Vietnam PM: ADB has Supported Vietnam’s Development for 3 Decades

ANTARA

Vietnamese Prime Minister Pham Minh Chinh said the Asian Development Bank (ADB) has contributed to supporting Vietnam in development during its cooperation in the past 30 years.

“It was the ADB that inspired other partners to cooperate and support Vietnam in development,” Vietnamese PM Chinh said at the 30th anniversary event of the partnership, as reported by VNA on Thursday.

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PM Chinh appreciated the bank’s support especially in infrastructure development, poverty alleviation, education and health services, especially in remote, border and island areas. He predicted that their cooperation will further develop in the next three decades.

“As a developing country with an emerging economy, moderate economic scale, and limited resilience to shocks, Vietnam needs financial assistance and policy consultation from the World Bank, as well as its help in institutional development and improvement, especially institutions for a socialist market-oriented economy,” Chinh said.

Chinh also suggested that both sides choose specific, focused and important cooperation programs and projects to help Vietnam grow rapidly, sustainably and inclusively, without being left behind.

He also emphasized that collaboration priority should be given to climate change response, green transition, digital transformation, green economy, circular economy and sharing economy, as well as emerging sectors such as semiconductors, artificial intelligence (AI), big data, and new energy.

Commending ADB’s efforts in mobilizing resources of up to US$3 billion for about 23 projects in Vietnam in the 2023-2026 period, the PM asked ADB to coordinate with Vietnamese ministries and agencies to implement specific projects by 2024.

ADB has funded about 600 programs and projects in Vietnam with a total funding of nearly US$18 billion (US$280.5 billion) covering agriculture, rural areas, education, health services, energy and urban infrastructure. Then, 6.45 billion US dollars (Rp100.5 billion) for trade transactions through commercial banks in Vietnam.

Then, during the fight against the COVID-19 pandemic, ADB provided hundreds of millions of US dollars in non-refundable assistance to help Vietnam purchase personal protective equipment, update medical equipment, produce pharmaceutical products, and support small and medium-sized enterprises and women-run businesses.

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