Ministry of Finance and ADB push for efficiency in foreign-funded projects

The Department of Debt Management and External Finance under the Ministry of Finance, in coordination with Asian Development Bank (ADB), organised a conference in the central province of Khanh Hoa on May 15 to launch ADB’s 2026 Country Operations Programme in Vietnam’s central region.

The conference was co-chaired by director general of the Department of Debt Management and External Finance Nguyen Quoc Phuong and ADB’s country director for Vietnam Shantanu Chakraborty.

Attendees included Vice Chairman of Khanh Hoa People’s Committee Trinh Minh Hoang; representatives from relevant ministries and central agencies; as well as executing and project management agencies overseeing ADB-funded projects in the central region, including Thanh Hoa, Nghe An, Ha Tinh, Quang Tri, Hue, Danang, Quang Ngai, Gia Lai, Khanh Hoa, Dak Lak, and Lam Dong.

The central region’s COM meeting is a key activity within the annual cooperation framework between the Ministry of Finance and ADB

In his opening remarks, director general Nguyen Quoc Phuong noted that the Ministry of Finance (MoF) values the close cooperation between the Ministry and ADB in mobilising resources for Vietnam’s development investment priorities, as well as in organising regional Country Operations Mission (COM) review meetings.

According to Phuong, this approach demonstrates a shared commitment to strengthening cooperation and improving the effectiveness of ADB-financed projects in Vietnam.

“Drawing from practical experience, the tripartite coordination mechanism among development partners, local authorities, and state management agencies, including the Ministry of Finance, must be conducted in a transparent and effective manner to promptly address bottlenecks and accelerate progress,” he said.

Phuong particularly underscored ADB’s responsibility in coordinating procedures on the donor side, stressing the need for specific and timely feedback so that Vietnamese authorities can finalise domestic procedures in accordance with regulations.

“Delays in review and feedback, or the lack of clarity regarding technical and procedural requirements, can significantly affect the preparation and implementation progress of local projects,” he said.

At the conference, Trinh Minh Hoang, Vice Chairman of Khanh Hoa People’s Committee, highlighted the important role and significance of projects financed through official development assistance (ODA) and concessional foreign loans in general, and ADB-funded projects in particular, for the socioeconomic development of both localities and the central region as a whole.

He also shared Khanh Hoa’s practical experience in accelerating implementation progress and improving the quality of foreign-funded projects, especially in the fields of agriculture and climate change adaptation.

“Enhancing project readiness from the preparation stage, strengthening close coordination among relevant agencies, together with regular and close guidance from competent authorities, are critical factors determining effective implementation,” Hoang said.

Director general Phuong reaffirmed that the MoF consistently assigns officials to maintain regular communication, provide guidance and clarifications, and coordinate issues within the Ministry’s mandate to support in expediting investment procedures, project signing and implementation, and the disbursement of foreign loans.

Against the backdrop of growing investment demand for green infrastructure, climate-resilient infrastructure, and sustainable development, Phuong called on ADB to continue supporting Vietnam, particularly local governments, in accessing and utilising innovative financing mechanisms and project preparation support facilities such as the ASEAN Infrastructure Fund (AIF) and the ASEAN Catalytic Green Finance Facility.

These instruments, he noted, can provide not only financing but also project preparation support, technical assistance, financial structuring, and the mobilisation of additional concessional and blended finance resources for local projects in line with the Scheme on Mobilisation and Utilisation of ODA and Concessional Foreign Loans for 2026-2030.

Discussions at the conference underscored the importance of close coordination among the Ministry of Finance, ADB, and local authorities. The outcomes of the conference shall be consolidated as important inputs for the Country Operations COM review meeting scheduled to take place at the end of May.

Follow-up actions are set to be more clearly defined and aligned with the responsibilities of the Ministry of Finance, ADB, and other relevant stakeholders, ensuring that the recommendations made after the conference are implemented effectively.

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