Prime Minister proposes ADB to finance transformational projects

Prime Minister Pham Minh Chinh proposed that ADB continue to provide capital to Vietnam with preferential interest rates in the fields of digital transformation, green transformation, cloud computing, and state-transformation projects.

Prime Minister Pham Minh Chinh receives Mr. Asakawa Masatsugu, President of the Asian Development Bank (ADB). (Photo: Duong Giang/VNA)

According to a special correspondent of the Vietnam News Agency, within the framework of attending the 8th Greater Mekong Subregion (GMS) Summit and working in China, on the morning of November 6, in Kunming city, Prime Minister Pham Minh Chinh received President of the Asian Development Bank (ADB) Masatsugu Asakawa.

At the meeting, on behalf of the Government and people of Vietnam, Prime Minister Pham Minh Chinh thanked ADB for providing important capital for socio-economic development projects and actively contributing to poverty reduction in Vietnam.

Believing that with the tradition of 30 years of good cooperation, the two sides need to increase the scale of cooperation, Prime Minister Pham Minh Chinh proposed that ADB continue to provide capital to Vietnam with preferential interest rates in emerging fields such as digital transformation, green transformation, cloud computing, and large-scale strategic infrastructure projects that are transformational and turn around the situation.

The ADB President expressed his deep condolences for the damage suffered by the Vietnamese people due to the consequences of Typhoon No. 3 (international name: Typhoon Yagi); highly appreciated Vietnam's timely response and recovery, promoting socio-economic development; and hoped that the Vietnamese Government would speed up the disbursement of ADB capital for development projects in Vietnam.

Appreciating Vietnam's important role in the GMS, the ADB President hoped that as a founding country, Vietnam would continue to actively participate in the ADB program, just as Vietnam is actively transitioning to energy; saying that ADB is ready to support Vietnam to achieve net zero emissions by 2050.

Thanking ADB for consulting on a number of issues and supporting Vietnam during the renovation period, emphasizing that time and intelligence are extremely important, Prime Minister Pham Minh Chinh said that Vietnam is continuing to perfect its institutions, cutting down on cumbersome processes and procedures, and is considering borrowing on a larger scale, not spreading out loans, focusing on large projects such as strategic infrastructure, climate change response infrastructure, renewable energy, emerging industries, etc.; hoping that ADB will pay attention to and finance offshore wind power projects, standard railway projects, urban railways, high-speed railways, anti-erosion projects, etc., especially financing with preferential interest rates for large projects that are of a situation-changing and status-changing nature.

In particular, the President and ADB will continue to accompany Vietnam, share experiences and support Vietnam in policy advice, especially macroeconomic, monetary and fiscal policies, ensuring major balances, controlling inflation, promoting growth, in accordance with the situation in Vietnam; support Vietnam in promoting sustainable growth, promoting the development of green economy, digital economy, circular economy, enhancing the competitiveness of the economy; support Vietnamese enterprises to participate more deeply in the global supply chain.

Agreeing with Prime Minister Pham Minh Chinh and appreciating the potential for private economic development in Vietnam, President Masatsugu Asakawa said that ADB is facilitating countries to borrow capital at lower interest rates, thereby contributing to reducing the impact of climate change in Vietnam.

The Prime Minister expressed his gratitude for the contributions of the President and ADB to Vietnam; said that Vietnam will develop a policy to encourage ADB loans; consider adjusting and perfecting the policy to suit the situation of serving development loans for the private sector as proposed by the President./.

Source