Prime Minister Nguyen Xuan Phuc hails ADB’s assistance

Update: 14:49 | 20/09/2017
Vietnam always sees the Asian Development Bank (ADB) one of the leading sponsors with important contributions to the country's socio-economic development, Prime Minister Nguyen Xuan Phuc said.
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He hosted the Vice President of the ADB Stephen Groff, who is on a working visit to Vietnam in Ha Noi on September 19. The reception was attended by leaders from some related ministries and sectors.

prime minister nguyen xuan phuc hails adbs assistance
Prime Minister Nguyen Xuan Phuc (R) receives ADB Vice President Stephen Groff on September 19.

Groff extended his sympathy with the Vietnamese Government and people over huge losses caused by storm Doksuri. He congratulated the PM and the Vietnamese Government on successfully maintaining the macro-economic stability, promoting economic growth, and reforming State-owned enterprises.

PM Phuc told guest that Vietnam is still facing many challenges and difficulties during its development process despite having obtained initial important achievements.

He stated that loans, technical assistance, and policy consultancy provided by ADB are immense and valuable assistance that allowed Vietnam to achieve socio-economic development attainments today.

He hailed ADB for having acknowledged and voiced support for Vietnam’s economic achievements as well as highly estimating the country’s economic prospects in the coming time.

He noted that the country, though having attained growth and poverty reduction outcomes, is still encountering challenges in sustainable poverty reduction, uneven development, and unpredicted climate change.

The leader expected that the Vice President and ADB back the lender’s leadership and shareholders to adopt a proper mechanism aiding Vietnam after it graduates the ADF to prevent the graduation process from interrupting the country’s effort to maintain its sustainable economic achievements.

Informing his guest about projects and programnmes using ADB’s loans in 2017-2018, he affirmed that the Vietnamese Government has hastened the Ministry of Planning and Investment, the Finance Ministry and other agencies to promptly speed up negotiations so ADF preferential loans could be utilized before the country makes the ADF graduation in 2019.

The Government also tasked the Ministry of Planning and Investment to work with the Finance Ministry to assess impacts of ODA and preferential loans on public debt, which is nearing the National Assembly’s permissible level of 65 percent of GDP, and propose settlement solutions to the Government before September 30, 2017, he stressed, expressing his hope that following the report, programmes and projects using ODA and preferential loans would be negotiated as planned.

The ADB Vice President spoke of the Vietnamese Government’s efforts to introduce solutions to managing socio-economic affairs, especially when it has been imposed a public debt cap by the National Assembly, while seeking capital sources to develop infrastructure and spur growths.

Groff stated that ADB stands ready to assist Vietnam in analysing and assessing the efficiency of capital sources, thus helping its government to choose proper ones in service of its development goals with the highest efficiency. ADB is also ready to work together with the Vietnamese Government in selecting projects to be prioritized for using ADF capital before it is expired by 2019.

Vietnam is facing huge difficulties in responding climate change, especially in finding capital sources for the effort, Groff said, adding that sponsors are discussing to put forth appropriate lending programmes and projects in this regard.

He highly noted the scope of the upcoming conference on shaping the climate change-adapted sustainable development model transformation for the Mekong delta, affirming the lender’s willingness to provide technical assistance and share experience in the field with Vietnam.

The ADB executive suggested Vietnam speed up the implementation and capital disbursement of ODA-loaned projects, showing the lender’s readiness to work with the Vietnamese Government to seek measures to tackle the issue.

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(Source: VNA)