP projects occurring at various stages due to multiple objective and subjective reasons. Therefore, before calling for tenders or making investment decisions, both the government and investors need to have accurate assessments and understandings of the project's nature and feasibility. During the analysis of each stage of PPP project implementation, Ms. Ngan also provided some comparisons and assessments regarding feasibility and the type of contract to be applied to the PPP projects called for by Ho Chi Minh City. Accordingly, Ms. Ngan argued that not all projects in the current list of projects called for investment can be implemented through PPP. Some of them, if implemented through PPP, would result in losses for both the government and investors, while others have high potential and would yield very high efficiency if PPP is applied. In addition to providing assessments of domestic projects, Ms. Ngan also analyzed some successful PPP cases worldwide, providing a diverse perspective on effective PPP project implementation for participating businesses.

The specialized report continued with a presentation by Mr. Nirmalan Amirthanesan – Senior Associate at Mori Hamada & Matsumoto Law Firm. With years of experience consulting investors in PPP projects, he emphasized the importance of risk allocation in PPP contract relationships. Recognizing this significance, not only the PPP law but also various specialized laws and regulations have provided provisions on risk allocation mechanisms between investors and the government. Practical experience shows that issues related to risk-sharing mechanisms and other regulations are standardized by project stakeholders through inclusion in contracts. In some countries all over the world, these regulations are even incorporated into model contracts with detailed provisions. He suggested that in Vietnam, parties should also adopt such practices. Accordingly, to balance interests, both the government and investors need commitments in the contract and share responsibilities in contract management. Additionally, to minimize risks for investors and enhance their role, the government and relevant agencies should pay more attention to improving the legal regulatory framework, particularly focusing on developing model contracts.

Closing the specialized report session, Assoc. Prof. Dr. Duong Dang Hue - Deputy Chairman of Legal Club for Enterprises, Ministry of Justice, Former Director of the Department of Civil & Economics Law, Ministry of Justice, VIAC's listed arbitrator engaged in a discussion on the ineffective status of PPP projects and the issues causing the imbalances in investor interests. Accordingly, Assoc. Prof. Dr. Duong Dang Hue remarked that the current PPP Law contains many unclear, overlapping, conflicting provisions, which resulted in disproportionate application in practice. For investors, these shortcomings have led to significant losses, compromising their balance of rights and interests with governmental agencies during project execution. Some typical deficiencies include the absence of provisions on state responsibilities for contractual breaches, an unfair profit risk-sharing mechanism leading to time-consuming processes for investors, and a lack of favorable conditions for investors in PPP project management and operations. Based on practical assessments and analyses, Mr. Hue also put forward recommendations to refine legal regulations for enhancing the private sector's role to better protect investors. Specifically, the expert suggested that the National Assembly should conduct oversight activities on PPP Law implementation and, in the absence of timely amendments, promptly revise and supplement the Law and accompanying Decrees and Circulars. Furthermore, relevant authorities should continuously consolidate challenges and shortcomings to support investors and promptly resolve their issues. Only then can new PPP projects attract fresh investment sources, undergo significant improvements, and be implemented more effectively.