Over the past 30 years (1993 - 2023), the relationship between Vietnam and ADB has been continuously strengthened and developed; especially the timely and practical support of ADB for Vietnam in the fight against the COVID-19 pandemic, promoting socio-economic recovery and development, opening up opportunities for trade and investment cooperation between Vietnam and countries around the world.
Prime Minister Pham Minh Chinh attends the ceremony to celebrate the 30th anniversary of the Vietnam-Asian Development Bank (ADB) partnership. (Photo: VNA)
Of which, the total ADB funding for Vietnam to date has reached nearly 18 billion USD for about 600 programs and projects in many important areas such as agriculture, rural areas, education, health, transport, energy, and urban infrastructure. At the same time, ADB has also funded 6.45 billion USD for trade transactions through commercial banks in Vietnam.
Through grants and policy advisory activities, ADB has supported the Government, ministries, sectors and localities to improve their management, operation, research and policy-making capacity.
Most recently, in response to the COVID-19 pandemic, ADB has supported Vietnam with a number of non-refundable aid packages worth hundreds of millions of USD to finance medical protective equipment; upgrade medical equipment; pharmaceutical production and for small and medium-sized enterprises and women-owned businesses.
In return, Vietnam makes the most of ADB's support; Vietnam's active and responsible role is increasingly strengthened and enhanced within ADB as well as in relations with member countries through ADB's regional cooperation frameworks and initiatives.
Overview of the event (Photo: VNA)
Speaking at the event, analyzing the role of finance in development, especially in the context of Vietnam going through a long period of resistance war, gaining national independence and being embargoed, with much pain and loss, Prime Minister Pham Minh Chinh sincerely thanked and highly appreciated ADB's support for Vietnam over the past time in infrastructure development, poverty reduction, education and health development, etc., especially in remote, border and island areas; at the same time creating motivation and inspiration for other partners to cooperate and support Vietnam's development.
Presenting lessons learned in cooperation; analyzing the world situation; providing information on some of Vietnam's outstanding development achievements after more than 35 years of renovation, as well as in 2023 and on Vietnam's development foundations, the Prime Minister said that Vietnam develops the country on three main pillars: building socialist democracy; building a socialist rule-of-law state; and developing a socialist-oriented market economy.
Vietnam is focusing on implementing three strategic breakthroughs: perfecting institutions, developing high-quality human resources and building infrastructure; striving to build an independent, self-reliant economy associated with proactive, active international integration, comprehensively, practically and effectively. Throughout that process, Vietnam takes people as the center, the subject, the goal, the driving force and the resource for development; not sacrificing progress and fairness, social security and the environment to pursue economic growth alone.
Stating that Vietnam is a developing country, the economy is in transition, the economic scale is still modest, openness is large, resilience to shocks is limited... Therefore, along with capital support, Prime Minister Pham Minh Chinh asked ADB to provide policy advice to Vietnam; support Vietnam in building and perfecting institutions, especially perfecting socialist-oriented market economic institutions; at the same time continue to create motivation and inspiration for other partners to support and cooperate with Vietnam in development.
Prime Minister Pham Minh Chinh speaks at the event (Photo: VNA)
Believing that the new phase requires a new way of thinking and working, the Prime Minister suggested that the two sides choose to cooperate on specific, focused and key programs and projects to help Vietnam turn around the situation and transform its state for rapid, sustainable and inclusive development, leaving no one behind.
In particular, focusing on combating climate change, green transformation, digital transformation, green economic development, circular economy, sharing economy, emerging industries such as semiconductor chips, artificial intelligence, big data, new energy...
Thereby, helping Vietnam achieve its goal of becoming a developing country with modern industry and high middle income by 2030; and becoming a developed country with high income by 2045.
The Prime Minister emphasized that over the past 30 years, Vietnam and ADB have cooperated effectively, and hoped that in the next 30 years, the cooperation between Vietnam and ADB will be more effective, in the spirit of "harmonious benefits and shared risks". "With sincerity and heart-to-heart affection, all obstacles will be overcome, and the cooperative relationship between Vietnam and ADB in the coming time will be continuously strengthened and further developed", the Prime Minister believed.
Earlier, in the afternoon of the same day, Prime Minister Pham Minh Chinh received Mr. Masatsugu Askawa, President of the Asian Development Bank (ADB), who was visiting Vietnam and attending the 30th Anniversary of the Vietnam-ADB partnership.
Welcoming the ADB President to Vietnam, the Prime Minister affirmed that the Vietnamese Government always considers ADB as one of the important, close and trustworthy development partners; stating that after more than 35 years of renovation, Vietnam has never had such a foundation, potential, position and international prestige as it does today. Vietnam's achievements have been attributed to the effective cooperation and support of ADB.
Believing that after 30 years of cooperation between Vietnam and ADB, the relationship has become more mature in all aspects, the Prime Minister suggested that in the new period, cooperation between Vietnam and ADB needs to be innovated, focusing on development investment, with more focus and key points; institutions and procedures need to be improved; with newer thinking and ways of doing things to bring about higher efficiency.
Thanking the Prime Minister for taking the time to receive him and giving him positive comments about ADB, ADB President Masatsugu Askawa congratulated Vietnam on its important achievements in all fields; emphasizing that the world today has many challenges, however, in that context, Vietnam is still determined in its development goals; saying that ADB always cares about and supports Vietnam in its socio-economic development; and wishes to work with Vietnam to build effective cooperation projects.
According to Mr. Masatsugu Askawa, ADB can support Vietnam with financial resources to implement green transformation projects, energy transformation, infrastructure development, support private sector participation in public-private partnership projects; improve private sector skills; support the development of emerging industries such as semiconductor chips, artificial intelligence; and hope that the Vietnamese Government will support and promote the implementation of cooperation projects faster.
Appreciating the opinion of the ADB President, Prime Minister Pham Minh Chinh suggested that the President and ADB 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.
The Prime Minister said that Vietnam is the third country to ratify the JETP Declaration with countries within and outside the Group of Seven (G7). Vietnam has issued the VIII Power Plan and is developing a plan to implement the VIII Power Plan, through which there will be specific project programs.
Vietnam is implementing climate change mitigation in many areas, in many specific projects and programs. In particular, Vietnam is building 1 million hectares of high-quality, low-emission rice fields; implementing projects to develop electric cars.
Appreciating ADB's efforts in mobilizing resources of up to 3 billion USD for about 23 projects in Vietnam in the 2023-2026 period, the Prime Minister asked ADB to coordinate with Vietnamese ministries and sectors to immediately implement specific projects in 2024.
Informing that the Government has assigned a Deputy Prime Minister to be in charge and has requested relevant ministries and branches to review and perfect institutions and policies on public investment and ODA capital, Prime Minister Pham Minh Chinh requested ADB to coordinate with Vietnam to perfect institutions and procedures to effectively disburse and implement ADB loan resources.
Regarding the remaining issues regarding tax exemption procedures, the Prime Minister said that he has requested the Ministry of Finance to promptly make amendments to the procedures in the direction of simplification, in accordance with Vietnam's commitments in international treaties; in the spirit of harmonious interests, shared risks, mutual benefit, and win-win.
The Prime Minister proposed establishing a Working Group between Vietnam and ADB to promote capital cooperation and policy support for Vietnam.
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