ADB marks 30-year partnership with Vietnam

March 14, 2024 | 14:56
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The Asian Development Bank (ADB) is fully committed to supporting Vietnam's long-term development goals, ADB president Masatsugu Asakawa said on March 13 during his first official visit to Vietnam.
ADB marks 30-year partnership with Vietnam

“Today we celebrate the 30th anniversary of the partnership between Vietnam and ADB,” Asakawa said at a special ceremony in Ha Noi. “Our partnership has improved the quality of life of millions of Vietnamese people - especially members of poor and vulnerable groups, and women and girls.”

The ceremony was held in the presence of the prime minister and jointly hosted by the State Bank of Vietnam and ADB. More than 200 officials and representatives from government, development partners, and the private sector attended.

During his visit, Asakawa met with Prime Minister Pham Minh Chinh, National Assembly Deputy Chairman Nguyen Duc Hai, and other senior government officials, including governor of the State Bank of Vietnam and ADB Governor Nguyen Thi Hong, and Minister of Planning and Investment Nguyen Chi Dung. He will also meet with Minister of Finance Ho Duc Phoc.

In the last 30 years, ADB’s cumulative assistance to Vietnam has amounted to about $18 billion, improving regional connectivity; strengthening environmental management and green investment; promoting the transition to climate-resilient development; enhancing access to education, health, and social services; and supporting the development of ethnic minority communities.

In his meetings, Asakawa reaffirmed ADB’s commitment to providing $3 billion in assistance to Viet Nam from 2024-2026 and emphasised the need to enhance project preparation efficiency to accelerate delivery. In addition, ADB has pledged to mobilize $2.1 billion under the government’s Resource Mobilisation Plan to support the Vietnam Just Energy Transition Partnership.

ADB marks 30-year partnership with Vietnam
ADB president Masatsugu Asakawa delivers a speech at the ceremony

Vietnam is among six ASEAN members that have committed to net-zero emissions by 2050. ADB is stepping up its engagement with governments and development partners in Asia-Pacific to expand climate finance with an ambition to mobilise $100 billion between 2019 and 2030 from its own resources to support climate mitigation and adaptation.

In addition, Asakawa visited Selex Smart Electric Vehicles JSC, the first company in Vietnam to receive an equity investment from ADB Ventures, which supports and invests in impactful startups, demonstrating ADB’s support for innovative private sector business models that can play a powerful role in addressing Vietnam’s climate-related development challenges.

Asakawa will also visit Hanoi College of Electro Mechanics main campus under the Skills and Knowledge for Inclusive Economic Growth Project, which aims to upgrade the teaching and learning environments of national high-quality technical and vocational education and training institutes with up-to-date technology.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia-Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members, with 49 from the region.

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