Asian Development Bank backs strategic investments as Vietnam seeks to accelerate development and private sector expansion.
HANOI — Vietnam and the Asian Development Bank (ADB) are moving to deepen their development partnership with a focus on large-scale projects designed to drive economic growth, strengthen infrastructure and support the country’s long-term development goals.
ADB has identified a pipeline of 27 projects for Vietnam through 2029, with planned financing of approximately US$4.6 billion. The projects target sectors that remain central to Vietnam’s development agenda, including infrastructure, energy, urban development, agriculture and public sector management.
The plans were discussed during a June 15 meeting between Deputy Finance Minister Tran Quoc Phuong and Kim Dongil, Director of ADB representing the Republic of Korea, Papua New Guinea, Sri Lanka, Taipei (China), Uzbekistan, Vanuatu and Vietnam.
RELEVANT SUSTAINABLE GOALS
Vietnam Seeks Greater Private Sector Financing
During the meeting, Phuong expressed appreciation for ADB’s nonsovereign lending activities in Vietnam, which provide direct financing to private sector enterprises without government guarantees.
He said the Ministry of Finance would continue working closely with ADB to facilitate such financing within Vietnam’s legal framework and improve the effectiveness of direct lending to businesses.
According to Phuong, promoting nonsovereign lending aligns with Vietnam’s broader efforts to mobilise resources for implementing the Politburo’s resolution on private sector development.
The deputy minister emphasised that expanding private sector participation remains an important component of the country’s economic strategy as Vietnam seeks new sources of investment to sustain growth.
A Partnership Built on Expanding Cooperation
Phuong reaffirmed the close and steadily growing relationship between Vietnam and ADB, describing the partnership as a strong foundation for future cooperation.
He noted that an upcoming visit by the ADB President to Vietnam would provide an important opportunity for both sides to deepen mutual understanding and strengthen collaboration across key development sectors.
The meeting also reflected a broader effort to elevate cooperation between Vietnam and the multilateral development institution as the country pursues ambitious economic and infrastructure objectives.
ADB Praises Vietnam’s Economic Progress
For his part, Kim highly praised Vietnam’s economic achievements in recent years and highlighted ADB’s continued commitment to supporting the country’s development.
He said the bank has expanded its financial support while also proposing measures to improve internal procedures and accelerate the implementation of ADB-funded projects in Vietnam.
According to Kim, a recent meeting between General Secretary of the Communist Party of Vietnam Central Committee and State President To Lam and the ADB President reaffirmed Vietnam’s development goals and future vision.
The two sides also underscored their shared commitment to raising bilateral cooperation to a new level.
Focus on Infrastructure, Energy and Regional Connectivity
Discussions during the meeting covered a range of priority areas, including budget support programmes, major infrastructure developments and initiatives linked to expanding the ASEAN power grid.
ADB’s identified project pipeline reflects Vietnam’s focus on sectors viewed as essential to sustaining economic momentum while supporting modernisation efforts across the country.
The planned investments span transportation infrastructure, energy development, urban planning, agricultural advancement and improvements in public sector management.
These sectors are widely regarded as critical to enhancing productivity, competitiveness and long-term economic resilience.
Prioritising High-Impact Projects
Vietnam and ADB agreed that future cooperation should avoid spreading resources too thinly and instead concentrate on large-scale projects capable of generating broad economic benefits.
Both sides emphasised the importance of prioritising projects with strong spillover effects and measurable impacts on economic growth.
According to Phuong, Vietnam’s demand for development capital is expected to remain substantial in the coming years as the country continues investing in strategic growth drivers.
He said Vietnam is prepared to prioritise resources for sectors and projects with strong capital absorption capacity and significant development potential.
ADB Signals Long-Term Commitment Through 2030
Kim said ADB plans to continue expanding its lending operations through 2030 and remains ready to support Vietnam in achieving its development objectives.
He expressed confidence that the strategic orientations agreed upon by both sides would strengthen cooperation further and create new opportunities for partnership in the years ahead.
As Vietnam continues to pursue ambitious infrastructure upgrades, energy investments and private sector development, the planned US$4.6 billion project pipeline signals a deepening relationship between the country and one of its key development partners.
With both sides focusing on larger, high-impact investments, the partnership is expected to play an important role in supporting Vietnam’s next phase of economic growth and development.
