ADB Plans $3.8B for Vietnam’s Economic Development in 2013-2015

The Asian Development Bank (ADB) Thursday said that it planned $3.8 billion in regular and concessional loans and grants to Vietnam in the next three years to support projects that will eliminate hurdles to economic growth. The Country Partnership Strategy through 2015 includes $2.6 billion in ordinary loans, $1.2 billion in soft loans from the Asian Development Fund, plus technical assistance worth $8 million a year, the ADB said. The funding will focus on six core sectors, i.e. agriculture and natural resources; education; energy; finance; transport; and water supply and other municipal infrastructure, the Manila-based multilateral lender noted. It will continue to support structural and policy reforms, promote inclusive growth by targeting disadvantaged regions, and strengthen the government's ability to address environmental and climate change challenges. The bank’s support for infrastructure, rural development, and education will help enhance the poor’s economic opportunities and access to services. ADB’s engagement in public sector management supports policy and institutional reforms to increase economic efficiency and improve life for the poor while minimizing the risk of external and internal shocks pushing them back into poverty. While Vietnam has grown rapidly in the past two decades, “structural constraints continue to be a concern” in the longer term, ADB Vice-President for Operations in East Asia, Southeast Asia and the Pacific, Stephen P. Groff said. (NDHMoney Aug 9, Tuoi Tre – Youth Aug 10 p16, Nhan Dan – The People Aug 10 p2)