ADB Will Raise Its Development Aid for Vietnam to over $1 Billion Yearly: Exec

The Asian Development Bank will scale up its development aid for Vietnam to more than $1 billion a year, as part of efforts to help the Southeast Asian country to implement its socio-economic development plans for 2016-2020 alongside challenges emerging, ADB President Takehiko Nakeo has told Finance Minister Dinh Tien Dung. Despite challenges, Vietnam’s economic growth would be picking up and grow at a fast pace, Mr. Takehiko Nakeo said, adding his working visit to Vietnam is very important because it is a chance for him to get to know more about Vietnam. Vietnam’s economic growth has remained stable in recent years with higher foreign direct investment (FDI) inflows, while inflation stood at low levels and the exchange rates have been stable, he added. Minister Dinh Tien Dung expected that Vietnam’s economic growth would remain sustainable in the next five years thanks to the government’s measures to ensure macro-economic stability in combination with curbing bad debts in the banking system. Vietnam will resolve to curb its public debts below the 65% ceiling of its gross domestic product, Mr. Dung said. ADB has financed for 160 programs worth over $15 billion in Vietnam. In 2016-2020, Vietnam has targeted economic growth of 6.5%-7.0% a year, the government has said. (http://thoibaotaichinhvietnam.vn/, http://en.dangcongsan.vn/ June 17)