... Project Financing in the Context of Vietnam5.1 GovernmentIn the past, government was the sole sponsor of most large projects. Today, the governmentopens the door to all sectors in the economy. It ... as they follow the compensatory payments, and broadly determine theirinvestment programs. The legal framework has also become more supportive for the operation of SOEs. As a result, these measures ... force the government to compress spending, in order to keep the budget deficit under control. With the memory of the hyperinflation of mid-1980s still fresh, the government is unlikely to monetise...