The International Finance Corporation (IFC) and the Asian Development Bank (ADB) pledged to provide further support for Vietnam while meeting with Politburo member and Chairman of the Party Central Committee’s Economic Commission Nguyen Van Binh in Hanoi on November 7.

Politburo member and Chairman of the Party Central Committee’s Economic Commission
Nguyen Van Binh (R) hosts Stephanie von Friedeburg, Chief Operating Officer
at the International Finance Corporation (IFC). 

Stephanie von Friedeburg, Chief Operating Officer at IFC, said the corporation will continue helping Vietnam improve the financial infrastructure system, develop capital markets and renewable energy, and promote green and sustainable growth as well as develop financial products for the private sector, and provide technical assistance for the public sector to improve the investment environment in the country.

She highly appreciated Vietnam’s effective management policies in stabilising the macro-economy, curbing inflation, and promoting growth, adding that the cooperation between the IFC and Vietnam has been increasingly strengthened and developed.

Recognising the IFC’s contributions to the socio-economic development in Vietnam, Binh said the institution has offered a lot of support for the private sector under various forms and through investment projects in infrastructure, finance-banking, information technology, education and health care, in addition to consulting services on financial access, investment environment, and competitiveness improvement.

He hoped the IFC will continue accompanying and supporting Vietnam in the coming time.

At a separate meeting with the Vietnamese Party official, In-chang Song, Director at ADB in charge of the Republic of Korea, Papua New Guinea, Sri Lanka, Taiwan (China), Uzbekistan, Vanuatu, and Vietnam, said the bank will have flexible policies to support Vietnam – which recently graduated from concessional capital of the Asian Development Fund (ADF) - without interrupting the country’s economic restructuring and sustainable poverty reduction efforts.

The ADB wants to expand its financing activities in the private sector in Vietnam, not only in traditional sectors such as infrastructure and finance but also other realms like education and agriculture, he added.

Binh highly appreciated the ADB’s contributions to the socio-economic development in Vietnam, especially providing loans, technical assistance, aid packages, and policy consultancy for the country.

He backed the ADB’s development strategy in 2030, under which the bank commits to continue supporting member countries to address such issues as poverty, uneven development, gender equality, climate change adaptation, technological reform, and private economy development.

These fields are basically in line with the development priorities of Vietnam in the near future, he said.