HCMC – Prime Minister Pham Minh Chinh has called on the European Investment Bank (EIB) to expand its financial assistance to Vietnam, proposing a new generation of official development assistance (ODA) with larger-scale funding, lower interest rates, and simplified procedures.
During a meeting on March 12 at the Government Office in Hanoi, Chinh met with Nicola Beer, vice president of EIB, along with senior executives from the bank and Germany’s Brosnan Norden Group.
The prime minister acknowledged EIB’s contributions to Vietnam’s socio-economic development, particularly in infrastructure projects, and emphasized the country’s urgent need for capital as it advances technological innovation, digital transformation, and sustainable growth. Vietnam has set an ambitious target of 8% GDP growth in 2025, with plans to maintain double-digit expansion in the following years.
Chinh urged EIB to not only sustain its existing financial support but also provide concessional loans for Vietnam’s energy transition and large-scale infrastructure projects, including transportation, healthcare, and education. He also requested EIB’s assistance in establishing and operating international financial centers in Vietnam.
To increase private sector involvement, Chinh proposed extending ODA beyond the public sector, allowing private enterprises to access EIB funding. He also stressed the need for financial management expertise, technology transfer, and human resource training to strengthen Vietnam’s financial system resilience.
Vietnam remains committed to a green transition and energy transformation, particularly under the Just Energy Transition Partnership (JETP). Chinh called on EIB to assist in mobilizing green finance and developing innovative financial mechanisms to support renewable energy projects, emissions reduction, and climate adaptation efforts.
In response, Nicola Beer reaffirmed EIB’s long-standing financial partnership with Vietnam, which began in 1997, and highlighted the bank’s contributions to infrastructure, environmental, and energy projects, including metro developments in Hanoi and HCMC.
Beer expressed EIB’s willingness to continue supporting Vietnam’s economic growth, emphasizing the bank’s ability to leverage European financial institutions to help Vietnam achieve its development goals. She also encouraged further administrative reforms to facilitate the efficient allocation of EIB funding for key projects.
Additionally, Beer affirmed EIB’s commitment to supporting Vietnam’s financial center development, technology transfer, and workforce training, aligning with Prime Minister Chinh’s vision for the country’s future economic expansion.
