On June 26, 2025, Deputy Governor Nguyen Ngoc Canh of the State Bank of Vietnam (SBV) delivered a speech as a keynote speaker at the Seminar celebrating the 10th anniversary of the establishment of the Asian Infrastructure Investment Bank (AIIB) with the theme of "Building ASEAN’s regional connectivity through innovative partnerships".
Acting as Alternate Governor representing Vietnam at the AIIB, SBV Deputy Governor Nguyen Ngoc Canh presented a comprehensive vision on three key areas of: ASEAN Connectivity towards 2045; Regional energy integration through the ASEAN Power Grid; and Cooperation with development partners, in the context when Vietnam is going to celebrate its 30th anniversary of joining ASEAN.
In his speech, the SBV Deputy Governor also emphasized the importance of the ASEAN Connectivity Strategic Plan for the 2026-2035 period, which was approved at the ASEAN Summit in Kuala Lumpur in May 2025. This Plan reflects not only changes in the common policy, but also a joint determination to reshape the future of the region.
Regional Achievements and Innovative Financial Solutions
In his speech, Deputy Governor Nguyen Ngoc Canh reviewed the ASEAN’s remarkable achievements in the past period. Tourism has fully been recovered to the pre-pandemic levels. The ASEAN Single Window has successfully connected all 10 member countries. The digital economy has grown impressively 8 times, reaching over 100 billion USD in 2024, while the FDI hit a record 230 billion USD in 2023.
An overview of the Seminar
According to the SBV Deputy Governor, Vietnam has been actively contributing to all six strategic areas of the ASEAN Connectivity Plan, including: (i) Sustainable infrastructure development; (ii) Pioneering digital transformation; (iii) Building smart cities; (iv) Modernizing logistics and supply chains; (v) Comprehensive institutional reforms; (vi) Promoting people-to-people connectivity. In addition, Deputy Governor Canh also reaffirmed Vietnam’s support for the development of the ASEAN Power Grid (APG) as an important initiative of the sustainable energy transition in the region, aiming for the goal of the majority of electricity supplied to the ASEAN region coming from renewable energy sources by 2050.
Strengthening the cooperation with multilateral development banks
The SBV Deputy Governor also spoke highly of the pivotal role of the AIIB in implementing the ASEAN’s ambitious connectivity agenda. The ASEAN has developed comprehensive frameworks for cooperation with its development partners, including the Master Plan on ASEAN Connectivity, the ASEAN Infrastructure Fund (AIF), and the Regional Infrastructure Development Fund. Initiatives such as the ASEAN-AIIB Joint Program and the ASEAN Catalytic Green Finance Facility (ACGF) are proving to be effective in mobilizing private capital for sustainable infrastructure.
Vietnam has been actively contributing to all six strategic areas of the ASEAN Connectivity Plan through its specific initiatives. In terms of sustainable infrastructure development, Vietnam aims to expand the expressway network from 2,000km to 5,000km by 2030 and implement the US$67 billion North-South high-speed railway system. In terms of digital transformation, Vietnam aims to develop a digital economy, contributing about 30% to the overall GDP. Big cities, including Hanoi and Ho Chi Minh City, are developing smart solutions, while the logistics system is being upgraded with the Vinh Phuc Super Terminal project, aiming for net-zero operations by 2040.
The SBV Deputy Governor’s speech at the Seminar once more asserted Vietnam's active role and strategic vision in the ASEAN connectivity process, and emphasized a strong commitment to promoting the multilateral cooperation to build a prosperous and sustainable region.
MA