PM hopes for more fruitful Vietnam-ADB partnership

It is the ADB that has inspired other partners to cooperate and support Vietnam in development, he stressed.

At the celebration. (Photo: VGP)

As a developing country with an evolving economy, a modest economic scale, and limited resilience to shocks, Vietnam needs both financial aid and policy consultation from the bank, as well as its assistance in institutional building and perfection, especially the institution for the socialist market-oriented economy, Chinh said.

He suggested the two sides choose specific, focused, key cooperation programmes and projects to help Vietnam grow rapidly, sustainably and inclusively, with no one left behind.

Collaboration priorities should be given to climate change response, green transition, digital transformation, green economy, circular economy and sharing economy, along with emerging sectors like semiconductors, artificial intelligence (AI), big data, and new energy, the leader suggested.

According to a report presented at the event, the ADB has financed about 600 programmes and projects in Vietnam with total funding of nearly 18 billion USD, covering agriculture, rural areas, education, health care, energy and urban infrastructure.

It has also provided 6.45 billion USD for trade transactions through commercial banks in Vietnam.

During the fight against the COVID-19 pandemic, the ADB granted non-refundable aid worth hundreds of millions of US dollars to help Vietnam purchase protective equipment, upgrade medical equipment, churn out pharmaceutical products, and support small and medium-sized and women-led businesses.

Earlier the same day, PM Chinh received ADB President Masatsugu Asakawa, who is in Vietnam for the celebration.

The PM affirmed that the Vietnamese government always considers the ADB an important, close and reliable development partner, and attributed Vietnam’s achievements to the bank’s effective cooperation and support.

For his part, Asakawa emphasised that the ADB always pays attention to and supports Vietnam in socio-economic development, and wishes to work together with the country to launch result-oriented cooperation projects.

The bank can provide financial aid for Vietnam to implement projects in green transition, energy transition and infrastructure, and help the country in emerging industries, he said, suggesting the Vietnamese government work to speed up the implementation of cooperation projects.

Lauding ADB's efforts in mobilising resources of up to 3 billion USD for about 23 projects in Vietnam in the 2023 – 2026 period, the PM called on the ADB to coordinate with Vietnamese ministries and agencies to quickly put in place specific projects in 2024.

He also proposed the establishment of a joint working group to push ahead with capital cooperation and policy support for Vietnam.