Multilateral lender AIIB, Vietnam to collaborate per Belt and Road Initiative

China-headquartered Asian Infrastructure Investment Bank (AIIB) and the Vietnamese government will boost collaboration per China’s Belt and Road Initiative (BRI) and Vietnam’s Two Corridors, One Belt framework.

Vietnamese Prime Minister Pham Minh Chinh and AIIB president Jin Liqun made the commitment at a Thursday meeting on the sidelines of the 44th and 45th ASEAN Summits and related meetings in Laos.

The two sides also agreed to establish working groups to deploy pre-feasibility studies for the projects.

At the meeting, PM Chinh noted the country’s priority to develop road and railway infrastructure. He urged the AIIB to help Vietnam mobilize resources for major projects, including the Lao Cai-Hanoi-Hai Phong and Lang Son-Hanoi standard-gauge railways.

Chinh also suggested the AIIB provide preferential loans, conduct technology transfer, and help with human resources training for those major projects.

Lao Cai-Hanoi-Hai Phong, Mong Cai-Ha Long-Hai Phong, and Lang Son-Hanoi railways are three projects under consideration linking Vietnam and China per the BRI.

Agreeing with Chinh’s suggestions, Jin Liqun highlighted major infrastructure projects can help improve Vietnam’s logistics sector and attract high-quality investments.

He affirmed the AIIB would collaborate to help Vietnam mobilize resources for infrastructure projects, facilitate high-speed railway development, and participate in climate change adaptation and energy transition projects in the Mekong subregion.

Vietnam seeks WB loans for major traffic infrastructure projects

On the same day, Prime Minister Pham Minh Chinh had a meeting with Manuela V. Ferro, vice president, East Asia and Pacific, at the World Bank Group. Chinh suggested the WB continue providing preferential loans to Vietnam to help deploy major projects of high-speed railway, urban railway (metro), seaports, and airports in the country.

Agreeing with Chinh's proposals, Manuela Ferro said the WB strives to collaborate with Vietnam to help the latter become a developed nation by 2045. The bank also targets to help the country further participate in the global supply chain and attract high-quality investments, the executive noted.

The two sides also agreed to update the administrative procedures of loans to ensure the pacey and efficient deployment of projects.

Vietnam seeks preferential loans from S Korea for high-speed railway project

Also on the sidelines of the 44th and 45th ASEAN Summits and related meetings in Laos, Prime Minister Pham Minh Chinh and South Korean President Yoon Suk-yeol had a meeting. Chinh affirmed Vietnam would continue facilitating long-term activities of South Korean businesses in the country.

He also proposed South Korea provide preferential loans to help Vietnam implement major infrastructure projects, including high-speed railway and expressway. He called on South Korea to help train young Vietnamese talents per a South Korean initiative of training talents for ASEAN countries.

In reply, Yoon Suk-yeol emphasized South Korea seeks to boost cooperation with Vietnam in all fields, including infrastructure, energy, urban areas, and LNG.