HCMC – Prime Minister Pham Minh Chinh met yesterday, July 16, with Jin Liqun, chairman of the Asian Infrastructure Investment Bank (AIIB), to discuss potential cooperation in major infrastructure projects.
PM Chinh said Vietnam is prioritizing developing roads and bridges, healthcare, education, and digital infrastructure.
The country needs huge investment capital for five key means of transport: road, rail, aviation, sea and inland waterway.
Chinh proposed that AIIB provide advisory services, financing, and concessional loans for major infrastructure projects such as the North-South Expressway, three northern rail lines connecting to China, Central Asia, and Europe, and urban railway systems in Hanoi and HCMC.
AIIB Chairman Jin Liqun expressed support for the Prime Minister’s strategic directions, committing approximately US$5 billion in concessional loans to Vietnam. The funds will focus on large-scale, efficient projects with streamlined procedures.
Established in 2016, AIIB is a multilateral development bank with 57 founding members, including Vietnam. The bank’s membership has grown to 109 countries, representing 81% of the global population and 65% of global GDP. AIIB has approved 274 projects totaling over US$53.5 billion.
AIIB has experience in urban transportation infrastructure projects in India, China, the Philippines, and Turkey.
AIIB has focused on private sector projects in Vietnam, including Covid-19 response, solar energy, hydropower, and climate-resilient infrastructure.
The bank is now exploring funding opportunities for Vietnam’s renewable energy, transportation infrastructure, and water supply projects.
