Post by : Shakul

Vietnam and the Asian Development Bank strengthened their long-term partnership during a bilateral meeting held on May 7, 2026, in Cebu, Philippines. Vietnamese Prime Minister Le Minh Hung met with Asian Development Bank President Masato Kanda on the sidelines of regional meetings in the Philippines. The discussions focused on development cooperation, economic growth, infrastructure investment, climate action, and future financial support for Vietnam’s modernization plans.

Prime Minister Le Minh Hung highly praised the important contributions made by the Asian Development Bank to Vietnam’s development over many years. He stated that the ADB has played a major role in supporting Vietnam’s infrastructure projects, economic reforms, and poverty reduction programs since the beginning of cooperation between the two sides. According to the Prime Minister, concessional loans and development assistance continue to remain extremely important for Vietnam as the country enters a new stage of economic and social development.

The Vietnamese Prime Minister welcomed the ADB’s early preparations for the Country Partnership Strategy for the 2027-2031 period. He said the new partnership framework demonstrates the bank’s strong commitment to supporting Vietnam’s long-term national development goals. Prime Minister Le Minh Hung also emphasized the importance of improving cooperation efficiency and ensuring that future development projects are implemented more effectively and smoothly.

During the meeting, Prime Minister Le Minh Hung requested the ADB to work closely with the Vietnamese government to resolve difficulties affecting project implementation and funding procedures. He encouraged the bank to expand more flexible and preferential financial tools that can better support Vietnam’s rapidly changing economic needs. The Prime Minister also highlighted the need for stronger technical support and policy consultation in several strategic sectors.

Vietnam specifically requested additional support in developing new economic growth models, green transformation projects, climate change response systems, and resilient supply chains. Prime Minister Le Minh Hung also stressed the importance of private sector development and innovation as Vietnam continues its transition toward a more sustainable and technology-driven economy. According to him, stronger international financial cooperation will help Vietnam achieve faster and more balanced development in the coming years.

Regional cooperation was another major topic discussed during the bilateral meeting. Prime Minister Le Minh Hung asked the ADB to continue supporting ASEAN cooperation initiatives and the Greater Mekong Subregion program, especially in the fields of energy, transport infrastructure, and regional connectivity. Vietnam believes stronger regional cooperation can help improve economic integration and create new opportunities for trade and investment throughout Southeast Asia.

ADB President Masato Kanda congratulated Prime Minister Le Minh Hung on his recent election as Vietnam’s head of government and thanked Vietnam for its continued support for the bank’s regional initiatives. He reaffirmed that the Asian Development Bank remains committed to being a trusted and reliable development partner for Vietnam during its next stage of growth and modernization.

Masato Kanda stated that the upcoming Country Partnership Strategy for 2027-2031 will closely align with Vietnam’s socio-economic development plans and national priorities. He also noted that the ADB is working to improve its operational procedures, funding mechanisms, and financial tools in order to respond more effectively to the changing needs of member countries, including Vietnam.

The meeting concluded with both sides expressing confidence in the future of Vietnam-ADB cooperation. Officials stated that the partnership will continue playing an important role in supporting Vietnam’s economic transformation, infrastructure expansion, green transition, and regional integration goals. The discussions in Cebu reflected the growing strategic importance of cooperation between Vietnam and international financial institutions in shaping sustainable development across the region.

#Economy #Vietnam #Development #Business & economy #Philippines