ADB pledges preferences for Vietnam
This was stated by Prime Minister Nguyen Xuan Phuc at a ceremony held in Hanoi last Friday to mark the 50th anniversary of the ADB’s establishment and the 20th anniversary of the opening of their representative office in Vietnam.
US$16 billion pledged
The opening of the ADB representative office in Vietnam 20 years ago marked an important milestone in the relations between the country and this regional financial institution, said the Prime Minister.
Since then, 160 programs and projects had been signed and jointly carried out with a total value of about US$16 billion (including ODA capital and preferential loans). The projects funded by the ADB are diverse, orientated towards Vietnam’s sustainable growth, and have been effectively executed, helping Vietnam as a poor and backward country become a lower middle-income economy and integrate deeply into the region and the world.
The ADB is not only a Vietnam donor but also a policy advisor to the Government of Vietnam for years. The objective and independent studies and reports of the bank on Vietnam’s economy are always a good reference for the Government.
“As one of the founding members of the ADB, Vietnam has been actively contributing to the development of the bank, attaching great importance to building close and effective relationships with the ADB. The ADB is considered one of the most important partners in capital supply, technical assistance and policy advice for Vietnam,” the Prime Minister noted.
Prime Minister Phuc said the country would always effectively use ODA capital and preferential loans, including those offered by the ADB. He expected the bank to continue to assist and accompany the Government of Vietnam in the framework of sub-regional and regional cooperation on economic connectivity, transport infrastructure, sustainable poverty reduction and climate change adaptation.
Aiming to become an upper middle-income nation
ADB Country Director for Vietnam Eric Sidgwick said at the event that the ADB is honored to be involved in the remarkable journey of Vietnam from one of the poorest countries in the world to a lower middle-income nation in 2010, and an upper middle-income nation in 20 years.
The ADB has aided Vietnam in training some 35,000 teachers, building over 5,000 kilometers of national and provincial road, and installing 1,400 MW of renewable energy. Also, the bank has backed the upgrade of 2,000 kilometers of national power grid, clean water supply to more than 265,000 households, and improvement of flood control and agriculture management for over 200,000 hectares of land in the areas vulnerable to natural disasters.
The ADB country director said his bank pledged to give the Government of Vietnam multiple preferences, with incentives to create jobs and strengthen competitiveness, enhance the coverage of infrastructure and service provision, improve environmental sustainability and adaptation to climate change.
In a meeting before the anniversary ceremony, Prime Minister Phuc expressed his appreciation to the bank’s recent approval of the plan to further support Vietnam in the next four years.
He asked the ADB to assist the five nations in the framework of the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy and of the cooperation between Cambodia, Laos, Myanmar and Vietnam in developing infrastructure connecting these countries, especially the recently signed Vientiane-Hanoi expressway.
