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ECONOMYBANKING & FINANCE

ADB vows to give stronger support to Vietnam

Updated at Saturday, 18 Jun 2016, 20:49
The Hanoitimes - President of the Asian Development Bank (ADB) Takehiko Nakao has pledged that the bank will continue to strongly support Vietnam with loans of about 1 billion USD each year, to the fields of infrastructure construction, urban public transport.
Speaking at a press conference in Hanoi on June 17 concluding his three-day Vietnam visit, ADB President Takehiko Nakao said that major objective of the strategy is to assist Vietnam in strengthening uniform and sustainable growth to match the country’s socio-economic development plan in the 2016-2020 period.
 
 President of the Asian Development Bank Takehiko Nakao speaks at the press conference in Hanoi on June 17.
President of the Asian Development Bank Takehiko Nakao speaks at the press conference in Hanoi on June 17.
Vietnam should continue realising suitable economic policies as well as in-depth renovation, he suggested, stressing the importance of restructuring State-owned enterprises by reducing State ownership and improving business management and financial efficiency.
The ADB President recommended that the Vietnamese Government tackle bad debts, increase tax income and streamline public expenditure.
He said that the ABD expects a 6.7% growth this year, equal to that of 2015 despite the serious drought has affected to the country. Meanwhile, inflation is forecast to hold at 3%, 0.6% higher than last year. A 6.5% growth rate is also predicted for 2017.
President Takehiko Nakao announced that the ADB will assist Vietnam ’s efforts in fulfilling its sustainable development goals, expanding public healthcare stations and increasing the number of people joining health insurance in the coming time.
ADB President has pledged that the bank will continue to strongly support Vietnam with loans of about 1 billion USD each year, an increase in concessional loans to the fields of infrastructure construction, urban public transport, electricity transmission, rural electrification, urban renewable energy infrastructure, irrigation and water resource management, and accelerate the disbursement of loans for pfojects..
The ADB will boost strong support to Vietnam in improving secondary education, while increasing assistance in education and vocational training, he stated.
Noting that Vietnam is increasingly burdened by the impacts of climate change, President Takehiko Nakao highlighted that climate change adaptation will be one of ABD’s main areas to provide technical assistance and loans.
The ADB will help the Vietnamese Government design clear policies on suitable energy distribution to match its COP21 commitments, he added.
On infrastructure systems, the bank will give more power to its representative offices in the process of approving related projects, while incorporating more updated and green technologies into its projects to deal with climate change and reduce costs, he stated.
The President affirmed that the bank will also invest more to the private sector, especially those in the areas of finance, agriculture and infrastructure, while preparing major public-private partnership (PPP) projects to suit the agreed legal framework for such projects.
Thu Minh
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