Chairman of Da Nang People's Committee Le Trung Chinh and ADB Country Director for Vietnam Shantanu Chakraborty signed the memorandum of understanding. (Source: ADB)

Accordingly, the two sides will establish a strategic partnership on the basis of equality and mutual benefit, serving the goal of sustainable and comprehensive socio-economic development of Da Nang City and effectively implementing the Da Nang City planning for the period 2021-2030, with a vision to 2050, through programs and projects supported by ADB.

Specifically, as a trusted development partner, ADB is committed to mobilizing and supporting capital for Da Nang City to implement programs and projects in the city to address the challenges of climate change, including building an environment that is resilient to climate and natural disasters, and improving environmental sustainability.

Through a combination of knowledge and finance, ADB is also committed to supporting Da Nang in finding solutions to sustainably reduce poverty and inequality, promote rural development and food security, build livable cities, promote private sector development, and enhance local governance capacity and effectiveness.

The two sides will discuss and propose cooperation in implementing solutions in approving and implementing programs and projects funded by ADB. At the same time, the cooperation will improve the effectiveness of completed and operational programs and projects in Da Nang City and other activities of mutual interest.

The signing of the memorandum of understanding with ADB is expected to create a foundation to unlock development resources, contributing to creating momentum for Da Nang City to promote economic growth in 2024 and the following years.

(according to ADB)