PM Pham Minh Chinh receives AIIB President, strengthening ties for strategic infrastructure development
WVR/VNA - Prime Minister Pham Minh Chinh underscored Vietnam's commitment to strengthening its cooperative relationship with the Asian Infrastructure Investment Bank (AIIB) during a reception for AIIB President Jin Liqun in Hanoi on July 16, 2024.
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| PM Pham Minh Chinh receives AIIB President, strengthening ties for strategic infrastructure development: Prime Minister Pham Minh Chinh (R) and AIIB President Jin Liqun. (Photo: VNA) |
At the reception, Prime Minister Chinh said Vietnam is pursuing three strategic breakthroughs, one of which is strategic infrastructure in such fields as transport, healthcare, education, culture, sports, climate change adaptation, digital infrastructure, green infrastructure, and circular economy.
Vietnam has significant needs across all five transport modes, including road, rail, aviation, maritime and inland waterways. However, the Government will prioritise investments that create new development spaces and added value, he said. The aim is to reduce logistics costs, promote production and trade, generate livelihoods for residents, and foster sustainable development.
He proposed that the AIIB provide Vietnam with advice support and concessional loans for large-scale, high-efficiency infrastructure projects that have the potential to reshape the nation, including the North-South hi-speed railway, three northern railway lines connecting with China and extending to Europe and Central Asia, and urban railway lines in Hanoi and Ho Chi Minh City.
The AIIB President praised Vietnam's remarkable economic achievements and growth, especially in the face of global economic challenges. He announced that AIIB will allocate approximately 5 billion USD at preferential interest rates to support Vietnam.
He fully agreed with the cooperation directions outlined by Prime Minister Chinh, with a particular focus on large-scale projects.
Established in 2016, AIIB is a multilateral development bank that began with 57 founding member countries, including Vietnam. Its membership has since expanded to 109, representing 81% of the global population and 65% of global GDP. To date, AIIB has approved 274 projects worth over 53.5 billion USD for its member countries.
In Vietnam, AIIB has focused on private sector projects totaling 223 million USD, addressing areas such as COVID-19 response, solar energy, hydropower, and climate change-related infrastructure. The Bank is now expressing interest in financing some projects in renewable energy, transportation infrastructure, and water supply and drainage in Vietnam.
(Source: WVR/VNA)
