The Ministry of Finance has urged the Asian Development Bank (ADB) to continue its cooperation with Vietnamese authorities to boost the process of loan signings, as the lender’s 2024-2026 portfolio features 23 projects in Vietnam worth $4 billion.
Deputy Minister of Finance Le Tan Can made the statement at a Monday meeting with Winfried Wicklein, director general of the ADB’s Southeast Asian Department. However, loan mobilization is heavily dependent on the processing of investment procedures in Vietnam, Can added.
Can also lauded the ADB’s 2023-2026 strategy for cooperation with Vietnam, and called on the bank to continue its support for Vietnam with projects involving the green economy, digital economy, circular economy, and climate change adaptation.
Can said the Ministry of Finance is making a draft plan to establish the carbon credit market, subject to the Prime Minister’s approval. The ministry would value the ADB’s consultation in this process, the deputy minister said.
For his part, Wicklein affirmed the ADB is willing to help Vietnam per the deputy minister’s suggestions. The ADB is always looking to cooperate with Vietnam on loans for infrastructure development, environmental improvement, and climate change adaptation, he added.
The ADB provided loans and grants worth $785.4 million to Vietnam in 2022, according to the bank’s annual report. The figure accounted for 3.89% of the ADB’s total loans and grants to Asian nations of $20.22 billion in 2022. For co-financing activities, the ADB provided loans of $2.3 billion to Vietnam in 2022.