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ADB pledges $3bn aid for Vietnam in 2024-26

ADB pledges $3bn aid for Vietnam in 2024-26

Friday, March 15, 2024, 16:12 GMT+7
ADB pledges $3bn aid for Vietnam in 2024-26
Vietnamese Prime Minister Pham Minh Chinh (R) receives ADB President Masatsugu Asakawa in Hanoi, March 13, 2024. Photo: Vietnam News Agency

The Asian Development Bank (ADB) is fully committed to supporting Vietnam in achieving its long-term development, including assistance valued at US$3 billion for the country during the 2024-26 period, according to ADB president Masatsugu Asakawa.

Asakawa also underscored the need to enhance project preparation efficiency to accelerate delivery, the bank said in a press release on Wednesday.

In addition, ADB has pledged to mobilize $2.1 billion under the government’s Resource Mobilization Plan to support the Vietnam Just Energy Transition Partnership.

The ADB leader made these statements during his first official visit to the Southeast Asian nation, where he attended a special ceremony on Wednesday in Hanoi in celebration of the 30th anniversary of the Vietnam-ADB partnership.

The ceremony, jointly hosted by the State Bank of Vietnam and ADB, featured Vietnamese Prime Minister Pham Minh Chinh and more than 200 officials and representatives from the government, development partners, and the private sector.

Over the past three decades, 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.

Vietnam is among six Association of Southeast Asian Nations (ASEAN) members that have been 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.

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

He will also visit the Hanoi College for 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.

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Hong Ngan / Tuoi Tre News


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