Home / Economy / Construction
Vietnam PM seeks ADB cooperation in disbursing US$900 million in 2020
Hai Yen 12:41, 2020/09/18
The Vietnamese government would still prioritize mobilizing ODA funds and preferential loans for major projects that support Vietnam’s sustainable development.

Prime Minister Nguyen Xuan Phuc has requested ADB’s support in accelerating the disbursement progress of projects financed by the bank during the 2020 – 2021 period to boost economic growth.

 Prime Ministere Nguyen Xuan Phuc (right) and ADB's Country Director to Vietnam Andrew Jeffries (l). Photo: VGP. 

In the first eight months of 2020, the disbursement rate of ADB-funded projects stood at 36% of the target, thus over US$900 million is needed to be fully disburse from now on until the end of the year, Mr. Phuc said at a meeting with the ADB's newly-appointed Country Director in Vietnam Andrew Jeffries on September 17.

Congratulating Mr. Jeffries on his new position, Mr. Phuc expected the ADB’s country director would further cooperation between Vietnam and the bank, stressing the Vietnamese government considers the ADB a major partner for development.

To date, the ADB has provided loans worth nearly US$17 billion for Vietnam, of which US$14 billion has been fully disbursed, or 83.1% of the total.

According to Mr. Jeffries, while the Vietnamese government is drafting its new socio-economic development strategy for the next five and ten years, the ADB is also setting up a new country partnership strategy to correspond to the new situation in Vietnam.

 Overview of the meeting. Photo: VGP. 

The ADB is changing its approach towards a greater focus on the private sector and helping promote more private investment through an enabling business environment, stated Mr. Jeffries.

At present, Vietnam has gradually fought off the Covid-19 pandemic, and the ADB is expected to provide better support for Vietnam’s development in the post-pandemic period, he added.

In the coming time, PM Phuc said Vietnam would focus on a number of priorities, including support for businesses and production, boost domestic consumption, exports and public investment to help the economy soon overcome the current crisis.

Mr. Phuc assigned the Ministry of Finance to review the ADB’s proposal of three loans worth US$900 million to support the state budget.

The Vietnamese government would still prioritize mobilizing ODA funds and preferential loans, including those from the ADB. Those funds would be used for major projects that support Vietnam’s sustainable development, Mr. Phuc stressed.

In its latest Asian Development Outlook (ADO) 2020 Update, the ADB has revised down Vietnam’s economic growth forecast to 1.8% in 2020 from the previous estimate of 4.1% in June, but the growth is expected to bounce back to 6.3% in 2021.

Vietnam is the only economy in Southeast Asia that the ADB expected to record positive growth this year as the region’s is set to face a GDP contraction of 3.8% in 2020.

RELATED NEWS
TAG: Vietnam ADB Prime Minister Nguyen Xuan Phuc ODA funds sustainable development covid-19 Andrew Jeffries
Other news
20:33, 2021/33/11
State-run cement producer VICEM posts annual increase of US$30 million in profit
The company sets a revenue target of over VND35 trillion (US$1.5 billion) in 2021, up 7% year-on-year, and pre-tax profit of VND2.3 trillion (US$99 million), or an increase of 13%.
22:48, 2021/48/03
Work starts on Long Thanh International Airport construction on January 5
The Long Thanh International Airport is expected to reduce the load on Tan Son Nhat International Airport in Ho Chi Minh City.
14:15, 2020/15/31
The interchange spanning Hanoi–Hai Phong expressway on track to completion
The Hanoi's key road project worth US$17.3 million is expected to be operational on January 10, 2021, two months ahead of schedule.
06:11, 2020/11/05
Proper construction planning – a long term solution to air pollution
The Hanoitimes Urbanisation has helped push up Hanoi’s economic growth. Yet the lack of synchronous solutions may bring about various problems for the city including environmental pollution.
16:27, 2020/27/03
Vietnam accelerates implementation of four major ODA transportation projects
The disbursed amount of official development assistance (ODA) funds in Vietnam in the first nine months of 2020 stood at only VND26 trillion (US$1.12 billion), equivalent to 32.43% of the year’s estimate.
08:50, 2020/50/02
Runway upgrade at Vietnam's 2 busiest airports must be finished before year-end
The first phase of the two runway upgrade projects of Noi Bai and Tan Son Nhat airports are expected to be completed by the end of 2020, and become operational in early 2021.