Vietnam secures US$45 million loan to boost inclusive growth in secondary towns
The project will construct climate-resilient transport and urban infrastructure needed to boost tourist arrivals and tourist services investment in the provinces of Hoa Binh, Nghe An, Quang Binh, Quang Tri, and Thua Thien-Hue.
Vietnam’s Ministry of Finance (MoF) and Provincial People’s Committees of a number of secondary towns today signed a US$45-million loan agreement with the Asian Development Bank (ADB), aiming to boost inclusive growth in these area.
Overview of the signing. Source: ADB.
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“In the past years, the government has effectively used ADB’s support to improve infrastructure, strengthen environmental management in tourism destinations, promote tourism-related enterprise development, and deepen regional tourism cooperation with GMS and ASEAN neighbors,” said Eric Sidgwick, ADB Country Director for Vietnam. “As a result, tourism is thriving in project areas, benefitting thousands of residents and locally owned businesses.”
The ADB has a long and successful track record supporting inclusive and sustainable tourism development in Vietnam. This is the 4th consecutive tourism project since 2003; and 12 provinces have now received ADB tourism-sector assistance with cumulative ADB financing totaling more than US$110 million.
The project will construct climate-resilient transport and urban infrastructure needed to boost tourist arrivals and tourist services investment in the provinces of Hoa Binh, Nghe An, Quang Binh, Quang Tri, and Thua Thien-Hue. It will also develop urban green spaces and public beaches in these provinces, and the project is expected to benefit about 168,000 residents and more than 8 million visitors annually.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years