The commitment was announced by ADB President Masatsugu Asakawa on Wednesday during his first official visit to Vietnam.
Vietnamese PM Pham Minh Chinh and ADB President Masatsugu Asakawa during a meeting on March 13 in Hanoi. Photo by TTXVN.
“Today we celebrate the 30th anniversary of the partnership between Vietnam and ADB,” Asakawa said at a ceremony in Hanoi.
The ceremony was held in the presence of Prime Minister Pham Minh Chinh and jointly hosted by the State Bank of Vietnam and ADB. More than 200 officials and representatives from government, development partners and the private sector attended.
During his visit, Asakawa met with Prime Minister Pham Minh Chinh, National Assembly Deputy Chairman Nguyen Duc Hai, and other senior government officials including Governor of the State Bank of Vietnam and ADB Governor Nguyen Thi Hong, and Minister of Planning and Investment Nguyen Chi Dung. He will also meet with Minister of Finance Ho Duc Phoc.
According to the bank, they had provided USD18 billion to assist Vietnam in the last 30 years, which has helped improve regional connectivity, strengthen environmental management and green investment, promote the transition to climate-resilient development, enhance access to education, health, and social services, and support development of ethnic minority communities.
In his meetings, Asakawa reaffirmed ADB’s commitment to provide USD3 billion in assistance to Vietnam during 2024-2026 and emphasized the need to enhance project preparation efficiency to accelerate delivery. In addition, ADB has pledged to mobilize USD2.1 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 members that have committed to “net zero” emissions by 2050. ADB is stepping up its engagement with governments and development partners in Asia and the Pacific to expand climate finance with an ambition to mobilize USD100 billion between 2019 and 2030 from its own resources to support climate mitigation and adaptation.
In addition, 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.
ADB president will also visit Hanoi College of Electro Mechanics Main Campus under 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.
