Việt Nam, AIIB seek to expand cooperation in strategic infrastructure investment

Việt Nam, AIIB seek to expand cooperation in strategic infrastructure investment

Deputy Minister of Finance Trần Quốc Phương called on AIIB to provide more information about its financing conditions, procedures and experience in implementing projects in other countries so that the ministry could share this with relevant agencies and localities.

Ring Road 2.5 in Ha Nội nears completion. Việt Nam had substantial investment needs in strategic infrastructure, including transport, energy, urban development and regional connectivity. — VNA/VNS Photo Trần Việt

Việt Nam and the Asian Infrastructure Investment Bank (AIIB) are seeking to deepen cooperation in strategic infrastructure investment, with a focus on transport, energy, urban development and green growth, as the country looks to mobilise more resources for its development needs.

The issue was discussed at a meeting on November 4 between Deputy Minister of Finance Trần Quốc Phương and a delegation from AIIB led by Kim-See Lim, the bank’s investment director, and Xiaolan Wang, its Mekong regional director.

Phương said the ministry highly valued AIIB’s cooperation and support for Việt Nam, describing the bank as a potential development partner in ráiing resources for socio-economic development, especially in strategic infrastructure, green growth, energy transition and sustainable development.

Although cooperation between Việt Nam and AIIB had made positive progress, its results remained modest compared with the potential as AIIB was still a relatively new partner for many Vietnamese ministries, agencies and localities.

Phương welcomed plans to strengthen practical cooperation through specific initiatives and long-term programmes.

He called on AIIB to provide more information about its financing conditions, procedures and experience in implementing projects in other countries so that the ministry could share this with relevant agencies and localities.

Việt Nam had substantial investment needs in strategic infrastructure, including transport, energy, urban development and regional connectivity, as well as projects supporting green growth, energy transition, climate change adaptation and sustainable development, he said.

Phương also urged AIIB to work more closely with ministries, local authorities and project management agencies to assess investment needs, explore financing opportunities and identify suitable areas for cooperation.

In response, Kim-See Lim described Việt Nam as a partner with considerable cooperation potential and expressed the bank’s interest in expanding its operations in the country, both through ongoing programmes and projects and by developing a long-term pipeline of cooperation initiatives.

AIIB was ready to work with Vietnamese ministries and localities to assess investment needs, discuss project proposals and explore appropriate financing arrangements, she said.

For large-scale infrastructure projects, AIIB highlighted the importance of thorough preparation, including compliance with technical standards, procurement requirements, environmental and social safeguards, resettlement policies and infrastructure safety standards. 

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