Illustration Image. Photo: VNA

The Asian Development Bank (ADB) is willing to provide long-term and low-interest-rate loans for Vietnam’s major socio-economic infrastructure projects, its new Country Director Eric Sidgwick assured Prime Minister Nguyen Tan Dung during a meeting in Hanoi on September 21.

Given what Vietnam has achieved over the past three years thanks to sound directions, the ADB will raise its economic growth forecast for Vietnam to 6.5 percent this year and 6.6 percent by 2016 during a press conference on September 22, he revealed.

He lauded Vietnam for its economic recovery, macro-economic stability, growing foreign exchange reserves and low inflation. The country has also taken in great amounts of foreign direct investment and restored consumer confidence.

Expressing his agency’s desire to deepen bilateral ties with Vietnam, Sidgwick said the ADB is working with agencies concerned to devise a five-year strategy to support Vietnam.

The PM, for his part, spoke highly of the policy, technical and resource support that the ADB has offered to Vietnam and pledged to utilise the financial institution’s resources efficiently and consider the bank a partner on its development path.

He said ADB’s growth forecast is aligned with Vietnam’s realities, but the government is not yet satisfied with current achievements, especially the macro-economic control goals amid the global economic uncertainties.

The government firmly pursues macro-economic stability for the sake of sustainable growth while continuing to restructure the economy with a focus on public investment, State-owned enterprises and the financial-banking system, he stated, adding that Vietnam has successfully reduce the ratio of bad debt to 3 percent from 17 percent.

The leader emphasised that the Government’s current measures guarantee the safe and effective use of public debt.-VNA