ADB to give 1.37 billion USD for Vietnam in 2014

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ADB to give 1.37 billion USD for Vietnam in 2014

The Asian Development Bank (ADB) is expected to provide Vietnam with funding packages worth 1.37 billion USD in 2014 and 1.24 billion USD in 2015 to support its sustainable growth.

Vietnam hopes to receive assistance from the international community, including the ADB, to realise its growth target of 6.2 percent in 2015 and 6.5 percent in the 2016-2020 period, Prime Minister Nguyen Tan Dung told ADB President Takehiko Nakao during a reception in Hanoi on September 18.

The country pledged to use the ADB funds effectively and for socio-economic development, the Government leader said.

Takehiko Nakao suggested Vietnam continue to reform State-run businesses and provide financial support for private firms in a bid to attract more foreign direct investment. He said the bank was willing to support Vietnam in this field.

On the same day, Takehiko Nakao met with the State Bank Governor Nguyen Van Binh, who asked ADB to provide further financial support for Vietnam as a contribution to the country’s successful realisation of development targets for 2016-2020.

Takehiko Nakao hailed the coordination efforts between the two sides to accelerate the implementation of ADB-funded projects.

He valued the efforts of the State Bank to effectively manage monetary policy and deal with bad debts, which curbed inflation, stabilised the economy, and facilitated business operations for foreign investors.

Between 1993 and 2013, ADB provided Vietnam with 12.5 billion USD.

The bank would offer 3.67 billion USD to the country in 2015-2017.

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