PM seeks ADB's support for Việt Nam's major infrastructure projects

PM seeks ADB's support for Việt Nam's major infrastructure projects

Prime Minister Phạm Minh Chính said Việt Nam is implementing comprehensive solutions to maintain macro-economic stability, ensure major balances, and maintain investor confidence

Prime Minister Phạm Minh Chính meets with Scott Morris, ADB Vice President (East and Southeast Asia, and the Pacific). — VNA/VNS Photo

Prime Minister Phạm Minh Chính has called on the Asian Development Bank (ADB) to support Việt Nam in carrying out large-scale infrastructure projects that could help reshape the country’s development trajectory.

PM Chính made the call at his meeting on Wednesday with Scott Morris, ADB Vice President (East and Southeast Asia, and the Pacific), who is in Việt Nam for a working trip and attendance at the 4th Partnership for Green Growth and the Global Goals 2030 (P4G) Summit.

The PM praised the ADB’s role and contributions to Việt Nam's socio-economic development over the past three decades, expressing his confidence that the ADB Vice President’s visit will contribute to deepening the cooperation between the two sides, particularly in the areas the Vietnamese Government is prioritising such as green transition, energy transition, and sustainable and inclusive infrastructure development.

Highlighting the ADB's support for Việt Nam, particularly its long-term and stable financing, experience in implementing major projects, and technical assistance, PM Chính acknowledged that ODA loan-funded projects, including those funded by the ADB, still face various challenges from both Việt Nam and the bank, and urged closer coordination to resolve these issues.

Reviewing Việt Nam's recent socio-economic achievements amid ongoing global trade tensions, he underscored that while current difficulties may not compare to the past ones, Việt Nam is actively working to overcome them.

Việt Nam is implementing comprehensive solutions to maintain macro-economic stability, ensure major balances, and maintain investor confidence, PM Chính said, stating they include diversifying markets and supply chains, capitalising on the signed free trade agreements, improving the investment climate, enhancing intrinsic strength and economic competitiveness, while maintaining flexible fiscal and monetary policies to stabilise exchange rates and control inflation, and accelerating administrative reform.

The PM unveiled Việt Nam's focus on three strategic breakthroughs, particularly in transport infrastructure with such major projects as the North-South Expressway, North-South high-speed railway, urban railways in HCM City and Hà Nội, and rail links with Laos. He also highlighted Việt Nam’s investment in science - technology, innovation, digital infrastructure, education, and healthcare facilities.

PM Chính requested the ADB to continue providing appropriate funding aligned with Việt Nam's orientations, especially for the large-scale projects he outlined.

Morris, for his part, praised the Việt Nam's recent reforms and macro-economic management, highlighting notable achievements in institutional reform, infrastructure development, and better business environment despite global challenges. He also commended Việt Nam's strategies towards becoming an upper-middle-income country by 2030 and a high-income nation by 2045, noting these goals create opportunities for the ADB to expand its lending and support activities.

He affirmed the ADB's commitment to assisting Việt Nam in mitigating potential economic difficulties and business challenges in the context of global uncertainties. He also asserted the ADB's readiness to help Việt Nam secure financing, especially for the infrastructure projects.

Earlier, PM Chính witnessed the signing of loan and grant agreements totaling US$400 million from the World Bank (WB) and ADB, helping Việt Nam improve the environment, develop logistics system, and build climate-resilient infrastructure. 

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