From May 2 to May 5, 2023, the delegation of the Bank for Agriculture and Rural Development of Vietnam (Agribank) led by Ms. Tu Thi Kim Thanh - Member of the Board of Directors attended ADB's 56th Annual Meeting held in Incheon, Republic of Korea.

ADB's 56th Annual Meeting with the theme “Rebounding Asia: Recover, Reconnect, and Reform” took place in Republic of Korea in the context of the prospect of Asia and Pacific economies recovering strongly from the pandemic while still facing uncertainties as political tensions may persist or escalate,  commodity price increases may lead to inflation and tighter financial conditions globally.

Within the framework of the Conference's program, the Agribank's delegation attended seminars, updated information on current challenges, policies in support of post-pandemic recovery as well as learned experiences from ADB member countries, international financial institutions, commercial banks, etc. related to ESG and the role of new technologies in post-pandemic recovery and development.

In addition, attending ADB's Annual Meeting helps Agribank strengthen its valued cooperative relationship with ADB, creating favorable conditions in accessing and attracting project capital with long term, preferential interest rates financed by ADB. Taking advantage of foreign capital, Agribank has actively supported customers to access loans in support of production and business with long term and low cost. Currently, Agribank is implementing three credit projects in the field of agriculture and rural development funded by ADB with the total initial project capital of USD 199 million and is performing the role of nodal bank for 9 projects funded by ADB with a value of nearly USD 1,110 million.

In addition to the official seminars at the Conference, Agribank's delegation joined the State Bank of Vietnam's (SBV) delegation to meet and work with potential foreign partner banks such as: Asian Infrastructure Investment Bank (AIIB), Bank of Pakistan, Shinhan Bank, etc. in order to find preferential funding sources and cooperation opportunities in the field of lending for infrastructure development, especially infrastructure for the development of hi-tech agriculture, as well as seek to expand the correspondent banking system for Agribank's international payment activities.

ADB's 56th Annual Meeting with a variety of topics, focusing on areas related to post-Covid-19 recovery, food security, climate change, poverty alleviation, developing quality infrastructure, etc. has demonstrated ADB's efforts in continuing to join hands with countries in the region to solve challenges, towards green growth, digital transformation and economic development.

Agribank's attendance at ADB's Annual Meeting 2023 shows Agribank's continued efforts in increasing the access to financial services of people and businesses through the development of financial technology (fintech) and enhancing the role of the banking sector in promoting green development, keeping up with the global trend.

Kylie Nguyen