The Asian Infrastructure Investment Bank (AIIB) will allocate approximately $5 billion at preferential interest rates to support Vietnam, according to AIIB President Jin Liqun.

He made the announcement during a meeting with Prime Minister Pham Minh Chinh in Hanoi on July 16, the Government News has reported.

PM Chinh stressed that Vietnam attaches great importance to the cooperation with AIIB.

He proposed that the AIIB provide Vietnam with advice support and concessional loans for large-scale, high-efficiency infrastructure projects that have the potential to reshape the nation, including the North-South express railway, three northern railway lines connecting with China and extending to Europe and Central Asia, and urban railway lines in Hanoi and Ho Chi Minh City.  

In Vietnam, AIIB has focused on private sector projects totaling $223 million. These projects focus on COVID-19 response, solar energy, hydropower, and climate change-related infrastructure. The bank is now expressing interest in financing some projects in renewable energy, transportation infrastructure, and water supply and drainage in Vietnam.