ADB to finance 23 projects with loans totaling $4bln

The Asian Development Bank (ADB) is ready to support Vietnam’s efforts to develop a green finance market and contribute to building a sustainable economy, the ADB Director General for the Southeast Asia Department told a meeting with Deputy Minister of Finance Le Tan Can on January 22.

Mr. Winfried Wicklein said the process for securing loans is dependent on various factors, including availability and project priority, and affirmed the ADB’s commitment to accompanying Vietnam throughout the process.

He announced the bank’s plan to finance 23 projects in Vietnam, with a total value of nearly $4 billion in the 2024-2026 period. However, the feasibility of mobilizing such loans during this period is largely contingent upon the completion of domestic investment procedures.

“In the ASEAN region, the ADB has provided several loans to help countries upgrade their infrastructure, improve the environment, combat climate change, and develop multiple industries and areas of the economy,” he said. “We want to continue our cooperation with Vietnam in these areas to further strengthen bilateral relations.”

Deputy Minister Can said that over the past several years, the ADB has consistently been a crucial partner in supporting the Vietnamese Government by providing policy advice and financial resources. It has provided timely financial policy advice and technical support that assisted the Ministry of Finance (MoF) in completing institutional frameworks and tools for public financial management.

“The MoF hopes that the ADB will work closely with us to find solutions that ensure balanced mutual benefits, and accelerate the negotiation and signing of loans for projects already approved by authorized agencies in Vietnam,” he added.

The Deputy Minister emphasized that in order to achieve its development targets, Vietnam will need to access substantial financial resources. Therefore, in addition to mobilizing domestic funds, he hopes that international financial institutions like the ADB will help it access the necessary resources on as favorable terms as possible.

The MoF is now finalizing a draft proposal on green finance, as directed by the Prime Minister. It has also requested ADB assistance and advice in finalizing the legal framework and policies in regard to developing green finance, strengthening the capacity of financial institutions and businesses and connecting them with international green finance markets.