ADB vows to back Vietnam’s development – News – Investment

Meeting with President Truong Tan Sang in Hanoi on September 18, the ADB leader suggested Vietnam should come up with continued policy reforms to attract more direct foreign investment (FDI) and provide financial support for business growth and accelerate the disbursement of ADB capital resources.

Nakao expressed his admiration for Vietnam’s tremendous socio-economic development achievements in the Doi Moi (Renewal) process and applauded its effective measures to control inflation, restructure State-owned enterprises (SoEs) and ensure macroeconomic stability.
“Over the years, the ADB has concentrated its support on Vietnam’s transport infrastructure, urban and water resource development, energy security and connectivity to neighbours based on the Lower Mekong Initiative (LMI), and small and medium sized enterprise (SMEs). The ADB wants to make more contributions to Vietnam’s development.” said Takehiko Nakao.

President Sang, in turn, commended the ADB’s contributions and the role of the ADB President in lending a helping hand to Vietnam’s socio-economic development over the past years which have added fresh impetus to more effective and practical cooperation between Vietnam and the ADB.

Vietnam’s targets are pivoted on restructuring the economy, ensuring macroeconomic stability and sustainable growth and escaping from the middle income trap, Sang said, noting that the country wants to continue receiving support from the ADB in terms of capital provision, policy consultation, training of skilled workers, agricultural development and some prioritized areas,

To boost deeper international integration, Vietnam has been revising a number of laws aiming to lure more FDI and facilitate business operations, the State leader added.

The same day, SBV Governor Nguyen Van Binh received the ADB President during which he briefed him on macroeconomic developments in Vietnam as well as measures the Government and the SBV will carry out to bring into full play what has been achieved in curbing inflation, ensuring macroeconomic stability and social welfare.

Binh asked the ADB to provide high support for Vietnam and cooperate on effective and practical projects and programmes as a contribution to the successful implementation of the country’s development goals in the 2016-2020 period.

For his part, President Takehiko Nakao appreciated Vietnam’s endeavor to manage the monetary policy and the banking system and deal with bad debts through Vietnam Asset Management Company (VAMC). The transparency of information in recent years has contributed to controlling inflation, stabilizing the macro economy, supporting economic growth and creating favorable investment environment for foreign investors in Vietnam, he said.

Nakao hailed the two sides’ coordination in accelerating the implementation of ADB-funded programs/projects and significantly improving disbursement rate, thereby increasing the operational efficiency of such programs for Vietnam.

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