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Asian Development Bank to provide US$3 billion in assistance to Vietnam in 2007-09

Asian Development Bank to provide US$3 billion in assistance to Vietnam in 2007-09

The Asian Development Bank said Friday it will provide US$3 billion (euro2.3 billion) in assistance to Vietnam in 2007-09 as part of efforts to support Hanoi's new economic development plan.
The Manila-based lender said in a statement the assistance strategy will focus on business-led, pro-poor economic growth supported by social equality, balanced development and environmental sustainability. It also will support improving governance and controlling corruption, the bank said.
The ADB's representative in Hanoi, Ayumi Konishi, lauded the Vietnamese government's recently approved socio-economic development plan, which he said was developed through "an open, consultative process" in the communist country.
"Vietnam has been successful in reducing poverty through strong growth and we are happy to support the government's own strategy," he said.
Separately, the ADB approved a US$15 million (euro12 million) loan to support a program to reduce poverty in Vietnam, the bank said.
It said that despite adverse shocks to the economy in recent years, including bird flu and rising oil prices, Vietnam's gross domestic product has grown at an average annual rate of 7.5 percent over the past decade, with a high of 8.1 percent in 2005 _ making Vietnam one of the fastest growing economies in Asia.
Aside from the ADB, the World Bank has backed the poverty reduction program with a US$100 million (euro79 million) loan. Other multilateral institutions also have provided loans and grants.
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On the Net:
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Updated : 2021-04-18 10:50 GMT+08:00