The EIB has maintained its cooperation with Vietnam since 1997, and it is running seven projects in the Southeast Asian nation with total investment of 561 million EUR (591.37 million USD), according to EIB Vice President Kris Peeters.
Peeters noted his hope that following the PM’s visit, the bilateral cooperation will be enhanced and more successful.
PM Chinh spoke highly of the close financial cooperation between the EIB and Vietnam over the past more than two decades.
However, he said, the collaboration has yet to match their potential, pledging that Vietnam will make greater efforts to boost the ties.
As Vietnam is implementing three strategic breakthroughs on institutions, human resources and infrastructure, the country needs resources, especially financial resources, the leader said.
Therefore, Vietnam wishes to foster cooperation with the EIB, in a more effective fashion and with a larger scale, in such spheres as green development, climate change response, digital economy and circular economy, he continued.
Chinh suggested the two sides re-sign the framework agreement on finance, which was signed in 1997, making it match the current situation, and review and remove limitations in cooperation to make the best us of EIB capital in Vietnam.
He also urged the bank to closely coordinate with the Vietnamese Ministry of Finance and relevant sides to facilitate the construction of Metro Line No. 3 in Hanoi and Metro Line No. 2 in Ho Chi Minh City.
The bank should continue to select suitable projects in Vietnam in such areas as green development, digital economy, circular economy and climate change response, he said, calling on the bank to offer a more equal and balanced approach during project implementation in the country with consideration of Vietnam's status as a developing country with low starting point.
The PM pledged that Vietnam will make efforts to improve its procedures and management so that cooperation agreements with the EIB are rolled out in a faster and more effective way.
Peeters promised that after the meeting, the EIB will review the cooperation process to remove obstacles and limitations so that the EIB and Vietnam would engage in more cooperation projects.
On this occasion, Chinh witnessed the signing of a memorandum of understanding between the EIB and the Electricity of Vietnam (EVN) on financial support in energy transition, towards the target of achieving net zero emissions by 2050 as set by the Vietnamese Government.
