Deputy PM, FM Pham Binh Minh (R) welcomes ADB Vice President Micheal Groff at the Government Office in Ha Noi on November 8, 2018. Photo: VGP The ADB is one of Viet Nam’s top development partners in terms of preferential credit source, technical assistance and consultation. The international institution has engaged in 165 projects worth more than US$16 billion. ADB’s loans have been mainly used in the Government’s priority areas such as infrastructure development, climate change adaptation and renewable energy development, according to Deputy PM, FM Minh. He said Viet Nam has focused on improving legal framework to tighten management of ODA and preferential loans. Deputy PM, FM Minh also spoke highly of ADB’s 2030 strategy that includes priorities similar to those of Viet Nam. ADB Vice President Stephen Groff highly valued the Vietnamese Government’s efforts to sustain high economic growth and reform over the past time. He affirmed the ADB treasures … [Read more...] about Gov’t reaffirms importance of ties with ADB
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ADB forecasts Vietnam’s 2018 growth at 6.9 percent
Economic growth forecast of 6.9 percent According to the Asian Development Outlook 2018 Update, the Vietnamese economy continued to perform strongly in the first half of 2018. “The economic performance was broad-based, driven by vigorous manufacturing expansion, bumper agriculture production, robust performance of services sector, resilient domestic consumption, and strong investment fueled by foreign direct investment (FDI) and domestic enterprises,” said Eric Sidgwick, ADB Country Director for Vietnam. He added that Vietnam’s economic growth is likely to grow well in the short term due to resilient domestic demand, improved business conditions, and a stable macroeconomic environment. An increase in public capital expenditure in the second half of the year is expected to boost growth in investment. However, the Vietnamese economy remains vulnerable to external and domestic challenges. For example, growth in the European Union, Japan and China is slowing down and … [Read more...] about ADB forecasts Vietnam’s 2018 growth at 6.9 percent
ADB Vice President reconfirms partnership to Azerbaijan
During a 4-day visit to Azerbaijan from October 21st to October 24th, Mr. Zhang met with the President of Azerbaijan Republic Mr. Ilham Aliyev, Minister of Finance and ADB Governor Mr. Samir Sharifov, and other government officials. In his meetings, Mr. Zhang congratulated the government on its national development strategy, Strategic Roadmaps on National Economy and Key Sectors, which aims to diversify Azerbaijan’s economy and promote sustainable development.“ADB is encouraged by Azerbaijan’s commitment to accelerate structural reforms and improve public sector efficiency with the ultimate objective of achieving a truly diversified and internationally competitive economy,” said Mr. Zhang. “ADB stands ready to increase its support to the government’s economic reforms and help the country attain its development goals to improve the lives of its people.”ADB is currently preparing a five-year Country Partnership Strategy (CPS) for Azerbaijan to … [Read more...] about ADB Vice President reconfirms partnership to Azerbaijan
Regional cooperation as key to boost Asian economies: ADB
The Hanoitimes - “Enhanced regional cooperation and coordination can help countries manage regional issues, particularly if they complement national and global actions,” said ADB Chief Economist Yasuyuki Sawada. Regional cooperation is increasingly necessary to tackle a rising number of cross-border challenges in Asia and the Pacific, according to a new report from the Asian Development Bank (ADB). Illustrative photo The Asian Economic Integration Report 2018 (AEIR) says collective action to build regional public goods brings greater benefits than if countries work alone to address issues that also affect their neighbors. Regional public goods are goods, services, and systems of policies or rules that have shared benefits across countries, such as cross-border infrastructure, communicable disease control, and disaster risk management. “Enhanced regional cooperation and coordination can help countries manage regional issues, particularly if they complement … [Read more...] about Regional cooperation as key to boost Asian economies: ADB
ADB invests USD25 million to help small businesses in Southeast Asia
“ADB’s investment will help well-managed and middle-market SMEs in Southeast Asia to realize their growth plans, thereby driving employment, tax generation, skills transfer, and regional trade,” said ADB Director for Private Sector Investment Funds and Special Initiatives Division Ms. Janette Hall. “Investing in Exacta II allows ADB to participate in Southeast Asia’s continued economic growth while providing development benefits for people in the subregion.”ADB’s support will allow Exacta II to invest growth equity into smaller firms—particularly those from Indonesia, Malaysia, Philippines, Singapore, Thailand, and Viet Nam—whose growth is driven by domestic consumption and export. This will help address the issue of low private equity penetration in Southeast Asia, which is crucial to create new jobs, drive economic growth, and encourage further investments in related sectors.Exacta II, a private equity fund with a target … [Read more...] about ADB invests USD25 million to help small businesses in Southeast Asia