Việt Nam, ADB to advance strategic projects with strong economic impact

Việt Nam, ADB to advance strategic projects with strong economic impact

Expressing appreciation for the Asian Development Bank’s (ADB) nonsovereign lending to Việt Nam’s private sector, Deputy Finance Minister Trần Quốc Phương said the Ministry of Finance will continue coordinating closely with ADB to facilitate such financing within Việt Namm’s legal framework, thereby enhancing the effectiveness of direct lending to private enterprises without government guarantees.

An overview of the working session between Deputy Finance Minister Trần Quốc Phương and Kim Dongil, Director of ADB representing the Republic of Korea, Papua New Guinea, Sri Lanka, Taipei (China), Uzbekistan, Vanuatu and Việt Nam. — Photo Ministry of Finance

Speaking at a meeting on June 15 with Kim Dongil, Director of ADB representing the Republic of Korea, Papua New Guinea, Sri Lanka, Taipei (China), Uzbekistan, Vanuatu and Việt Nam, Phương noted that promoting nonsovereign lending is also in line with Việt Namm’s efforts to mobilise resources for implementing the Politburo’s resolution on private sector development.

At the meeting, Phương reaffirmed the close and steadily expanding partnership between Việt Namm and ADB, describing it as an important foundation for deeper cooperation in the years ahead.

He also noted that the upcoming visit to Việt Nam by the ADB President will provide an important opportunity for both sides to deepen mutual understanding and lay the groundwork for more effective cooperation in the future.

For his part, Kim highly praised Việt Namm’s economic achievements in recent years. He said ADB has stepped up financial support for the country while proposing measures to improve internal procedures and accelerate the implementation of ADB-funded projects in Việt Nam.

According to Kim, during a recent meeting between General Secretary of the Communist Party of Việt Nam Central Committee and State President Tô Lâm and the ADB President, both sides reaffirmed Vietnam’s development goals and new vision for the future. They also underscored their shared commitment to elevating bilateral cooperation to a new level.

The two sides discussed orientations for strengthening cooperation in a number of areas and projects, including budget support programmes, large-scale infrastructure projects and initiatives to expand the ASEAN power grid.

ADB has identified a pipeline of 27 projects for Việt Nam through 2029, with total planned financing of approximately US$4.6 billion. The projects focus on sectors that are among Việt Namm’s priorities, including infrastructure, energy, urban development, agriculture and public sector management.

Việt Nam and ADB also agreed to avoid spreading resources too thinly and instead prioritise large-scale projects with broad spillover effects and a strong impact on economic growth.

According to Phương, Việt Nam’s demand for development capital will remain substantial in the coming years. The country is prepared to prioritise resources for key growth drivers, particularly sectors and projects with strong capital absorption capacity.

Kim said ADB will continue expanding its lending operations through 2030 and stands ready to cooperate with and support Việt Nam in achieving its development objectives.

ADB is confident that, based on the orientations agreed upon, Việt Nam and the bank will grow even closer and further strengthen their partnership in the years ahead, he noted. 

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