ADB pledges $3 bln in 2024-2026 assistance to Vietnam

The Asian Development Bank (ADB) is fully committed to supporting Vietnam's long-term development goals, ADB president Masatsugu Asakawa said on Wednesday during his first official visit to Vietnam.

"Today we celebrate the 30th anniversary of the partnership between Vietnam and ADB,” Asakawa said at a special ceremony in Hanoi. "Our partnership has improved the quality of life of millions of Vietnamese people - especially members of poor and vulnerable groups, and women and girls."

The ceremony, jointly hosted by the State Bank of Vietnam (SBV) and ADB, saw the presence of Prime Minister Pham Minh Chinh. More than 200 officials and representatives from the Vietnamese government, development partners and the private sector also attended the event.

During his visit, Asakawa met with PM Chinh, National Assembly Vice Chairman Nguyen Duc Hai, and other senior government officials including SBV Governor Nguyen Thi Hong and Minister of Planning and Investment Nguyen Chi Dung. He will also meet with Minister of Finance Ho Duc Phoc during his visit.

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

In his meetings, Asakawa reaffirmed ADB’s commitment to providing $3 billion in assistance for Vietnam during 2024-2026 and emphasized the need to enhance project preparation efficiency to accelerate delivery. The institution has also pledged to mobilize $2.1 billion under the Vietnamese 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 in Asia and the Pacific to expand climate finance with an ambition to mobilize $100 billion between 2019 and 2030 from its own resources to support climate mitigation and adaptation," ADB said in a Wednesday release.

In addition, the ADB president visited Selex Smart Electric Vehicles Joint Stock Company, the first company in Vietnam to receive equity investment from ADB Ventures, which supports and invests in impactful startups, demonstrating the bank’s support for innovative private sector business models that can play a powerful role in addressing Vietnam's climate-related development challenges.

He will also visit Ha Noi 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.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia-Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, the bank is owned by 68 members - 49 from the region.