Prime Minister proposes ADB support for large-scale infrastructure projects in Vietnam in the coming period

Prime Minister Pham Minh Chinh receives Mr. Scott Morris, Vice President of the Asian Development Bank (ADB). Photo: Duong Giang/VNA

Welcoming the ADB Vice President to visit Vietnam and attend the High-level Forum within the framework of the P4G Summit in Hanoi, Prime Minister Pham Minh Chinh highly appreciated the role and contributions of ADB to the socio-economic development of Vietnam over the past three decades; believed that the Vice President's visit and attendance at the P4G Summit this time will contribute to further deepening the cooperative relationship between Vietnam and ADB, especially in the areas that the Government is very interested in such as green transformation, energy transformation, sustainable and inclusive infrastructure development; welcomed ADB's active coordination with agencies to sign the Agreement on the Project on Building Climate-Resilient Infrastructure in the two provinces of Quang Tri and Phu Yen.

Highlighting the ADB's support for Vietnam, especially its long-term, stable capital sources; experience in implementing large-scale projects as well as technical support and capacity building, the Prime Minister said that the implementation of ODA loan projects in general and ADB loan projects in particular still faces some difficulties and obstacles from both Vietnam and ADB; he requested ADB to closely coordinate with relevant Vietnamese agencies to resolve these issues.

Reviewing the results of socio-economic development in recent times, especially in the context of the current "trade tensions", the Prime Minister said that the current difficulties are not like what Vietnam has experienced, and that Vietnam is being very active and proactive to overcome them.

In particular, Vietnam is proactively implementing synchronous solutions to maintain macroeconomic stability, ensure major balances and maintain investor confidence; diversify markets and supply chains; effectively utilize signed FTAs; improve the investment environment, enhance internal capacity and competitiveness of the economy; maintain flexible fiscal and monetary policies and closely coordinate to stabilize exchange rates, control inflation; reform administrative procedures, create favorable conditions for businesses to invest and do business, etc.

Prime Minister Pham Minh Chinh receives Mr. Scott Morris, Vice President of the Asian Development Bank (ADB). Photo: Duong Giang/VNA

The Prime Minister said that Vietnam is implementing three strategic breakthroughs, including breakthroughs in transport infrastructure, especially large-scale projects that are of a situation-changing nature, such as the North-South expressway, the North-South high-speed railway, urban railways in Ho Chi Minh City, Hanoi, the railway connecting Vietnam with Laos; energy infrastructure projects such as nuclear power plants, renewable energy projects, as well as projects to develop coastal power grids and connect with ASEAN countries; science, technology, innovation, digital infrastructure projects; education and healthcare infrastructure, etc. The Prime Minister asked ADB to continue to allocate funding in line with Vietnam's orientation, especially large-scale projects as mentioned above.

Thanking Prime Minister Pham Minh Chinh for taking the time to meet him, ADB Vice President Scott Morris congratulated and believed that Vietnam would successfully organize the P4G Summit; highly appreciated Vietnam in its recent reforms and macro-policy management, achieving outstanding achievements in socio-economic development, in the context of many difficulties and challenges in the world, especially in institutional reform, infrastructure development, and improving the investment and business environment.

Mr. Scott Morris also appreciated the strategies and steps that Vietnam has set out to achieve the goal of becoming an upper-middle-income country by 2030 and a high-income country by 2045; he said that in that process, many opportunities will be opened for ADB to further expand its lending activities and support Vietnam to achieve its strategic goals.

Agreeing with the opinions of Prime Minister Pham Minh Chinh, ADB Vice President Scott Morris said that ADB wishes to accompany Vietnam, support the Government in minimizing potential difficulties in economic development and business operations in the face of global challenges; and is ready to support Vietnam in seeking financial resources, especially finance for infrastructure projects as suggested by the Prime Minister.

Earlier, on the same afternoon, Prime Minister Pham Minh Chinh witnessed the signing ceremony of loan and aid agreements, with a total value equivalent to 400 million USD from the World Bank (WB) and the Asian Development Bank (ADB). Of which, the loan capital for the Binh Duong Province Water Environment Improvement Project, with a capital equivalent to 230.76 million USD borrowed from the WB; the Southern Region Waterway and Logistics Corridor Development Project, with a capital equivalent to 107.67 million USD borrowed from the WB; the Ethnic Minority Infrastructure Development Project to Respond to Climate Change in Phu Yen and Quang Tri provinces (each province borrows capital equivalent to 39.711 million USD) from the ADB./.

Source: https://hanoimoi.vn/thu-tuong-de-nghi-adb-ho-tro-cac-du-an-ha-tang-quy-mo-lon-cua-viet-nam-giai-doan-toi-699205.html