Vietnam considers ADB important partner

11:34 | 10/01/2017 Finance - Banking

(VEN) - The Asian Development Bank (ADB) recently organized a ceremony to celebrate the 50th anniversary of its establishment and the 20th anniversary of its presence in Vietnam. Prime Minister (PM) Nguyen Xuan Phuc attended the ceremony and affirmed that the ADB is one of the most important partners for Vietnam.  

vietnam considers adb important partner
ADB-funded projects have significantly contributed to transforming Vietnam into a lower middle-income country

The ADB established its resident mission in Vietnam in December 1996. Over the past two decades, the bank has seen sound reforms in the country and its significant achievements in promoting economic growth and implementing millennium development goals. Vietnam is integrating more deeply into the region and the world.

The ADB has contributed significantly to these achievements. It has provided financial and technical assistance to help Vietnam train about 35,000 teachers, build more than 5,000km of national and provincial roads, upgrade 2,000km of power transmission lines, supply clean water for more than 265,000 households, and improve flood management and farming in areas prone to natural disasters (more than 200,000ha). ADB Country Director for Vietnam Eric Sidgwick said the ADB highly appreciated the cooperation from Vietnamese partners, the guidance of the Vietnamese government, and the support of the State Bank of Vietnam. He affirmed the ADB’s commitment to further effective assistance in the coming time.

PM Phuc said that as a founding member of the ADB, Vietnam considers the ADB one of the most important partners providing capital and technical assistance for Vietnam. Over the past two decades, the ADB has provided official assistance development (ODA) and other preferential loans totaling over US$16.9 billion to finance more than 160 programs and projects in Vietnam. ADB-funded projects have been developed effectively and significantly contributed to transforming Vietnam from one of the poorest nations in the world into a lower middle-income country.

Apart from financial and technical assistance, the ABD’s researches and reports have been useful consulting materials for the Vietnamese government.

Although Vietnam will face more difficulties and challenges, the country will make greater efforts for sustainable development in the coming period by accelerating economic and institutional reforms, enhancing human resource development and environment protection, and taking appropriate measures to ensure social security as well as to cope with climate change. PM Phuc also affirmed the Vietnamese government pledged to effectively use ODA and other preferential loans, and wished the ADB would continue its support for Vietnam.

“Vietnam hopes the ADB will work closely with Vietnamese ministries and localities for the successful implementation of the ADB’s Country Partnership Strategy for Vietnam in the 2016-2020 period, as well as the ADB’s commitment to provide Vietnam with funds totaling US$1-1.5 billion annually,” PM Phuc said.

Lan Ngoc