Asian Development Bank backs Vietnam’s growth

Prime Minister Nguyen Xuan Phuc (R) shakes hands with ADB Vice President Stephen Groff

He made the pledge at a meeting with Prime Minister Nguyen Xuan Phuc in Ho Chi Minh City on October 3, on the sideline of the Vietnam Summit 2016 on external economic ties.

He informed his host that ADB has approved a plan to provide Vietnam with between US$1 billion and US$1.5 billion for 2016-2019.

Of the sum, US$450 million is earmarked for 2016 and 2017 to help Vietnam tackle State budget difficulties, Groff noted, adding that the figure could be increased based on particular requests from the Vietnamese Government.

He also spoke highly of the Vietnamese Government’s solutions to accelerate economic reform and global integration.

The ADB Vice President also hailed Vietnam’s successful organisation of the 8th Cambodia, Laos, Myanmar and Vietnam (CLMV 8) Summit, the 7th Ayeyawady – Chao Phraya – Mekong Economic Cooperation Strategy (ACMECS) Summit, and the World Economic Forum on the Mekong region, which he said would boost the country’s image regionally and globally.

PM Phuc lauded the participation of the bank in the Vietnam Summit 2016 and the three Mekong sub-region-related events.

He stated that ADB’s commitment of about US$1 billion as part of its 2016-2020 Country Partnership Strategy with Vietnam will help the country realise its key socio-economic goals set for the period.

The PM noted that Vietnam lays stress on the effectiveness of official development assistance and preferential loans, including ADB funds, saying Vietnam is persistently working to stabilize macroeconomics, improve business climate and protect the environment.

He asked the ADB to continue supporting Vietnam in economic reform, growth model switch, personnel capacity building, and climate change adaptation.

He also hoped the bank will continue aiding Mekong sub-regional cooperation in connecting transport infrastructure, alleviating poverty and fighting climate change.