Photo credit: Bank of Lao PDR
Laos, Viet Nam Launch Cross-Border QR Code Payment System
On 9 January, Laos and Viet Nam officially launched a cross-currency transaction service, connecting their cross-border retail payment systems via QR codes.
GMS Contents
Sihanoukville Special Economic Zone: A Beacon of Growth and Development
The Sihanoukville Special Economic Zone (SSEZ) in Cambodia marked a significant upsurge in trade activities in January and February 2024. The trade volume through this economic corridor reached $628 million, reflecting a robust growth of 38.3% compared to the same period in 2023.
Viet Nam Eyes Becoming Key Transit Hub and Supply Chain Link for PRC Trade with ASEAN
In his remarks at the 20th China-ASEAN Expo and China-ASEAN Business and Investment Summit, Viet Nam Prime Minister Phạm Minh Chính remarked that the country is eyeing to become a key transit hub and a crucial supply chain link for commerce between ASEAN nations and the People’s Republic of China (PRC).
Photo via Vientiane Times
5th Lao-Thai Friendship Bridge Construction Reaches 72% Completion
Construction work on the 5th Lao-Thai Friendship Bridge has surpassed 72% completion, and is expected to be completely finished by the end of 2024. The bridge will connect Paksan, Bolikhamsai Province (Lao PDR) to Bueng Kan Province (Thailand) across the Mekong River. The bridge is set to further boost connectivity in the GMS.
The Kim Thanh International Border Gate between Lao Cai (Viet Nam) and Yunnan Province (PRC) plays a vital role in the GMS northern corridor. Photo by ADB.
AEIR 2023 Highlights Deepening Integration, Continued Economic Growth in the GMS
The Asian Economic Integration Report 2023 highlights the continued growth of integration in subregional initiatives and programs in Southeast Asia, including both in the GMS and the ASEAN, from 2006 to 2020.
Caption: Photo by Chor Sokunthea/ADB
ADB to Help Diversify Cambodia’s Economy, Boost Competitiveness
The Asian Development Bank (ADB) has approved a $50 million policy-based loan under subprogram 1 of the Trade and Competitiveness Program to support the Government of Cambodia to diversify the country’s economy and boost its global competitiveness.
ADB’s new partnership strategy for Viet Nam is anchored on the recognition that the country needs tailor-made solutions to best meet its development challenges. Photo by ADB.
ADB Launches New Country Partnership Strategy for Viet Nam
The Asian Development Bank (ADB) has launched a new country partnership strategy (CPS) for Viet Nam covering the period 2023–2026. The strategy will help promote inclusive, green, and private sector-led development in Viet Nam and build a foundation for the country to achieve its goal of becoming upper middle-income by 2030.
Asian Development Bank and Viet Nam: Fact Sheet
ADB has worked out a core pipeline of projects for 2022–2024 that uses more responsive financing modalities and considers Viet Nam’s priorities for medium- and long-term post-pandemic recovery.
Asian Development Bank and Thailand: Fact Sheet
ADB supports Thailand in responding to the health, social, and economic impacts of the COVID-19 pandemic. In 2021, ADB provided $1.5 billion loan to help the country mitigate the negative economic impact of the pandemic.
Asian Development Bank and the Lao PDR: Fact Sheet
ADB is one of Lao PDR's largest sources of official development assistance, with an average annual lending of $100 million over the 5 years to 2021.
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A subregional cooperation program focused on its fundamental strengths of community, connectivity, and competitiveness while embracing the core principles of environmental sustainability and resilience, internal and external integration, and inclusivity, for building a GMS community with a bright shared future
Greater Mekong Subregion Secretariat
Regional Cooperation and Operations Coordination Division,
Southeast Asia Department, Asian Development Bank
Address: 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines
Telephone: +63 2 8632 4444 Fax: +63 2 8636 2226
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