The Asian Development Bank (ADB) is expected to provide Vietnam with funding packages worth US$1.37 billion in 2014 and US$1.24 billion 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 US$12.5 billion.

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

ADB pledges further support for Viet Nam

President Truong Tan Sang has called for the continued support of the Asian Development Bank to ensure the country's sustainable economic growth.

The leader made the request at a meeting with ADB President Takehiko Nakao in Ha Noi yesterday.

Sang said Viet Nam was trying to stabilise its macro-economy, achieve sustainable growth, and steer clear of the middle-income trap.

To do so, it needed more help from the bank in the fields of capital provision, policy consultation, human-resources training and agricultural development.

The leader said that to increase international integration, Viet Nam had amended laws, improved infrastructure, and enhanced the business climate to attract more foreign investment.

Nakao spoke highly of Viet Nam's measures to curb inflation, reform State-owned enterprises, revive growth, and stabilise the macro-economy.

In recent years, he said the bank had helped the nation improve traffic systems, manage water and energy resources, and implement the Greater Mekong Sub-region initiative to connect the country with its neighbours.

Nakao asked Viet Nam to accelerate policy improvements, work harder to attract foreign direct investment, facilitate business operations, and move the disbursement of ADB capital sources.

Nhan Dan/VNS