ADB continues to assist Vietnam in development process

The Asian Development Bank (ADB) will continue to support Vietnam ’s development process through the provision of around 1.3 billion USD in loans each year, ADB President Takehiko Nakao said at a press conference in Hanoi on September 19.

ADB President Takehiko Nakao at the press conference (Photo:VNA)

The ADB President, who is in Hanoi to attend the fifth Asian Development Forum, said the funding will focus on improving traffic systems, electricity industry, public services, water resources management, and education.

Additionally, the bank will also offer help via technical grant and aids to human resource development, he said.

Nakao spoke highly of the country’s stable political and macro economic situations. In order to reinforce the achievements and regain high and equitable growth, Vietnam should accelerate its structural reforms, particularly in the State-owned sector, banking and public investment, he said.

The ADB President said he hopes Vietnam ’s economic growth will reach 5.6 percent in 2014 and then return to the 7-8 percent level in the following years.

He also pointed to the significant role of private sector in strengthening the country’s competitiveness and avoiding the medium-income trap, saying that Vietnam should enhance the business climate to maximise its benefits from the ASEAN Economic Community and free trade agreements.

The ADB leader emphasized the need for the nation to improve its human resources in the context of the establishment of the ASEAN Economic Community. He called on Vietnamese enterprises to actively invest in human resources training to improve labour productivity.

Source: VNA

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