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Vietnam calls on EIB to support infrastructure development

Minh Tuan
Wednesday,  Jan 10,2018,23:13 (GMT+7)
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Vietnam calls on EIB to support infrastructure development

Minh Tuan

HCMC - Deputy Prime Minister Trinh Dinh Dung has asked the European Investment Bank (EIB) to continue its support for Vietnam in infrastructure development, heard a meeting in Hanoi on January 9 between Dung and Jonathan Taylor, EIB Vice President responsible for operations in Asia.

The meeting was also attended by leaders of Vietnam’s Ministry of Natural Resources and Environment, Ministry of Transport, and the Government Office, the head of the Delegation of the European Union to Vietnam, and senior EIB executives, the Government news website reports.

Dung spoke highly of the growing bilateral cooperation between Vietnam and the EU, especially in trade and investment, and its contributions to Vietnam’s socio-economic development.

He thanked  EIB for its support for Vietnam over the years, especially in developing urban railway projects in Hanoi and HCMC.

“Although Vietnam has gained significant socio-economic development, it is still a developing country with per capita income of only US$2,300 a year. Therefore, the country needs financial and technical support from partners, including EIB, to carry out infrastructure projects, deal with climate change, improve public transport and develop renewable energy,” Dung said.

According to Dung, airports, seaports, roads and logistic infrastructure in Vietnam have been underdeveloped, so they could not meet the growing transport demand. Besides, Vietnam is one of the countries that are most vulnerable to climate change and rising sea levels, and it is in need of developing renewable energy.

Deputy PM Dung suggested the EIB Vice President work with Vietnamese ministers, city leaders and representatives of financial institutions and diplomats to look into cooperation opportunities.

Agreeing with Dung’s recommendations, Jonathan Taylor said EIB is committed to strengthening climate related investment worldwide and Vietnam is a key partner in Asia. EIB will continue supporting transport, renewable energy and energy efficiency projects across the country.

According to Ambassador Bruno Angelet, head of the Delegation of the European Union to Vietnam, EIB has unique technical experience and finance expertise that are already contributing to sustainable development in Vietnam and across Asia. The two sides have much cooperation potential and the strengthened EIB engagement in Vietnam will unlock investment potentials across crucial sectors in the years to come.

As a long-term lending institution of the EU, EIB makes long-term financing available for sound investment projects in order to contribute to meeting EU policy goals.

Since 1998, EIB has approved more than 710 million euros for investment in Vietnam. This visit represents the first high-level visit by the bank to Vietnam in five years.

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