Ho Chi Minh City appreciates contributions of the Asian Development Bank (ADB) to its socio-economic development, and always considers the bank an important development partner, a municipal leader has said.

At the signing ceremony of the MoU between HCM City and ADB 

At a reception for ADB Country Director for Vietnam Eric Sidwick on June 11, Chairman of the HCM City People’s Committee Nguyen Thanh Phong thanked the bank for its timely financial assistance and policy consultation to developing member countries, including Vietnam, in the fight against COVID-19.

He also thanked the bank for its support to HCM City in mitigating the pandemic impact on the progress of projects using ADB loans in the locality.

HCM City suggested the ADB facilitate its access to preferential loans for Metro Line No. 2, the first phase of Metro Line No. 5 and the sustainable urban transport project for Metro Line No. 2.

Sidwick said Vietnam is one of the very few countries in the world that have not experienced growth decrease despite of the pandemic.

ADB not only supports Vietnam’s development programmes but also learns from and shares the country’s experience with other countries, especially in fighting the epidemic and maintaining economic growth.

COVID-19 has partially affected the progress of ADB-funded projects in HCM City, but the bank is resolved to implement its commitments to financial support and technical advice to the city, he said.

Following the meeting, Vice Chairman of the HCM City People’s Committee Vo Van Hoan and the ADB Country Director for Vietnam signed a memorandum of understanding (MoU) on cooperation between the two sides.

Under the MoU, the HCM City and the ADB will conduct regular consultations, improve the efficiency of the existing projects using ADB loans, identify potential projects and promote the development of the private economic sector and the involvement of different sectors in the city’s socio-economic development.

Phong lauded the signing of the MoU, saying its implementation would contribute to advancing collaboration between the two sides.

Sidwick said under the deal, the two sides can seek the best working methods for both.