Vietnam signs AIIB agreement in Beijing

Governor of the State Bank of Vietnam Nguyen Van Binh and representatives from other founder countries of the Asian Infrastructure Investment Bank, the AIIB, signed an agreement one framework and management structure of the bank yesterday in the Chinese capital of Beijing.

Scheduled to make its debut at the end of this year, AIIB, as a multilateral financial institution based in Beijing, will have total charter capital of US$100 billion. Currently, the bank has 57 founding members. The bank’s main objectives are to boost sustainable economic growth through investing in regional infrastructure, focusing on transport, energy, telecommunications, agriculture, the environment and urban development. 

Speaking to the media in Beijing, the SBV Governor said becoming one of the bank’s founders is in line with Vietnam’s policy of playing an active and responsible role in international economic integration. He said Vietnam and other ASEAN countries were the first to support the idea of the AIIB, raised by Chinese President Xi Jinping during the October 2013 APEC summit, and had participated in negotiations for the bank’s establishment.