Hanoi (VNA) – Expressing appreciation for the Asian Development Bank’s (ADB) nonsovereign lending to Vietnam’s private sector, Deputy Finance Minister Tran Quoc Phuong said the Ministry of Finance will continue coordinating closely with ADB to facilitate such financing within Vietnam’s legal framework, thereby enhancing the effectiveness of direct lending to private enterprises without government guarantees.
Speaking at a meeting on June 15 with Kim Dongil, Director of ADB representing the Republic of Korea, Papua New Guinea, Sri Lanka, Taipei (China), Uzbekistan, Vanuatu and Vietnam, Phuong noted that promoting nonsovereign lending is also in line with Vietnam’s efforts to mobilise resources for implementing the Politburo’s resolution on private sector development.
At the meeting, Phuong reaffirmed the close and steadily expanding partnership between Vietnam and ADB, describing it as an important foundation for deeper cooperation in the years ahead.
He also noted that the upcoming visit to Vietnam by the ADB President will provide an important opportunity for both sides to deepen mutual understanding and lay the groundwork for more effective cooperation in the future.
For his part, Kim highly praised Vietnam’s economic achievements in recent years. He said ADB has stepped up financial support for the country while proposing measures to improve internal procedures and accelerate the implementation of ADB-funded projects in Vietnam.
According to Kim, during a recent meeting between General Secretary of the Communist Party of Vietnam Central Committee and State President To Lam and the ADB President, both sides reaffirmed Vietnam’s development goals and new vision for the future. They also underscored their shared commitment to elevating bilateral cooperation to a new level.
The two sides discussed orientations for strengthening cooperation in a number of areas and projects, including budget support programmes, large-scale infrastructure projects and initiatives to expand the ASEAN power grid.
ADB has identified a pipeline of 27 projects for Vietnam through 2029, with total planned financing of approximately 4.6 billion USD. The projects focus on sectors that are among Vietnam’s priorities, including infrastructure, energy, urban development, agriculture and public sector management.
Vietnam and ADB also agreed to avoid spreading resources too thinly and instead prioritise large-scale projects with broad spillover effects and a strong impact on economic growth.
According to Phuong, Vietnam’s demand for development capital will remain substantial in the coming years. The country is prepared to prioritise resources for key growth drivers, particularly sectors and projects with strong capital absorption capacity.
Kim said ADB will continue expanding its lending operations through 2030 and stands ready to cooperate with and support Vietnam in achieving its development objectives.
ADB is confident that, based on the orientations agreed upon, Vietnam and the bank will grow even closer and further strengthen their partnership in the years ahead, he noted./.
