ADB President Pledges Support for Vietnam’s Long-term Development

2:17:10 PM | 3/19/2024

During his first official visit to Vietnam, President of the Asian Development Bank (ADB) Masatsugu Asakawa affirmed that ADB is committed to supporting Vietnam’s long-term development.

At the celebratory ceremony of the 30th anniversary of Vietnam-ADB partnership hosted by the State Bank of Vietnam (SBV), attended by Prime Minister Pham Minh Chinh and more than 200 government officials, development partners and private delegates, Mr. Asakawa said the partnership of Vietnam and ADB has improved the quality of life of millions of Vietnamese people - especially members of poor and vulnerable groups, women and girls.

In the last 30 years, ADB’s cumulative assistance to Vietnam has amounted to about US$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 development of ethnic minority communities.

During this visit to Vietnam, he met with Prime Minister Pham Minh Chinh, Vice Chairman of the National Assembly Nguyen Duc Hai, Governor of the State Bank of Vietnam Nguyen Thi Hong, Minister of Planning and Investment Nguyen Chi Dung, Minister of Finance Ho Duc Phoc and other high-ranking officials.

During the meetings, Mr. Asakawa reaffirmed ADB’s commitment to provide US$3 billion in assistance for Vietnam during 2024-2026 and emphasized the need to enhance project preparation efficiency to accelerate delivery. In addition, ADB has pledged to mobilize US$2.1 billion under the government’s Resource Mobilization Plan to support the Vietnam Just Energy Transition Partnership.

Vietnam is among six Association of Southeast Asian Nations (ASEAN) members that have committed to net-zero emissions by 2050. ADB is stepping up its engagement with governments and development partners to expand climate finance with an ambition to mobilize US$100 billion from 2019 to 2030 from its own resources to support climate mitigation and adaptation.

On this occasion, Mr. Asakawa visited Selex Smart Electric Vehicles Joint Stock Company, 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.

He also visited Hanoi College of Electro Mechanics in the framework of 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.

By Lan Anh, Vietnam Business Forum