Prime Minister Pham Minh Chinh requested AIIB to provide advice, financing, and preferential interest rate loans to Vietnam for large-scale, high-efficiency infrastructure projects.
On the afternoon of July 16th, at the Government Headquarters, Prime Minister Pham Minh Chinh received Mr. Kim Lap-Kwan, President of the Asian Infrastructure Investment Bank (AIIB), who is on a visit and working trip to Vietnam.
The Prime Minister stated that Vietnam highly values and attaches importance to developing cooperative relations with the AIIB and is promoting three strategic breakthroughs, including breakthroughs in the development of strategic infrastructure such as transportation, healthcare, education, culture, sports, climate change response, digital infrastructure, and green and circular development infrastructure.
According to the Prime Minister, regarding transportation infrastructure, Vietnam has a great need for all five modes of transport (road, rail, air, sea, and inland waterway), but investment must be focused and targeted, thereby creating new development space and value, contributing to reducing logistics costs, promoting production and business, creating jobs and livelihoods for people, and ensuring sustainable development.
Looking ahead, based on the principle of "harmonious benefits, shared risks," and a win-win situation for both sides, the Prime Minister requested AIIB to advise, finance, and provide preferential interest rate loans to Vietnam for large-scale, high-efficiency infrastructure projects that have a transformative impact, such as the construction of the North-South high-speed railway; three northern railway lines connecting with China and through China connecting to Europe and Central Asia; and urban railway lines in Hanoi and Ho Chi Minh City.
Mr. Kim Lập Quần, Chairman of the Asian Infrastructure Investment Bank, congratulated Vietnam on its development achievements and impressive economic growth rate in recent times, while the global economy is facing many difficulties.
Chairman Jin Liqun also expressed his appreciation for the Prime Minister's speech at the recent WEF Dalian World Economic Forum, noting that the points raised were very accurate and insightful.
Chairman Jin Liqun stated that the bank will allocate approximately $5 billion with preferential interest rates to cooperate with Vietnam and expressed strong agreement with the cooperation directions emphasized by the Prime Minister, focusing on large-scale projects, streamlined procedures, and high efficiency.
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank established in 2016 with 57 founding member countries (including Vietnam).
To date, the AIIB has 109 member countries, representing 81% of the global population and 65% of global GDP, with 274 approved projects totaling over US$53.5 billion for member countries.
AIIB has experience investing in urban transport infrastructure projects in several Asian countries such as India, China, the Philippines, and Türkiye.
In Vietnam, over the past period, banks have mainly focused on the private sector, with 3 projects (total value of USD 223 million) in the fields of supporting COVID-19 response, solar energy development, hydropower, and climate change adaptation infrastructure.
Currently, AIIB has expressed interest in financing several projects in Vietnam in the fields of renewable energy, transport infrastructure, water supply and sanitation, etc.
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