ADB pledges deeper support for Vietnam, unveils $40bn food security plan for Asia-Pacific

The ADB support has been focused on climate-resilient transport, sustainable urban development, rural connectivity, and poverty alleviation in remote regions.

During his reception for ADB Vice President Scott Morris in Hanoi on April 16, Vietnam’s Prime Minister Pham Minh Chinh called on the bank to finance large-scale, strategic infrastructure projects, including the North-South Expressway, high-speed rail, urban rail systems in Hanoi and Ho Chi Minh City, and energy projects such as nuclear and renewable power.

Morris affirmed ADB’s readiness to assist Vietnam in mobilizing capital for such initiatives.

In a broader context, ADB President Masato Kanda announced plans to expand its support for long-term food and nutrition security in Asia and the Pacific at a press conference in Milan, Italy on Sunday, as part of the ongoing 58th ADB Annual Meeting.

The bank will increase its food and nutrition security support by $26 billion, bringing the total commitment for 2022-30 to $40 billion.

The funding will facilitate a comprehensive program encompassing the entire food production chain, from farming and processing to distribution and consumption.

“Unprecedented droughts, floods, extreme heat, and degraded natural resources are undermining agricultural production, while at the same time threatening food security and rural livelihoods,” said Kanda.

“This expanded support will help countries alleviate hunger, improve diets, and protect the natural environment, while providing opportunities for farmers and agribusinesses.”

Kanda also addressed the economic uncertainty stemming from U.S. tariff policies, calling them unpredictable.

He urged Asia-Pacific countries to view the turbulence as an opportunity to build more resilient, diversified, and open economies.

He outlined two key policy recommendations for the region, including implementing economic strategies that maintain stable trade flows and enhancing regional connectivity to boost collective resilience.

These include increasing domestic demand, diversifying industries and trade partners, and developing alternative supply chain routes.

The ADB president revealed in an interview with Yomiuri Shimbun that the multilateral lender would discuss the potential cessation of loans to China, following a recent request from the U.S. administration.

The U.S. argued that it was inappropriate for a major economic powerhouse like China to receive loans from an institution designed to assist developing countries.

With the theme ‘Sharing Experience, Building Tomorrow,’ the 58th ADB Annual Meeting is taking place from Sunday to Wednesday in Milan.

The event has gathered over 5,000 participants, including more than 60 international delegations from G7 countries and Asia-Pacific economies.

About 700 global financial institutions have also attended.

Key topics include sustainable food security, digital transformation, energy innovation, and post-crisis recovery.