Ministry of Finance and ADB discuss development cooperation priorities

Nguyen Quoc Phuong and Nianshang Zhang. Photo: Ho Dung

The meeting took place in Manila on June 1 between Nguyen Quoc Phuong, director general of the Department of Debt Management and External Finance at the Ministry of Finance (MoF), and Nianshang Zhang, director general of the Asian Development Bank's (ADB) Southeast Asia Department. Discussions focused on reaffirming the long-standing partnership between the two sides.

Cooperation priorities for the 2026-2030 period will focus on strategic infrastructure, energy, transport, water and urban development, climate-resilient agriculture, private sector development and public sector governance.

They also discussed delays in project preparation and implementation, particularly differences in procedures and processes between Vietnam and ADB, project readiness, financial management, auditing, procurement, environmental and social safeguards, as well as ADB’s new financing modalities.

Phuong said that the leadership of MoF highly values the long-standing, trusted and effective cooperation between Vietnam and ADB over the past three decades. "ADB has consistently been one of Vietnam’s leading multilateral development partners, providing financial resources as well as policy advice, technical assistance, capacity building and international experience sharing," he said.

As Vietnam enters a new development stage with the goal of achieving double-digit economic growth, the country faces substantial demand for resources to support strategic infrastructure, green transition, energy transition, private sector development and enhanced economic competitiveness.

In this context, the MoF hopes to further strengthen cooperation with ADB in a more substantive, effective and flexible manner, while streamlining procedures and aligning support with Vietnam’s development priorities.

The MoF representative also expressed its hope that ADB would continue accompanying Vietnam in mobilising and effectively utilising financial resources for development.

Phuong noted that, in order to promote more effective cooperation, the leadership of MoF proposed that both sides maintain regular, timely and substantive exchanges at both policy and technical levels. The ministry will continue serving as the focal point in coordinating with ministries, sectors and local authorities in consolidating financing needs, reviewing project pipelines, preparing domestic procedures and addressing emerging issues.

The leadership of MoF also proposed that ADB enhance early information sharing regarding financing orientations, internal processing procedures, approval conditions, tentative timelines and technical requirements for each loan package, enabling the Vietnamese side to prepare.

Both sides should also strengthen coordination in clearly defining responsibilities, timelines and focal points for each specific task, while holding regular meetings to review implementation progress and promptly resolve issues arising from either side.

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