Vietnam Pledges to Improve Efficiency of ADB Loans: Investment Minister

The Vietnamese government pledges to use loans from the Asia Development Bank (ADB) effectively, Minister of Planning and Investment Bui Quang Vinh said at his recent meeting with ADB Vice President Bruce Davis in Hanoi. ADB is among the three largest donors to Vietnam providing major assistance to infrastructure projects. The bank has made important contributions to the country’s achievements, Mr. Vinh noted. At the meeting, the minister emphasized difficulties facing Vietnam during the implementation of projects funded by ADB and other donors, particularly the shortage of reciprocal capital and the low capacity of project management units (PMUs). The ADB official said that the bank is always ready to help Vietnam, its third biggest client, access its capital to speed up development projects. The bank will help Vietnam enhance the capacity of PMUs and solve other problems, he noted. From 1993, when ADB resumed operation in Vietnam, to March 31, 2012, it provided a total of $10.83 billion, including 114 sovereign loans amounting to $10.44 billion, 261 technical assistance projects worth $241 million and 26 grant projects worth $150.1 million. It planned to provide a total $1.36 billion in loans for Vietnam in 2013. (vietnamplus.vn Jun 22, vov.vn Jun 22, Thoi Bao Ngan Hang –Banking Times Jun 24 p2)