ADB strongly backs VN’s financial reform

The Country Director made the point today in Ha Noi while announcing the Asian Development Outlook 2012 Update.
ADB highly values the significant step that the Vietnamese Government has made to merge weak banks as part of efforts to ensure the healthy operation of the banking sector.
Mr. Tomoyuki Kimura held that Viet Nam’s commitments to undertaking a reliable roadmap for the reform and activities in concrete deadlines would serve for lending and improving market confidence.
According to ADB, inflation rate in Viet Nam is projected to be 7% in 2012 and 9.4% in late 2013.
The bank forecasted that economic growth prospect would rely on financial risks which would surge until bad debts are addressed definitely.
In its report, the financial institution also stressed the need for more transparency in the reform process and a legal framework for cross-ownership in commercial banks.
ADB forecasted that Viet Nam would have a GDP growth rate of 5.1% in 2012 and 5.7% in 2013.