ADB seeks to support Việt Nam in national key projects, green growth

Deputy Prime Minister Trần Lưu Quang (right) and Shantanu Chakraborty, ADB Country Director. — Photo from the Việt Nam Government Portal

HÀ NỘI — Deputy Prime Minister Trần Lưu Quang on Wednesday received Shantanu Chakraborty, the Country Director of the Asian Development Bank (ADB), in Hà Nội.

During the meeting, Shantanu Chakraborty congratulated the Vietnamese Government on managing to achieve high economic growth rates despite global challenges, noting that ADB forecasts Việt Nam’s growth at 6 per cent in 2024 and 6.2 per cent in 2025.

Stressing that Việt Nam is one of ADB’s important partners and the largest user of ADB’s trade finance resources, the official expressed a desire to closely coordinate with Việt Nam to harmonise procedures between the two parties, thereby promoting lending activities in Việt Nam, especially for national key projects, as well as green growth projects and emission reduction commitments.

As the climate bank of Asia and the Pacific, ADB has committed US$2.1 billion to Việt Nam to implement the Just Energy Transition Partnership (JETP) as well as a new financial tool Energy Transition Mechanism (ETM), which aims to facilitate the early decommissioning of coal-fired power plants and the use of cleaner energy sources.

As of the end of December 2023, ADB had committed 458 loans, grants and technical assistance projects for Việt Nam’s public sector, with a total value of $16.5 billion.

Deputy PM Quang expressed sincere gratitude and appreciation for ADB’s support and companionship with Việt Nam in various fields over the past 30 years, especially in poverty alleviation in remote, border and island areas, as well as in the development of healthcare, education and transport infrastructure, serving urgent recovery and development needs in the post-war years.

ADB’s support has also motivated and inspired other partners to assist Việt Nam, significantly contributing to the achievements Việt Nam has made on its path of innovation, international integration and sustainable development.

Deputy PM Quang urged both sides to closely coordinate to accelerate the implementation of the committed projects and highly appreciated ADB’s efforts in mobilising resources for 23 projects in Việt Nam during the 2023-26 period.

Việt Nam will continue to review and improve the legal framework for Official Development Assistance (ODA) and preferential foreign loans to address obstacles, shorten approval times, expedite project implementation, and effectively receive and use funding from ADB in particular.

The Government official also expressed support and appreciation for ADB’s efforts in reforming and restructuring its organisation and personnel to enhance the effectiveness of funding for countries. — VNS