The Asian Development Bank (ADB) is one of the most important partners in providing capital, technical assistance and policy advice to Vietnam, Prime Minister Nguyen Xuan Phuc said at the 50th anniversary of the establishment of the bank.

The PM said as a founding member, Vietnam always proactively contributes to the development of the ADB and makes efforts to build a close and effective relationship with the bank.

The opening of the ADB representative office in Vietnam in December, 1996, is an important landmark in the Vietnam-ADB relationship and since then, the office has acted as a bridge, helping bring the relationship to a new height, the PM said. 

He noted that the two sides have signed and implemented more than 160 programmes and projects worth around 16 billion USD in total, including Official Development Assistance and concessional loans.

The ADB’s projects in Vietnam cover a wide range with a focus on supporting equal and sustainable growth, PM Phuc said, stressing that they have been implemented effectively, helping transform Vietnam from a poor nation into a middle income country deeply integrated into the region and the world.

The PM affirmed the ADB has been not only a sponsor but also a partner in advising policies for the Vietnamese government and the ABD’s researches and reports have been useful consulting materials for the Vietnamese government.

The head of the Vietnamese government said despite difficulties and challenges, Vietnam will continue to strongly implement reform programmes, maintain macro-economic stability, perfect institutions, improve investment environment, develop the workforce, protect the environment and respond to climate change while ensuring social security, thus laying a firm foundation for long-term development. 

In that process, Vietnam will always treasure and use effectively the capital and loans provided by the ADB, he said, expressing the hope that the bank and its Vietnam office will closely work with ministries and localities for the successful implementation of the Vietnam-ADB Country Partnership Strategy for the 2016-2020 period. 

The PM also asked the bank to continue working with Vietnam in regional mechanisms like the Mekong sub-region, ACMECS, CLMV, and CLV for economic connectivity, transport infrastructure, sustainable poverty alleviation, and climate change response.

At the event, the ADB Country Director Eric Sidgwick said in the past 50 years, the bank has loaned 250 billion USD for infrastructure, research, and knowledge sharing to open up opportunities and create prosperity across Asia-Pacific.

The ABD has closely worked with the Vietnamese government to promote equal development, reduce poverty and support sustainable development in the transition from a centrally-planned economy to a market economy, he said.

Sidgwick affirmed the ADB’s commitment to stronger support for Vietnam via encouraging the creation of jobs, enhancing competitiveness, boosting the coverage of infrastructure and service provision, improving environmental sustainability and responding to climate change.

PM asks for ADB’s loans for gender equality projects in Vietnam

Prime Minister Nguyen Xuan Phuc has asked the Asian Development Bank (ADB) to finance gender equality projects aside from infrastructure construction in Vietnam.

Receiving ADB Country Director for Vietnam Eric Sidgwick in Hanoi on December 2, he thanked ADB for approving a plan on supporting Vietnam with 1-1.5 billion USD in the next four years. 

In particular, the bank decided to provide 450 million USD for Vietnam in 2016 and 2017, which will help the country ease the burden on its State budget, he noted.

PM Phuc noted as Vietnam’s economy will face a number of difficulties and challenges, especially in the next couple of years, the country wants to receive more assistance from ADB.

He also suggested the bank give financial assistance to Cambodia, Laos, Myanmar, Thailand and Vietnam within the framework of the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy, and within the cooperation framework of Cambodia, Laos, Myanmar and Vietnam (CLMV) to build infrastructure linking these countries, especially the Vientiane-Hanoi expressway linking the two capital cities of Laos and Vietnam.

Eric Sidgwick said as Vietnam has already been a middle-income country, it can no longer get loans with low interest rates. However, ADB is always ready to listen to Vietnam’s needs so as to assist its socio-economic development.

VNA