Prime Minister Nguyen Xuan Phuc (R) receives ADB Vice President Stephen Groff on September 19 (Photo: VNA)

– 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.

He hosted in Hanoi
on September 19 Vice President of the ADB Stephen
Groff, who is on a working visit to Vietnam. The reception was attended by
leaders from some related ministries and sectors.


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.-VNA