14TH NATIONAL CONGRESS OF THE COMMUNIST PARTY OF VIETNAM

AIIB pledges US$5 billion for Vietnam infrastructure projects

Huy Anh

Aug 21, 2024 / 10:51 AM

The Bank's President commits to further developing its partnership with Vietnam in the delivery of large-scale projects.

The Asian Infrastructure Investment Bank (AIIB) will provide US$5 billion in loans to Vietnam, President and Chairman of the Board Jin Liqun said on July 16.

Vietnamese Prime Minister Pham Minh Chinh (right) meets with AIIB President Jin Liqun on July 16. Photo: VGP

Speaking at a meeting with Prime Minister Pham Minh Chinh, Jin said the bank would support Vietnam's large-scale, cost-effective and game-changing infrastructure development programs.

These projects include the North-South high-speed railway, the three railways connecting Vietnam to China, Central Asia, and Europe, and urban metro lines in Hanoi and Ho Chi Minh City, according to Jin.

The Chinese executive also congratulated Vietnam on its recent achievements in socio-economic growth despite global uncertainties.

For his part, Prime Minister Pham Minh Chinh expected the AIIB to finance Vietnam's execution of these projects under the principle of "sharing interests and risks".

"Vietnam has a massive demand for transport infrastructure development in all five modes - road, rail, air, sea and waterways," he said.

"Investment projects must be focused and facilitate new growth engines for the nation," he said. "Vietnam hopes that new projects will reduce logistics costs, boost production, create jobs for locals and contribute to sustainable development."

Prime Minister Chinh also highly valued the partnership between the AIIB and its Vietnamese partners, stressing that strategic infrastructure development is one of Vietnam's three key focuses to drive future growth.

The AIIB has invested some $223 million in three local projects in Vietnam related to pandemic preparedness for Covid-19, solar and hydropower development, and the development of climate change response facilities.

The Bank is now interested in financing Vietnam's development programs in renewable energy, transport infrastructure and water management.

Vietnam was one of the 57 founding members of the AIIB in 2016. The bank has financed its member countries to undertake a total of 274 projects with a total capital of $53.5 billion.

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