The Asian Development Bank (ADB) is willing to step up its efforts to support Vietnam’s socio-economic development process, ADB President Takehiko Nakao told State President Truong Tan Sang during their talks in Hanoi City on September 18.

President Sang hailed ADB’s contribution to socio-economic development in Vietnam in the past years, helping strengthen the bonds between the two sides in a practical and effective manner. The nation is undertaking a series of measures to achieve macro-economic stability and sustainable growth, and steer clear of the middle-income trap.

Therefore, the country wanted more support from the ADB in terms of capital supply, policy consultation, the training of skilled workers, agricultural development and certain other prioritized areas, Sang was quoted by Vietnam News Agency as saying.

Sang said to further integrate into the world, Vietnam has amended laws, and improved infrastructure and the business environment to attract more foreign investors.

Nakao said he was impressed by the country’s socio-economic achievements and spoke highly of its measures to rein in inflation, restructure State-owned enterprises, revive growth and stabilize the macro economy.

In recent years, the bank has helped Vietnam improve traffic systems, effectively manage water and energy resources and implement the Greater Mekong Sub-region initiative to connect the country with its neighbors.

The ADB president called for Vietnam to accelerate policy improvement, make greater efforts to attract foreign direct investments, facilitate business operations and improve the disbursement of ADB capital sources.

Nakao also met Prime Minister Nguyen Tan Dung and State Bank Governor Nguyen Van Binh on September 18.

According to a statement released by the central bank on September 18, ADB financed US$12.5 billion to Vietnam between 1993 and 2013. The foreign bank is expected to lend the country US$1.37 billion more this year, US$1.24 billion next year, and some US$3.67 billion in 2015-2017.

The ADB president’s three-day visit will focus on economic and development issues such as the impacts of the eight-point agenda of the ADB on the efforts to reduce poverty and gain inclusive growth, the ADB’s assessment of the economic development, as well as the mid-term report of the ADB’s 2020 Strategy for Vietnam.

As scheduled, Nakao will also make an important speech at the 5th Asia Development Forum (ADF5), which will take place in Hanoi City on September 19 and chaired by Minister of Planning and Investment Bui Quang Vinh.

The ADB president has plans to visit an ADB-funded pumping station project in Hung Yen Province. This project has total investment capital of US$6.16 million, including US$4.93 million of ADB’s loan.

Source: Stoxplus