Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh andrepresentatives from other founder countries of the Asian InfrastructureInvestment Bank (AIIB) signed an agreement on the framework andmanagement structure of the bank on June 29 in Beijing, China.
Scheduled to make its debut at the end of this year, AIIB, amultilateral financial institution based in Beijing, will have atotal charter capital of 100 billion USD. Currently, the bank has 57founding members.
The bank’s main objectives are to boostsustainable economic growth through investing in regional infrastructuresystem, focusing on transport, energy, telecommunications, agriculture,the environment and urban development.
Speaking to themedia in Beijing, the SBV Governor said becoming one of the bank’sfounders is in line with Vietnam’s policy of active and responsibleinternational economic integration.
Vietnam and otherASEAN countries were the first to support the idea of the AIIB, raisedby Chinese President Xi Jinping during the October 2013 APEC summit, andjoin negotiations for the bank’s establishment, he said.
The Governor stated that it shows Vietnam’s willingness and wish tobuild, maintain and reinforce a favourable environment for the all-roundpartnership in economy, trade and investment with China.
According to Binh, Vietnam needs huge investment forinfrastructure through 2020, but domestic resources cannot meet thedemand, hence the necessity of mobilising capital from foreign sources.
He pointed to the fact that the sources of preferential capital frominternational financial institutes such as the World Bank and the AsianDevelopment Bank will be cut down as the country has become amiddle-income country.
Therefore, by joining the AIIB,Vietnam would get access to an important source for infrastructuredevelopment, said the Governor.
He continued to say thecountry will pay attention to choosing effective and practicalinvestment projects, ensuring sustainable economic development.
The Governor also said as a founding member, Vietnam enjoys certainrights, including having a voice in the building of policies of thebank, or taking up executive positions, thus enhancing the country’srole in the bank.-VNA
Scheduled to make its debut at the end of this year, AIIB, amultilateral financial institution based in Beijing, will have atotal charter capital of 100 billion USD. Currently, the bank has 57founding members.
The bank’s main objectives are to boostsustainable economic growth through investing in regional infrastructuresystem, focusing on transport, energy, telecommunications, agriculture,the environment and urban development.
Speaking to themedia in Beijing, the SBV Governor said becoming one of the bank’sfounders is in line with Vietnam’s policy of active and responsibleinternational economic integration.
Vietnam and otherASEAN countries were the first to support the idea of the AIIB, raisedby Chinese President Xi Jinping during the October 2013 APEC summit, andjoin negotiations for the bank’s establishment, he said.
The Governor stated that it shows Vietnam’s willingness and wish tobuild, maintain and reinforce a favourable environment for the all-roundpartnership in economy, trade and investment with China.
According to Binh, Vietnam needs huge investment forinfrastructure through 2020, but domestic resources cannot meet thedemand, hence the necessity of mobilising capital from foreign sources.
He pointed to the fact that the sources of preferential capital frominternational financial institutes such as the World Bank and the AsianDevelopment Bank will be cut down as the country has become amiddle-income country.
Therefore, by joining the AIIB,Vietnam would get access to an important source for infrastructuredevelopment, said the Governor.
He continued to say thecountry will pay attention to choosing effective and practicalinvestment projects, ensuring sustainable economic development.
The Governor also said as a founding member, Vietnam enjoys certainrights, including having a voice in the building of policies of thebank, or taking up executive positions, thus enhancing the country’srole in the bank.-VNA
