Vietnam to do utmost to support AIIB’s activities, PM says

09:39 | 08/03/2017 Economy

Prime Minister Nguyen Xuan Phuc received President of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun in Hanoi on March 7, saying that Vietnam will exert every effort to support the bank’s activities.

Prime Minister Nguyen Xuan Phuc (R) receives AIIB President Jin Liqun on March 7 (Photo: VGP)

He said Vietnam attaches importance to the cooperation with AIIB and will continue collaborating with the bank as a trustworthy and responsible partner.

The State Bank of Vietnam, which represents the country at international financial and monetary organisations such as the World Bank, the Asian Development Bank and the International Monetary Fund, remains the representative of Vietnam at AIIB to take charge of the country’s obligations and activities at this bank.

Vietnam is borrowing both ODA and commercial loans to develop infrastructure as it has a high demand for infrastructure expansion while having to keep the public debt within the limit. Therefore, AIIB’s loans which have low cost and do not need the Government’s guarantee are valuable for Vietnam, the PM noted.

He added the Vietnamese Government hopes that aside from aiding the public sector, AIIB will also support the private sector to develop infrastructure in the country.

With the fine relationship, mutual understanding and common efforts, AIIB will bring about practical benefits for the course of development in Vietnam, he said.

The bank not only provides loans but also brings in modern and environmentally friendly technology and jobs for Vietnam, he added.

At the meeting, AIIB President Jin acknowledged the Vietnamese Government’s support for his bank’s activities, adding that he wants to do more for the local development.

AIIB can give the country loans with concessional terms, which are good for economic development, he said.

The bank pledges to step up the provision of loans without the Government guarantee for Vietnam’s private sector since the country has won the trust of the international community, he added.

Jin asked the Vietnamese Government to ensure macro-economic stability and a stable legal system when AIIB give loans to the local private sector.

He said if Vietnam pays attention to infrastructure development, it will reap even greater socio-economic achievements in the next decades.