HCMC – Prime Minister Pham Minh Chinh has proposed the Asian Infrastructure Investment Bank (AIIB) finance Vietnam’s priority infrastructure projects, including a key railway and a regional power grid connection.
During a meeting in Tianjin, China on August 31, alongside participating in the Shanghai Cooperation Organization Summit, Chinh met with AIIB President Jin Liqun and executives from major Chinese firms with investments in Vietnam.
PM Chinh emphasized Vietnam’s need for substantial capital to meet its growth target of 8.3%-8.5% in 2025 and double-digit growth in the following years. He highlighted two priority projects for AIIB support: the Lao Cai–Hanoi–Haiphong railway, which would enhance trade connectivity with China, and an ASEAN power grid link.
Vietnam’s public debt has declined from 55.9% of GDP in 2020 to 34% in 2024, creating room for new financing, Chinh said. He urged AIIB to continue offering concessional loans for both state-owned and private enterprises.
Liqun commended Vietnam’s economic achievements and pledged AIIB’s continued support for infrastructure initiatives, including renewable energy and climate resilience projects. He accepted Chinh’s invitation to visit Vietnam in September for further discussions.
Expanding Chinese investments
Chinh also met with leaders of several Chinese corporations, including Peng Gangpin, chairman of the Board of Directors of China Huadian Science and Technology Group, one of China’s largest power producers. Huadian has invested over US$2.8 billion in Vietnam and plans to expand into clean energy projects such as wind, green hydrogen, and pumped-storage hydropower. The group also seeks partnerships in research and technology.
Chinh welcomed Huadian’s long-term commitment and encouraged further investments in green energy and technology transfer to support Vietnam’s sustainable energy transition.
He also met with Wang Jiazhong, senior vice president of electric two-wheeler maker Yadea, which operates a plant in Bac Ninh Province. Yadea expressed interest in expanding production and participating in Vietnam’s urban green transport projects. Chinh urged the company to increase technology transfer, raise local content, and collaborate on workforce training.
In another meeting, Chinh spoke with Yang Weidong, chairman of design and engineering firm HuaTie. He encouraged the company to engage in projects such as the Lang Son–Cao Bang expressway and initiatives to develop the Red River’s economic potential, along with contributing expertise to Vietnam’s planned international financial center.
