ADB guests hail Vietnam’s macro-economics

Guests to the 44th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) have praised Vietnam’s solutions to curb inflation and stabilise the macro-economy.

IMF Deputy General Director Naoyuki Shiohara and World Bank Vice President James Adams were among the guests who were received by Prime Minister Nguyen Tan Dung on separate occasions in Hanoi on May 5.

At a reception for IMF Deputy General Director Shiohara, PM Dung hailed the practical results of the cooperation between Vietnam and the International Monetary Fund (IMF) in policy consultation and official training.

He told Shiohara that Vietnam would continue with inflation control, macro economic stabilisation and ensuring social welfare for sustainable economic development.

The PM said he hoped the IMF will continue working with Vietnam in policy consultation.
Shiohara congratulated Vietnam on its successful organisation of ADB’s 44 th annual meeting, saying that effective cooperation between the IMF and Vietnam has contributed to assisting Vietnam’s micro-economic management and policy consultation.

He hailed the Vietnamese Government’s solutions to stabilise the macroeconomy but suggested the nation continue implementing its policy in a medium and long-term to control inflation.

While receiving WB Vice President Adams, PM Dung highlighted the important contributions of the Vietnam-WB relationship to the country’s socio-economic development.

He expressed the hope of receiving the World Bank’s continued assistance with hunger eradication and poverty reduction.

He also welcomed the assistance of the International Financial Company, a WB affiliate, to Vietnamese businesses and its involvement as a strategic shareholder of Vietnamese businesses.

Adams applauded Vietnam’s achievements in poverty reduction, affirming his continued assistance to Vietnam through policy consultation and technical assistance in sustainable development to help the nation achieve its set targets.

The WB will earmark US$2 billion to assist Vietnam’s major projects, Adams said.
At another reception for President and Chief Executive Officer of the Japan Bank for International Cooperation (JBIC) Hiroshi Watanabe, PM Dung spoke of JBIC’s active contributions to the Vietnam-Japan friendly cooperative relationship.

He hailed JBIC’s investment in Vietnam and its funding for Japanese businesses to invest in the country.

JBIC is willing to provide capital to Japanese businesses for investing in the country, said Watanabe, adding that a US$100 million loan will be provided to the Vietnam Bank for Development and capital sources will be arranged through negotiations for a number of sea port and road transport infrastructure development projects in the country.

PM Dung also received Spanish Deputy Prime Minister Elano Salgado the same day and took the occasion to ask Spain to help Vietnam improve its relations with the European Union (EU) and promote the negotiation to sign the Free Trade Agreement with the EU.

Two-way trade value of US$1.3 billion in 2010 and Spain-invested capital of US$24 million in Vietnam remain modest compared with their potential and the two countries’ fine relationship, Dung said.

He suggested both countries accelerate the project on building metro route 5 in Ho Chi Minh City.

He took the occasion to thank Spain for its ODA provision for Vietnam and hoped to receive Spanish assistance in poverty reduction, culture, education, science and technology.

The Spanish Government totally supports the enhancement of the bilateral relationship as well as the relationship between Vietnam and the EU, as Spain considers Vietnam as an important partner and wants to promote economic ties with Vietnam, said Deputy PM Elano Salgado.

The European Bank will provide 150 million EUR in loans to the metro route and Spanish companies are ready to carry out the project, she said.

Earlier, PM Dung witnessed the signing of a US$200 million loan agreement between the Vietnamese Ministry of Finance and the Import Export Bank of the Republic of Korea, for a project to build the Vam Cong bridge.

Vietnam pledges to effectively use ADB loans

Vietnam pledged to effectively use loans from the Asian Development Bank (ADB), Prime Minister Nguyen Tan Dung said at a reception for ADB President Haruhiko Kuroda, who was in Vietnam to attend the 44th Annual Meeting of the Board of Governors of ADB.

PM Dung said that Vietnam received effective assistance from ADB during its development process and expressed his hope of receiving further help from the bank to expand cooperation.

He asked ADB to coordinate with relevant Vietnamese agencies to ease hindrances and disburse ADB projects, especially ones investing in transport infrastructure and poverty reduction.

PM Dung described the ADB annual meeting as a major event for both ADB and Vietnam, with a belief that the event would successfully contribute to boosting cooperation between Vietnam and ADB.

He informed the guest that during the past three months Vietnam had been focusing on implementing measures to control inflation, stabilise the macro-economy and ensure social welfare, while maintaining sustainable development of the economy.

As a result, initial positive signals on exchange rate management, gold trading and trade deficit reduction have been seen.

However, Vietnam still faces many difficulties and must attempt to control inflation more strictly.
Haruhiko Kuroda praised Vietnam’s assistance in organising the ADB meeting, affirming that ADB would increase preferential loans to Vietnam, especially to help the country carry out projects in environment, transport infrastructure and poverty reduction.

After the reception, PM Dung witnessed the signing of an agreement where ADB will give a loan of US$1.38 billion to Vietnam, to enhance nationwide clean water access, conserve threatened forests, and ease urban gridlock.  -VOV

Tags: ADB, ADB Annual Meeting