Ministry of Construction and ADB sign cooperation agreement

Ministry of Construction and ADB sign cooperation agreement

Vietnam’s Ministry of Construction and the Asian Development Bank on August 3 signed an MoU on cooperation in sustainable urban development, housing, infrastructure, and transport.

The cooperation aims towards green development goals, enhancing resilience to climate change, and realising Vietnam's commitment to achieving net-zero emissions by 2050.

Speaking at the event, Nianshan Zhang, director general for Southeast Asia Department, Asian Development Bank (ADB) said that the areas of cooperation are the key ones for Vietnam's development and modernisation process.

The two sides discussed cooperation areas. Photo: The MoC

According to Nianshan Zhang, the signing of the MoU not only establishes a solid cooperation framework between the Ministry of Construction (MoC) and the ADB in the areas of sustainable urban development, housing, and transport, but also creates a foundation for both sides to effectively implement specific programmes and projects in the future.

He explained that the ADB expects to continue strengthening close coordination with the MoC to contribute to sustainable development goals and fulfill Vietnam's commitment to achieving net-zero emissions by 2050. The ADB is always interested in and ready to mobilise resources and support investment in Vietnam's priority areas.

Speaking at the signing ceremony, Deputy Minister of Construction Nguyen Tuong Van thanked the ADB for always accompanying Vietnam in its socioeconomic development process, and highly appreciated the effective cooperation between the ADB and the ministry.

"The signing of the MoU is an important milestone, creating a foundation for both sides to continue strengthening and expanding cooperative relations in the new development phase," he said.

He added that the ministry hoped to strengthen cooperation with the ADB in areas under the ministry's management, focusing on sustainable urban development and adaptation to climate change, housing development, urban planning, infrastructure, transport, and large-scale infrastructure projects.

The MoC also expects the ADB to continue to support and share international experience; improve policies; prepare and design projects; mobilise climate finance, enhance capacity; and develop technical and financial solutions suitable to Vietnam's development requirements.

Deputy Minister Nguyen Tuong Van said that with the determination and close coordination of the two sides, the MoU would soon be concretised into practical cooperation programmes, projects and activities, in accordance with Vietnam's development priorities as well as the direction of ADB's national partnership strategy, thereby positively contributing to the process of international integration and sustainable development of Vietnam.

VIR